Fast-rising mortgage rates and even faster-rising property prices are proving a toxic mix for professional landlord Joe Doyle.

"We're selling up a number of properties. The legislation is making it not viable to be a landlord in these properties any more," said Mr Doyle, whose residential letting business is based in the suburban estates of west Dublin.

Rent Pressure Zones were introduced in 2016, capping how much landlords could raise rents.

"Rent restrictions were brought in, a blanket 4% maximum rent increase from that day onwards, which was the rate of inflation when those restrictions were applied," said Mr Doyle, 38. The maximum increase has since been lowered to 2%, even as private rents are rising by more than 9% a year, according to Residential Tenancies Board figures.

Property price increases and a rising housing demand have radically changed the market, and Mr Doyle said: "We've got an increasing cost base but we cannot increase the rent we're charging. All we want to do is bring it up to market rates, or close to market rates."

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He concluded: "The rental market is absolutely dire at the moment. It's the worst it's ever been. And it's purely because of landlords exiting the market."