Renters in the private market are the most affected, but other types of housing tenure are impacted as well, said Eurofound, which works to assist in the development of social, employment, and work-related policies.

The costs for renters have risen while homeowners' costs have decreased, the report said, adding that private renters are facing insecurity, with almost half considering leaving their accommodation in the next three months due to affordability.

They report lower quality accommodation at higher rental or purchasing prices, with issues such as energy efficiency and lack of space being more common for renters than homeowners or social housing tenants, it added.