A new survey from the University of Galway Students' Union has found nearly 80% of those attending the institute struggled to find accommodation for the academic year.
The union says the pressures being experienced by those in third level are fueling emigration and will lead to a skills shortage if not stopped'
The data is based on responses from 1,710 students at the university - around 8.5% of those attending the facility.
Almost four fifths of participants said they struggled to find accommodation, while nearly a third would have reconsidered undertaking their courses had they known how difficult it would be to secure housing.
Half of those who took part said they were working part time to afford their studies.
Two thirds are paying over €500 a month for their rent, while 12% of respondents said they were living at home and commuting to college.
The Students Union says those intending to pursue third level education need to be better appraised of the challenges they will face when it comes to accommodation.
It is calling on the Government to invest in more purpose built student housing and put an enhanced focus on the implementation of a national strategy to address the crisis.
The report also seeks better protections for students living in digs, owner occupied and private rental accommodation.
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The University of Galway Students' Union President said the study was the latest in a series of reports that have shown how young people were being impacted by high rents and cost of living issues.
Faye Ní Dhomhnaill said the problems were not limited to one area and that there was a need for policy makers to be more proactive in tackling the ongoing difficulties being felt by students.
The union says that unless this happens, more young people will move abroad to pursue education and seek work.
She also said one in 20 students ended up in "temporary or emergency accommodation" for this academic year, according to data collected by the union.
Speaking on RTÉ's Drivetime, Ms Ní Dhomhnaill said that figure is likely higher due to a "hidden cohort" who did not have the time to answer the survey while living in temporary accommodation.
"What we really wanted to do was show that this is a national issue, not just a Galway issue," she said.
"I think what's really important is that legislators engage with student unions on all levels - not just the USI, but local unions, and develop implementation plans for colleges and for cities with colleges in them.
"It sounds like an absolute fever dream but if the University of Galway can accommodate 20,000 students then there should be 20,000 beds.
"A big part of your education is being able to grow up in a new city, and until such time as there's adequate accommodation for every single student, it's just going to be this continually rising cost.
"It's depleting students' experience."
