Minister for Housing Simon Coveney is bringing proposals to Cabinet which would limit how much landlords could increase rents in designated areas for a certain period.
It is planned that the limits will first be introduced in Dublin and Cork city.
Both cities will be designated rent pressure zones for a certain period, after which the situation will be reviewed.
The proposal comes amid debate that rent increases or reductions should be linked to the consumer price index while others oppose intervening in the market.
The last report from the Residential Tenancies Board showed that rents are still rising.
In the third quarter of 2016, monthly rents grew by 2.3%, although this is marginally slower than the previous three months.
A recent survey by the Simon Community also found that 80% of the rental properties available that it reviewed, were beyond the reach of people receiving State housing benefits.
Mr Coveney’s proposals on the rental sector examine key areas, including supply and rent security.
The system of rent pressure zones will be in place for a three year period and new rental supply will not be included.
The Residential Tenancies Board will review the existing rent pressure zones and examine whether new ones should be introduced.
In terms of designating other areas as rent pressure zones, the board will look to see if areas are experiencing high rent increases over four of the last six quarters and make a recommendation to the minister.
In all areas that are not designated rent pressure zones, landlords will still only be able to raise rents every two years.