It seems like a long time ago that penthouse apartments in Dublin 4 were must-have accessories for Celtic Tiger cubs.

Bargain housing is the recession buzzword today and one would-be renter on daft.ie is offering a souped-up shed in his back garden for €500 a month.

There is no doubt that rents have dropped during the economic turndown and it seems that people have had to become more inventive when it comes to looking for a place to live in.

Currently advertised on Daft is The Cabin in Clondalkin, Co Dublin definitely a unique offering.

Ray Cooke Auctioneers say the cabin is located in a quiet cul de sac – that's back garden to most people – and boasts an open-plan kitchen, dining and sleeping area (with a separate shower room). It also has its own patio area and private access. The Cabin is advertised as ideally suiting a professional couple.

Ross McHugh from Ray Cooke Auctioneers is looking after The Cabin and has been since it was first let out: "I've been looking after it for the last couple of lettings and it's been on the market for about three weeks this time. I've had a couple of viewings so far," he said. The current tenants, an Eastern European couple, are still living in the property. "I always get a good amount of interest in it. It's finished to a very high standard and is about 400 sq ft – about the same size as a normal studio apartment. It's a very unique property and it's better than your usual apartment because it's on it's own, there's no one above you or beside you. It's like a little house really," McHugh elaborated. He said that while you can pay around €600 to €700 for a decent apartment in the same area, in terms of value The Cabin comes out on top.

It's a far cry from just a few short years ago when Daft.ie released a survey on rent figures in the capital. In 2007 the average rent for a one-bedroom home in Dublin 2 was €1,234, and €1,178 in Dublin 1. Now you can expect to pay between €600 and €900 in Dublin 1 and just slightly more in Dublin 2.

In west Dublin, where The Cabin is located, you can get a studio apartment for €500, a one-bed apartment for €550 and a double bedroom in a shared apartment in the Old Chocolate Factory development close to Heuston Station for just €430.