buy or rent for student

We are looking at the possibility of having our children studying in college in Dublin for at least the next five years. We are trying to decide whether we would be better off buying an apartment for them instead of paying rent. We could probably afford to buy a 2 bed apartment. Would we be better to invest and hope for capital appreciation? Or should we just let them find digs with other students and pay the rent?
What are the best areas (south Dubln) to look at? (considering student life). We wouldn't like to have them stuck somewhere a long way from their friends. I would appreciate any comments from others with the same experience.

Could they not work for the summer(s) and pay their own way in part if not in full?

They do work and that would support their living expenses. (They dont qualify for any grant) We will have to supplement them anyway.