Rider unable to run builds in .NET 6 due to failure to load hostfxr file

Recently we upgraded our project from .NET 5 to .NET 6 and for the rest of my team this does not seem to be a problem, as within Visual Studio it is able to build and then run just fine (same for dotnet cli tool). However as I like to use Rider it poses a problem for me: Rider is able to build the project just fine, but when running it, it fails to load the 'hostfxr'.

I am then presented with the following error message:

It seemed as it the following forum post was dealing with a similar problem (https://rider-support.jetbrains.com/hc/en-us/community/posts/4517401204114-Unit-tests-not-working-in-Rider-2021-3-3- ), however the solution mentioned in the post (to provide a path to the dotnet executable as an environment variable) does not seem to work in my instance and the linked issue can no longer be found.