Please see the following link - here is where I found a solution that worked for me.
Rendering problems in Android Studio v 1.1 / 1.2
Changing the Android Version when rendering layouts worked for me - I flipped it back to 21 and my "Hello World" app then rendered the basic activity_main.xml OK - at 22 I got this error. I borrowed the image from this posting to show you where to click in the Design tab of the XML preview. What is wierd is that when I flip back to 22 the problem is still gone :-).