Press Embargo: Tuesday, August 20th 2019, 00:01
The Daft Rental Report shows that rental inflation has fallen to a six-year low. The report deals with properties being offered for rent on the market but does not reflect existing tenancies. It also highlights that the amount of available rental accommodation is disturbingly low at 2,700 units available for rent on 1st May, the lowest ever recorded.
The RTB Annual Report for 2018 issued recently shows a loss of 12,474 private rental tenancies between 2016 and 2018. In 2012, there were 212,000 landlords in the sector compared to 173,197 in 2018. Rather than increase the amount of accommodation available the State’s intervention has reduced the amount available. Stephen Faughnan IPOA Chairman stated “The private rental market is shrinking rather than expanding, Rent Pressure Zones are a blunt instrument and do not take into account the level of rent being charged or the indebtedness of a landlord, making it uneconomical for some landlords to continue renting property. The State needs to protect the existing supply of accommodation as well as incentivize further investment in the sector.”
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