More houses to rent for tourists than residents
Supply warning as dublin landlords target visitors
MORE than half of rental properties in Dublin are being advertised for short-term tourist stays, it has emerged.
Research by Daft.ie showed landlords are increasingly opting to let to visitors rather than residents.
It found 53% of homes in the capital’s rental market were not available to long-term tenants.
Daft.ie co-founder Eamonn Fallon said urgent action is needed to increase supply.
He added: “The country needs close to 50,000 homes a year to cater to underlying housing demand.
“Of the 50,000 homes, 15,000 are needed for the rental market with 10,000 of those in the capital.
“Dublin alone needs an apartment block of 200 units to open every week for at least the next decade.”
The study showed there were 1,258 homes available to lease on property website Daft.ie compared to 1,419 to let on Airbnb for tourists from professional listers.
The research also found there was a decline in long-term rental homes with stock in Dublin set to dip below 1,000 units for the first time since 2001 by the end of December.
Sinn Fein TD Eoin O Broin called on Housing Minister Eoghan Murphy to bring forward regulations for the rental market. He said: “For a long time I have been raising concerns about the impact of the unregulated short-term letting sector on supply in the private rented sector.
“The crisis of affordable supply in the private rented sector, especially in our cities, is driving up rents and forcing families into homelessness.”
The Institute of Professional Auctioneers & Valuers said people who rent out properties are being forced by “onerous regulation to target the tourist market”.
Chief executive Pat Davitt added: “The private landlord is taxed at a much higher rate than commercial landlords or vulture funds. And s/he has little comeback from the State’s regulatory infrastructure when faced with irresponsible tenants.
“The law is so disproportionate that it facilitates irresponsible tenants who know that if they push hard enough they can live rent free for extended periods.”
He urged Mr Murphy to be careful of introducing further regulation without first easing the tax position of people who rent out properties.
Mr Davitt said: “Otherwise more private landlords will flee the market, which may then leave the market primarily to the build-to-rent sector.
“This would create such dominance these landlords would then be in a position to effectively control the level of rents into the future.”
The country needs close to 50,000 homes a year to meet the demand EAMONN fallon yesterday