The Irish Property Owners Association has responded to the recent Daft Rental Report which shows that rental inflation has fallen to a six-year low. The IPOA says the report deals with properties being offered for rent on the market but does not reflect existing tenancies.
The report also highlights that the amount of available rental accommodation is disturbingly low at 2,700 units available for rent on May 1st, which is 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”.