The residential lettings market has continued to prove very challenging for both potential tenants and landlords alike.
There is a major lack of supply of rental properties available which has not alone resulted in record rents, has created frustration for tenants in trying to source accommodation and has contributed to dysfunction in the accommodation sector.
Many existing landlords have decided to sell their investment properties having made that decision for many reasons, but one of the most often commented on reason is the substantial legislative changes in landlord and tenant laws, where many landlords feel these changes have restricted the investment prospects of their property.
As a result, many are leaving residential property behind as a form of investment and are looking to alternative investment strategies. In the past 12 months alone over 15,000 properties have been lost from the rental market in Ireland. With an economy that is preforming well and our population growing strongly, the demand for accommodation is increasing yet supply is diminishing which creates the difficult conditions now being experienced.
Investors and landlords are increasingly turning to management and letting agents like Sherry FitzGerald Lettings who recognise the challenges faced by landlords in the private rental market. Keeping up to date with the evolving legislative environment, market forces and changes in rental rules is a challenging task. Specific rent increases in RPZ’s, coupled with annual RTB registrations; being a landlord requires constant adjusting and refining.
