For a growing number of people, the possibility of owning their own home is becoming less and less likely. A shortage of supply and significant growth in house prices means that for more and more people renting is the only viable housing option, according to Diarmaid O’Sullivan, Regional Services Manager, Threshold.
He says that nationally, one in five people live in the private rented sector. In Galway, this figure is even higher, where 40 per cent of people rent their homes.
“People who live in the private rented sector need to be able to put down roots in communities, to send their children to school in the knowledge that their tenancies are not going to be terminated at a moment’s notice.
“Two big obstacles to long-term tenancies currently exist: security of tenure and affordability. Despite the introduction of a Rent Pressure Zone in the city last year rents, worryingly, continue to rise in Galway making much rental property unaffordable,” said Mr O’Sullivan.
“There has also been growth in the numbers of tenancies being terminated, particularly where a landlord is selling a property. Tenancy termination was the single biggest query issue Threshold dealt with, with many tenancies terminated,” he said, adding that if renting is be a viable long term housing option, these two obstacles must be addressed.
