Search Results for 'Rent control'

Rent controls are "urgently needed" in Galway" to deal with the shortage in the housing supply that is causing "worry and stress" for families across the city and is impacting on both the private and social housing sectors.

A local charity which operates services for homeless people provided emergency accommodation for 44 adults and 22 children on one night at the start of this month.

With some 5,000 households in Galway on the housing waiting list, and the Simon Community seeing a 57 per cent increase in people seeking its services, the city is in the grip of a housing crises.

Lack of housing supply, a collapse in the construction industry, increased demand in the rented sector, and the inadequacy of social housing combine to create the “perfect storm”, according to Labour TD for Galway West Derek Nolan, who has published a report showing the unhealthy state of the housing environment in Galway.

There has been a noticeable increase in demand for rental properties in Galway of late, compounded by additional property buyers being held back by restrictive bank lending, increasing employment, and a general increase in population. According to local property letting agents, there has been a ‘surprise spike’ in queries in recent months, and rental properties are being snapped up within days of becoming available, and they expect that rising demand for rental properties will continue for the foreseeable future but caution that it can still be a tough business.

There has been a noticeable increase in demand for rental properties in Galway of late, compounded by additional property buyers being held back by restrictive bank lending, increasing employment, and the general increase in population. According to local property letting agents, there has been a ‘surprise spike’ in queries in recent months, and rental properties are being snapped up within days of becoming available. They expect that rising demand for rental properties will continue for the foreseeable future but caution that it can still be a tough business.

Upward only rent reviews that are causing financial hardship for tenants leasing expensive commercial properties can only be reviewed where those properties are owned by NAMA, but not where they are in private ownership.

Landlords and residential property investors are finding the rental market more challenging in recent months with rents in some locations falling by approximately 10 per cent. While this is bad news for landlords, it is good news for tenants. There is still good activity in the rental market with many would-be property purchasers staying in the rental market. However supply of rental property has increased as those vendors who cannot currently sell are deciding to rent as an alternative.

The year 2008 will be remembered as a year of change for the global economy, the Irish economy, and the Irish property market. From a rapidly expanding Irish economy between 2002 and 2006, and in tandem a rapidly expanding property market, to rapid contractions in 2008. The transition from expansion to contraction has been very difficult for most involved in business, and the property sector in particular. Reformation of business structures, changing market conditions, and new realities in product market values, reduced profits, and in many cases substantial losses and significant job losses. These are some of the consequences of the change.