Search Results for 'Rent regulation'

The rental market demand in Galway is growing considerably as families, students and couples are looking to move into the city. Galway is a cultural hotspot and with two universities, it has become challenging to find both affordable and available properties to rent.

O’Donnellan & Joyce rental department had an outstanding year. The volume of rental stock increased by 15%. Landlords with rent-capped properties have been exiting the rental market, with new investors coming into the market looking for high rents. Purchases through private pension funds have risen due to the tax benefits. Rents have continued to remain strong across Galway city and county due to the lack of rental properties; however there is a limit to the price people can afford for accommodation. There is a cut off level that is unattainable unless a property is over occupied. Most landlords do not want to over occupy their rental properties.

In the past year rental prices in Galway city have risen by 11.3 per cent, according to the most recent Daft.ie report, published at the end of February.

Commenting on the recent CSO House Price Index for November, IPAV, the Institute of Professional Auctioneers & Valuers, said the results broadly concur with those reported by IPAV auctioneers which showed prices increasing in the latter part of 2023.

O’Donnellan & Joyce's rental department had an outstanding year last year. The volume of rental stock increased by 25 per cent. While traditional landlords with rent-capped properties have been exiting the rental market, we have seen a substantial uptake of new investors into the market looking to avoid savings depreciation through inflation.

IPAV, the Institute of Professional Auctioneers & Valuers, has said the new data on existing rent levels reregistered during Q2 2023 was a welcome improvement in the data set, something IPAV has long campaigned to achieve.

Independent Councillor Paul Hogan has called for the implementation of a rent control on council residential properties with tenants facing the prospect of rate increases in 2024.

O’Donnellan and Joyce witnessed a lot of inquiries for every property brought to the rental market. This of course varied on price range but rents overall were stronger than 2020. By Q2 2021 the market was back in full swing with a huge demand for properties and high prices being achievable. Where no restrictions applied, the rents exceeded previous prices achievable. This shows the pent up demand there was and the need for accommodation.

"Nobody should be evicted or impoverished as a result of the Coronavirus. Other European countries have placed an amnesty on rents while COVID-19 lasts and for the sake of our society we should do the same."

Rents in Galway are “out of control and are continuing to rise at a high rate”, and this requires both the freezing of rents and enacting measures to “put money back into the pockets of workers and families”.