Rent Signs in a auctioneers window in Dublin. Rental costs continue to rise amid a supply shortag The Irish rental market remains in serious difficulty, with supply falling and rents relentlessly on the rise. It is a story which is at the heart of the wider housing crisis, making it impossible for many to make the first move from home and difficult for those who are renting to save for a deposit to buy a home.
While the fall in tenancies may indeed not have been as sharp last year as shown in the headline data, there is little doubt that it is a big factor in the market. Data from estate agents, for example, has shown that sales of properties by landlords is far exceeding purchases by those entering the market. The Institute for Professional Auctioneers and Valuers warns that this fall in supply will continue to drive rents for new tenancies higher.
Policy needs to change, with the rent pressure zone rules leading to a two-tier market where existing renters are protected but supply is falling and prices rising for those looking for a lease.called for a more nuanced approach, but the Government has kicked its recommendations into an inter-departmental committee. The significant level of expertise which went into the commission deserves better. Meanwhile, the underlying challenge of increasing housing supply remains.
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