The Irish Times view on the Residential Tenancies Board annual report: a market that remains broken

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A fall in the number of private landlords shows that the supply crisis remains, with rental costs for new tenancies likely to continue to rise

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.

The private rental market remains broken, with further evidence in the annual report of the Residential Tenancies BoardNew uncertainties are clouding the interest rate outlook ahead of this week's ECB meetingWell-known Dublin hotels set for €70m saleGroup of masked men armed target asylum seekers sleeping rough in PhibsboroughSupreme Court dismisses appeal by initiator of plan to rob man later subjected to ‘barbaric’...

 

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