Wednesday revealed the extent of the housing crisis in Ireland after it showed there are 64,000 fewer homes to rent today than five years ago. The number of rentals has fallen from almost 341,000 in 2017 to under 277,000 now, a drop of nearly 20%.
Dubliners pay the highest proportion of their income in rent with more than a third of tenants living in Dublin city spending more than 35% of their disposable income on rent in 2019.
The smallest properties are in inner-city Dublin and the largest are in Roscommon, Leitrim and Galway.
With these figures of 64,000 fewer properties to rent in Ireland, it is showing a trend in the market that is very bad news as the sale of rental properties will more than likely increase given the current housing market. With such low rental supply on the market it is making it very hard for people to find a new rental property because the prices have gone up.
One of the key causes of Landlords selling their properties is that many landlords have made it clear that they want out of the industry as they feel it is overly regulated, it’s very complex and it’s very hard to get tenants out. The problem landlords face is that if they have a bad tenant, they can’t get rid of them, it’s a nightmare of a process to go through.
From a Landlords point of view the rights are weighted far too much in favour of the tenant.