Destination Services — Ireland rental market changes
A 6-month eviction ban over the winter period has been lifted since March ‘23 leading to many landlords finally being able to offload properties in the coming months brought on by rising interest rates and security of tenancy regulations.
- Demand for rental properties is far exceeding supply with huge competition for properties. Many new developments have an affordability requirement that the rental figure does not exceed 40% of the tenant’s salary which excludes those with lower budgets, one income families and average salaries.
- Rents are still increasing however for properties where rents that have been set, these cannot be increased annually more than 2% pro rata where the current rate of inflation is higher. New build or newly renovated properties can be marketed at any price, leading to wide variations in rents. Rents have increased 13.7% from 2022 to Q1 2023.
- Agents / Landlords are overwhelmed with enquiries for every property and generally the challenge begins with communication and securing viewings, particularly at entry level budgets.
How Santa Fe can assist you:
Please take into consideration that the above information is in accordance with current legislation, but Santa Fe can investigate all the different cases and can offer the best and compliant advice.
For further insights please contact us using the following link:
