The Daft report released today outlined information on the May rental market during the Covid-19 Emergency. Click HERE for full reading on the Daft Report.
The situation around Covid-19 has upset business in Ireland and the rental business is no exception and has also been substantially disrupted. A lot of tenants returned home in March at the commencement of lockdown and tenancies were terminated and, in some cases, abandoned.
Stephen Faughnan, IPOA Chairman outlined “The lockdown restricted re-letting and in spite of demand being high, Government guidelines restricted the showing of property as it was not deemed an essential service. This is likely to have resulted in properties not being let during the month of May. Student accommodation became vacant earlier than usual in March and traditionally some students working in the hospitality industry would have remained in accommodation. However as a result of the return to work on the 8th of June of Letting Agents and Property Professionals, we would expect to see a more buoyant market and a massive reduction in the amount of accommodation available which may lead to shortages going forward”
Mr. Faughnan continued “We expect the Country to commence the return to work and the process of normality returning will increase demand for units and the current supply will be taken up rapidly. While there appears to be a supply surplus currently we must not forget the underlying problem of vast numbers of units being lost to the Market as a result of Owners getting out of the sector as a consequence of unfair complex legislation, problems with the running of the units and the lack of fair taxation etc.”