9th November, 2020
The Daft report released today outlined information on the third quarter of the 2020 rental market which has been adversely affected by Covid-19. There has been a change in behaviour in the market, with tenants in certain industries working remotely and abandoning properties in Dublin city resulting in increased availability in the city centre and increasing demand outside Dublin.
Student accommodation availability has also increased with less students attending lectures on campus. Some landlords have moved from the student market. Stephen Faughnan, IPOA Chairman addressing Members stated that “Covid-19 has resulted in more vacancies in Dublin City centre with demand lessening, however there is an increase in demand for properties outside the capital.” Mr. Faughnan continued “This is the Covid-19 effect, and when normality returns there will be a surge in demand for city units and the current supply will be taken up rapidly. While there appears to be a 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.”
Stephen Faughnan stated “The emergency legislation is preventing the normal business of managing property, non-paying tenants are protected but the State is not supporting the providers of accommodation with continually changing, complex intricate legislation making it almost impossible to navigate legislation correctly.”