Director’s report shows Notices of Termination have risen 17.2% in the past year, driven by restrictive rental regulations including Rent Pressure Zones (RPZs) and the near 0% HICP rate.
The latest data from the Residential Tenancies Board (RTB) shows that landlords are primarily issuing Notices of Termination (NoTs) because they want to sell up and exit the rental market, with tenancy breaches the secondary reason.
Additionally, this marks the eighth consecutive quarter where the share of private tenancies held by large landlords (100+ tenancies) has grown, while the share provided by small landlords (one tenancy) has declined. The Irish Property Owners’ Association (IPOA) warns that replacing small landlords with large landlords is unsustainable and will deepen Ireland’s rental crisis, particularly for regions outside of Dublin.
Investment by large landlords outside of Dublin is nearly stagnant, as large landlords provide only 3.5% of tenancies nationwide, compared to 27% in Dublin. This is leaving many regions starved of long-term rental homes and further underlines the importance of retaining small landlords in the market.
Mary Conway, Chairperson of the IPOA, said “The RTB figures consistently show a growing discrepancy in the rental market whereby small landlords are exiting and large landlords are increasing their presence. This is not sustainable. The properties provided by large landlords are often unaffordable, concentrated in Dublin, and out of reach for tenants across the country.
Ahead of Budget Day, the Government must address why small landlords are leaving. RPZs set at 2%, which are further linked to the HICP rate of nearly 0%, are stifling investment. If small landlords cannot turn a profit, they have no incentive to remain and are unable to continue supplying critical housing stock to Ireland’s rental market.”
Members can find a copy of the director’s report in the Members Area.