The recent Daft report released outlined information on the June rental market during the Covid-19 emergency. An increase in the number of properties available for rent was to be expected.
- Student accommodation previously utilized in the tourist industry in the summer is available.
- The decision of some multi-nationals and other companies to allow staff to continue to work from home has also resulted in more available rentals.
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 leading to a stock of empty properties accumulating over the previous three months. However, as a result of the return to work in June of letting agents, property professionals and some landlords, we would expect to see a more buoyant market and a reduction in the amount of accommodation available which may lead to shortages going forward” Mr. Faughnan continued “We expect the Country to continue 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.”
The emergency legislation continues to prevent tenancy termination and it is likely that this has reduced the number of properties on the market for sale. Stephen Faughnan stated “The emergency legislation is preventing the normal business of managing property, anti-social tenants are protected, resulting in neighbours and other tenants being distressed and breach of obligations cannot be addressed. IPOA are calling on the Minister to allow the private rental market to function in a normal manner and not to continue extending the emergency legislation.
An IPOA Survey noted that 9% of IPOA members intend to exit the private rental market within the year.