Over half of Dublin rental properties are advertised for short-term tourist stays

There are calls for action to be urgently taken.

Over half of all available rental properties in Dublin are advertised for short-term tourist stays, it has emerged.

According to new research from property rental website, Daft.ie , landlords are increasingly opting to let to tourists rather than to long-term tenants.

It was discovered that a staggering 53% of homes in the Dublin rental market were not available to long-term tenants.

There were just 1,258 long-term rental properties available on Daft.ie compared to 1,419 homes to let on Airbnb from professional listers.

Research also found that there was a decline in long-term rental accommodation with stock on the Dublin rental market set to dip below 1,000 units, for the first time since 2001 by the end of this year.

Co-founder of Daft.ie , Eamonn Fallon said: "Action urgently needs to be taken to increase supply, both in Dublin and nationwide.

“The country needs close to 50,000 homes a year to cater to underlying housing demand - both market and social.

“Of the 50,000 homes, 15,000 are needed for the rental market with 10,000 of those in the capital. “To put the scale of this challenge into concrete terms, Dublin alone needs an apartment block of 200 units to open every week for at least the next decade.”

Following the findings, Sinn Fein Housing spokesperson Eoin O Broin called on the Minister for Housing Eoghan Murphy to urgently bring forward regulations for the short term letting sector.

Deputy O Broin said: “For a long time I have been raising concerns about the impact of the unregulated short term letting sector on supply in the private rented sector.

“The crisis of affordable supply in the private rented sector, especially in our cities, is driving up rents and forcing families into homelessness.

“We long suspected that commercial landlords and professional hosts with multiple listings were using platforms like Airbnb to maximise profits.”

Meanwhile, the Institute of Professional Auctioneers & Valuers (IPAV), said disproportionate regulation of private landlords is the primary cause of the trend.

IPAV Chief Executive, Pat Davitt, said the private landlord is being forced by increasingly onerous regulation to find alternative solutions and the tourist market is an obvious one.

He said: "The private landlord is taxed at a much higher rate than commercial landlords or vulture funds.

"And s/he has little comeback from the State’s regulatory infrastructure when faced with irresponsible or vexatious tenants.

"In fact the law is now so disproportionate that it facilitates irresponsible tenants who know that is they push hard enough they can live rent free for extended periods.”

Mr Davitt urged Minister for Housing, who is currently considering the regulation of the short-term rental market, to be careful of introducing yet further regulation without first easing the tax position of the private landlord and rebalancing landlord/tenant regulation.

He added: "Otherwise more private landlords will flee the market, which may then leave the market primarily to the build-to-rent sector.

"This would create such dominance that these landlords would then be in a position to effectively control the level of rents into the future."

Read more news of Dublin on our site.

Feedbacks and comments

Write feedback
Write comment

Please leave a constructive, reasoned and informative text relating to the quality of the company's work, on the example of personal experience.

Not allowed: use of non-normative obscenities, threats or insults; direct comparison with other competing companies; placing a links to third-party Internet resources; advertising and self-promotion, statements related to the company's activities.

Enter e-mail:
Your e-mail will not be shown on the site
or Log in , for write feedback
Feedback:
Load photo:
Select

Comments are designed to communicate and discuss the features of an enterprise or event, as well as to find out the interesting questions on it.