Ask the Experts: How do you see residential rents performing this year?
Published 23/01/2016 | 02:30
I expect rents to continue to increase throughout 2016 - possibly in the region of 5pc-10pc.
Continued expansion of employment in Dublin and a lack of supply of rental properties means that landlords will continue to hold strong bargaining power.
The new law around rents reviews is likely to dictate that landlords will set initial rents at the maximum that the market will bear.
Marian McQuillan is the CEO of Quillsen, formerly Gunne Estate Agents and was previously a director of Purcell McQuillan Tax Partners.
Rents are likely to continue increasing this year and into next year.
The recent publication of the Residential Tenancies Act will prevent landlords from increasing rent annually; this can now only be done every two years.
his temporary measure may result in a slight slowdown in rents. If the supply situation improved in 2016, it would have the effect of stabilising rent increases, however in the short term there is no indication that the supply issue will be addressed.
Patricia Byron is the director general of the Society of Chartered Surveyors Ireland which has 5,000 members working in the property and construction sector.
Due to the imposition of recent rent control measures, soon to be enacted, rental growth increases will be mixed in the next 12 months and will probably show sub-5pc rises in 2016; however, this will not lead to any reduction in demand for rental accommodation; in fact the opposite will occur as the sector remains in crisis and these changes will simply be a further disincentive for new entrants to the sector.
Rental levels in Dublin are at 2007 levels and are close to their peak levels in 2008.
Keith Lowe is CEO of Douglas Newman Good, which has 75 offices throughout the country. He has 32 years experience in the property sector having joined the firm in 1984.
We envisage a continued increase in rental levels during 2016 due mainly to the ongoing strict financial lending regime, which effectively excludes potential first-time buyers from the market.
Darina Collins is a director of and a founding member of the Real Estate Alliance, a partnership of more than 50 auctioneering firms. She is also a partner in REA O'Brien Collins, the Drogheda based general practice firm.
I believe rents will rise, not as fast as in the recent past but I expect them to surpass the 2007 highs.
Pat Davitt is the CEO of the Institute of Professional Auctioneers and Valuers (IPAV). Pat has more than 33 years experience in the sector, spending much of it running a family based auctioneering firm in Mullingar.