| 9.9°C Dublin

Rental income at the largest private landlord in the State increases to €50.5m


Ires Reit CEO Margaret Sweeney

Ires Reit CEO Margaret Sweeney

Ires Reit CEO Margaret Sweeney

Ires Reit, the largest private landlord in the State, has reported net rental income of €50.5m for last year, a 23pc increase on 2018.

That was largely a result of extra properties. In 2019, a total of 987 residential units were acquired by Ires through acquisitions and forward purchase contracts.

Meanwhile, its overall profit for the period fell to €86.3m from €119.8m in 2018 on the back of a lower revaluation gain on its property portfolio last year.

Ires set up here after the crash, buying up almost 3,000 homes in Dublin, mainly by snapping up entire apartment blocks, and is now the country's biggest private sector landlord.

Its blocks range from the super high-end Marker apartments at Grand Canal Square in the Dublin docks, and the Elmpark development, close to St Vincent's Hospital and RTÉ in Dublin 4, to modern developments in Tallaght, Finglas and Inchicore.

It also has property in Cork.

Last year Ires charged an average rent of €1,596 per month across all its properties, down slightly on its average rents in 2018, according to annual results from the group.

However, on a like-for-like basis, Ires saw 3.1pc rental growth on accommodation it owned prior to 2019, with rents in these properties increasing to €1,650 a month from €1,600.

Ires had staggering 98.3pc occupancy rate across its units, meaning that none of its units are vacant for any real amount of time.

Commenting on the company’s performance, Margaret Sweeney, CEO of Ires, said that despite continued improvement in housing output in Ireland during 2019, there is a “significant” shortage of accommodation.

“Supply remains limited due to a lack of construction. This macro environment, coupled with our continued investment and professional property management, provides significant opportunities for Ires to continue to grow as a leading provider of private rented residential homes in Ireland,” Ms Sweeney said.

Online Editors