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Ireland’s largest private landlord has effectively no vacancies, showing scale of demand

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Chief executive Margaret Sweeney. Photo by Naoise Culhane

Chief executive Margaret Sweeney. Photo by Naoise Culhane

Chief executive Margaret Sweeney. Photo by Naoise Culhane

Irish Residential Properties REIT, Ireland’s largest private landlord, reported a rise in revenues in the first half of the year as occupancy levels rose to over 99pc.

The company reported net rental income of €32.6m in the first half of the year, a 4.1pc increase from the same period in 2021.

The increase in rental income was attributed to the acquisition of 152 apartments in Ashbrook, Clontarf, organic rental growth and improved occupancy. However, this was moderated due to increased cost associated with property tax, utilities and maintenance costs.

Revenue grew to 6.7pc to €42.1m in the six months to June 30, driven by the same factors driving the rise in rental income, according to I-RES.

Occupancy levels rose to 99.3pc, up from 98.6pc in the prior period. However, the company said this effectively represented full occupancy “when allowing for short term vacancies due to turnovers.”

The company has 3,998 homes for rent, up from 3,836 at the end of June last year.

The company’s apartments include the high-end Marker apartments at Grand Canal Square and the Elm Park development close to St Vincent’s Hospital in Dublin 4, as well as modern developments in Tallaght, Finglas and Inchicore.

Average monthly rent per unit increased to €1,688 in the first half of 2022. This marked an increase from €1,641 recorded at the same time last year.

The company said its average rents are estimated to be 10pc below market rents. It stated that in Dublin, where the majority of its properties are located, its average rents, are c.16pc below the recent Residential Tenancies Board rent index which was published last month.

“Housing in Ireland remains challenging, primarily due to a significant lack of supply, and so we are pleased to be adding much-needed new homes to the market,” chief executive Margaret Sweeney said.

“This year we have grown our portfolio through the investment in 152 homes in Ashbrook in Clontarf (44 of which will be delivered in 2023), and the delivery of 61 units in our new development - The School Yard. We also expect to close on a further 69 new homes in the Tara View development shortly.”

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