Monday 22 October 2018

Ticking time bomb of our rental crisis

Tax breaks are needed to help increase supply in the housing market, writes Philip Farrell

(Stock photo)
(Stock photo)

Philip Farrell

The Irish rental market is a ticking time bomb akin to a Bond film, rolling down to zero. But in this instance there will be no 007 to save the day.

We now have a situation where an ever-increasing 34pc of the Irish population are renting, some by choice, most by necessity. There are currently fewer than 3,000 properties available to rent in Ireland, just 0.15pc of the total housing stock. Demand is at least four times that level. Rental values have increased more than 65pc in some urban areas over the last four years.

Currently, fewer than 5pc of newly constructed homes are being bought by investors. At the height of the Tiger's roar, this figure exceeded 45pc.

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