February 8, 2021
The private rental market remains completely dysfunctional – Eoin Ó Broin TD

Sinn Féin spokesperson on Housing Eoin Ó Broin TD has commented on the state of the private rental market, stating that rents are unaffordable, that landlords are leaving the market in a disorganised manner and that cost-rental at scale is the only way to tackle crippling rental costs.

Teachta Ó Broin said:

“Today’s Daft.ie report concerning rent asking prices indicates that there is a 3% drop in Dublin, with average new rents at €1,951. Despite the slight drop, this remains far beyond the reach of ordinary workers and families.

“Rents are up everywhere else across the State, with increases in fourteen counties breaching the 4% rent pressure zone cap. Munster is hardest hit with five counties – Waterford, County Cork, Kerry, Limerick County and Clare – seeing rent hikes of between 8 to 10%.

“I welcome the announcement that 390 cost rental homes have been approved for delivery via Approved Housing Bodies. However, rents 25% below market rate are not affordable. For example, 25% below market rate in Dublin – based on the latest Daft.ie figures – would mean households still paying on average €1,463 per month.

“Affordability should not be defined as below market rent. Cost rental should not have anything to do with the market. Truly affordable cost rental means rents at between €700 and €900 a month depending on apartment size and location.

“We also need the Minister for Housing to develop a plan to tackle the disorderly exit of landlords from the market. Data from the RTB shows that more than 20,000 tenancies have been lost to the rental market since January 2017.

“The latest data available shows that when you compare Quarter 3 of 2019 with Quarter 3 of 2020 there are 7,407 fewer tenancies registered.

“My concern is that landlords at the middle and lower end of the market are leaving due to positive equity and the only new supply of rental homes coming into the market is at the higher end.

“The dysfunction of the rental market continues. We see that tinkering around the edges with ineffective rent pressure zone legislation has not brought relief to struggling workers and families.

“We urgently need a three year ban on rent increases and we need to see one months rent put back into the pockets of renters; in addition to the large scale roll out of genuinely affordable cost rental homes.”

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