I bought a mixed unit about 7 years ago.
I had hoped to get 1000/month for the apartment.
I had 3 tenants in 12 months which was obviously a pain in the neck.
Then I opted for a HAPs tenant and now getting a reliable €1600 that is unlikely to move out anytime soon.
If you were a landlord would you have done anything different?
Separately, the commercial units market is quite competitive but my tenants have never changed and appear to be doing plenty of trade to be comfortable. Obviously Covid closed a few for a lot of last year but I just said if you’re not open don’t pay. Demanding payment may have closed the business but they’ve been reliable tenants up to then.
The proportion of landlords under the age of 45 decreased from 35% in 2017 to just over 24% in 2021
The most common BER rating for rental properties is C while an A rating is the least common, although the proportion of rental properties with an A rating is increasing
The median size of rental properties is smallest in Dublin City and largest in Roscommon
More than half (50.5%) of landlords in 2019 had a rental income of less than €10,000
The most common sector of employment for landlords is Human Health & Social Work Activities
Rent as a proportion of total disposable income is highest for tenants living in and around Dublin with 36% of tenants living in Dublin City spending more than 35% of their disposable income on rent in 2019
Employee income is the primary source of income for 71% of tenants
Expansion in the number of institutional investors?
There is an interesting conclusion to this report from 2019.
21
Section 7 – Conclusion
The data outlined in this paper show that although institutional investors play an increasingly important role in the private rented sector, their purchasing activity represents a small proportion of the housing market overall. On a national level they also remain a significant minority of landlords.
The growth of institutional investment is the result of a structural change in the market. The change has come from a combination of post-crisis capacity constraints in the financial and construction sectors; long-term societal changes such as increasing urbanisation and changing tenure profile; and a desire to avoid previous mistakes by improving spatial and urban planning.
This changed environment has resulted in significant market dislocation and an imbalance between the demand and supply of suitable housing, particularly in the rental sector. Institutional investment has the potential to significantly increase the supply of high quality, high density and well-located units. However, such investment can only be one aspect of a multi-pronged response to addressing current issues in the market. Expansion of the sector must continue to be accompanied by a set of policies that can facilitate its positive impacts while addressing the broader issues it raises.
“We found a new family with two kids to move into the house, but as the others would not leave, we had to tell them to find somewhere else.
“We are not dealing with the RTB anymore as we found the experience frustrating.
"As there is no effective way for us to ever recover the outstanding debt, we want to forget and move on with our lives.
"The money is a secondary concern right now as we need to focus our time and energy on restoring our family home and mental health, which have been severely impacted during the dispute process and the lack of support from the RTB.
“We hope this testimony will raise alarm bells that the dispute process must change and become effective.”
The number of termination notices received by tenants in the private rental sector continues to rise, with over 3,000 issued last year. Of those, 10% were for breach of tenant obligations. Most common were landlord intending to sell (60%) or to use the property for family (23%).
Landlords must register tenancies with RTB every year, new law states
The RTB said it is important to note that reminder notices will be issued to the existing correspondence details held and landlords must ensure that they keep their details up to date with the RTB.
The cost to register tenancies will be €40 per year for private rentals, cost rentals and Student Specific Accommodation (SSA) rentals.
The yearly fee for tenancies managed by Approved Housing Bodies (AHBs) will be €20 per year.
There will be a fee waiver for those landlords who currently have a ‘Further Part 4’ tenancy in place.
To assist landlords in this changeover to annual registration, the RTB said there will be a four-month transition period for tenancies which have renewal anniversaries between 4 April and 3 July 2022.
It said this transition period ends on 3 August 2022.The RTB pointed out that this new law also introduces a new “late fee” structure.
This means that as from 4 August 2022, late fees will accumulate for every month that a landlord is late in registering a tenancy.
Once the four-month transition period expires, landlords who do not register annually will incur late fees of €10 for every month the registration fee is late (for private, cost rental and SSA rentals) and €5 per month for AHB tenancies.
If late fees are not paid, landlords could incur a fine of €4,000 and/or civil sanctions of up to €15,000 plus costs of up to €15,000.
I agree with annual registration. RTB’s stats for numbers of registered tenants is massively incorrect as up til now landlords did not have to update when one left.
The registration fee is also tax deductible so no impact there for landlords. Just hassle doing it every year.
The report says the share of private investor participation in the mortgage market has fallen from 19.9% of total mortgage lending in 2006 to 1.4% in 2021.
One who was critical of the rental-is-me-pension and generally crudy rental market of the late 90’s and early 00s, is now nostalgically looking like paradise compared to today’s list, there was supply. I think eh day of finger point at the LL is well and truly gone.
The State is #1 culprit at every juncture.
Rental market has grossly dysfunctional from a renters point of view since 2016 or was it 2017, as I wrote back in 2017
The rental market collapsed in on itself creating total dysfunction years ago, as to the cause, was it pushed or was it a dodgy pint, but if you break down the supply levels as they are today, there is functionally 0 supply, as I did here Rental Costs - Unreal! - #1126 by Open_Window
