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PROPERTY WEBSITE DAFT.IE has seen an increase in advertisements for rental property in Dublin since the coronavirus outbreak hit the tourism sector.
Ronan Lyons, Daft.ie economist said there has been a general increase in the number of available rentals across the country over the last 18 months, but there is a particular trend he has noticed in the data from the start of March in the capital.
The number of rental ads is up in March so far, by about 13% nationally.
He said almost all of that increase is concentrated in Dublin (303 of the 353 extra listings) and half of the Dublin increase is concentrated in what might be termed the most in-demand property type and area for the short-term rental market – one and two-bed properties in Dublin city centre.
This segment has seen a 64% increase in listings since the start of the month – with 396 ads so far, compared to 242 in the same period last year.
“The increase in the number of properties advertised for rent so far in March is likely to be related to the collapse in tourism and thus the fall in demand for short-term rentals,” Lyons said.
Most of the country has seen almost no change in properties advertised to rent, compared to a year ago. But the number of smaller properties in central Dublin – where demand for short-term lets is concentrated – has grown by almost two-thirds. Close to 400 one- and two-bed properties were advertised in under three weeks, up 150 from the same period last year.
Speaking to TheJournal.ie, Lyons said the drop in tourism as a result of the coronavirus measures in Ireland and around the world may have been a “trigger” for property owners who were using their apartments for short-term lettings on a fulltime basis to get out of that market.
Last year new short-term letting regulations came into effect around Ireland.
Under these new laws, home-sharing on platforms such as Airbnb are only allowed where a house is a person’s primary residence inside designated ‘rent pressure zones’.
Home-sharing – people renting out a part or all of their home for a period of time, usually to tourists who are visiting the country – operates under strict limits and is monitored by local authorities.
This is difficult to enforce, however, Lyons said, and the recent increase in listings may indicate some property owners were continuing to flout the regulations until the current situation took away the tourism option for them.
“I suspect that’s probably the case, they don’t know when this will be resolved and they’re thinking there’s no point relying on sparse tourism demand for six months, and maybe a crackdown is coming anyway because of the new regulations so they’re thinking they might as well [change].”
While there has been a noticeable increase in available properties, Lyons said the scale is still small compared to overall need.
He said the Dublin rental market typically needs 1,000 homes a week to keep rents affordable.
“Thus, while a one-off shift from the short-term to long-term rental market may be welcome news for many, it does not change the huge underlying need to build new rental homes.”
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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Well done Declan great to see the people making the decisions,just goes to show that there is no leadership at the moment this is going to change the whole world when we come out of this ,it also shows that we need to come a hell of a lot closer together ,
Stay safe and hopefully ye will be back sooner rather than later
Regards
It was an attempt at a culling of the most vulnerable.
@Jim Buckley Barrett: Kinda a conservative blue shirt culling …
@Willy Mc Entire: you’d know a lot about culling.
@Willy Mc Entire:
Ní ceapaim Willy.
@Willy Mc Entire: grow up.
I’m afraid the brits were never good at taking orders/advise.
You’d have to wonder was there an element of “fcuk you we are doing our own thing” as a show of defiance stemming from there new found “independence”
@Coco86: the Brexit project was going to cost dear anyway but the prospect of the economic fallout from Coronavirus measures on top was too much to bear for the crusaders. Economics drove their response alright. Their response will cost lives.
@Gerry Ryan deG: Unfortunately that seems to be the case alright
@Coco86: I got the impression that The UK was shadowing the USA response,.
Trumps approach was that it was ‘under control’ etc it’s only when the Americans started to Act, Johnson seemed to change tactic.
Incidentally, Johnson in my opinion is using this Scientist James Witty as his advisor, he worked on the Ebola outbreak a few years ago, I get the impression the approach is more economical, , the ‘herd immunity’ was Whittys advice…
It’s a f#ck up..
England will pay a huge price in human life for Johnson’s dithering. Already the death rate there is far higher than Wales, Scotland or the island of Ireland. I saw a man called John Glen, who works for the Chancellor, answering ( or trying to) answer questions in the parliament yesterday. It was cringe- inducing stuff.
It’s worrying that I’m order to do the right thing you have to rebel against the leadership. Perhaps if England didn’t make up most of the UK they wouldn’t be Englanding themselves off a cliffs edge
When this is all over, as it will be, a serious conversation and reflection needed, as to how the UK managed to recklessly endanger the citizens of our Republic and its own. On this issue, the Executive in Stormont not fit for purpose.
Everything this man said made sense.
The blitz spirit invoked by the Brexiteers sees pensioners struggling to get basics as supermarkets stripped bare.
Elect bumbling populists and this is the result.
@DJ François: “struggling to get basics”… Oh please enough of the sensationalism.
@Alan Currie: my sister is in London, spent the entire day two days ago looking for food, no veg, no fruit anywhere, queued for 4 hrs yesterday morning from 5am in the rain to get some shopping. No rice or dried goods to be found. If shes struggling to get basics and she inst a pensioner then what are pensioners having to do in your non-sensationalist opinion?
@Alan Currie: Have you seen the ques outside Tesco’s in the UK from before opening?
Capitalism facilitated the virus.
Socialism will facilitate the response and recovery.
@John: And the long lasting social and financial control that will be pushed on to the population???
@John: communism is at the root of this if chairman Mao hadn’t starved 60 million people the Chinese wouldn’t have turned to eating wildlife such as bat’s which are know to pass on viruses like we’ve seen here.
@John: actually communism is a the root of this. if Mao hadn’t starved his population they wouldn’t have had to turn to eating wildlife such as bat’s for food for long enough that it became the norm. Also the Chinese government has a case to answer for allowing wet markets to continue.
Vladamir Putin was dead right about the UK when he said they are a supercillious country
Great Article
Johnson always had that just out of bed look about him. He has the boris virus and it is costing the uk dearly. Stay safe everyone
Cheers Declan.
@Mike McGann: great article
Bozo really messed up here! What a Pratt
Obviously driven by Economic reasons rather than Health concerns. Brexit has left Britain exposed with little or no friends in Europe after Boris Johnson decided to change the terms of separation again. It’s almost like they now need to “Cull” an entire section of older dependant pensioners who are costing the state money and may end up overwhelmingly the NHS if they fall ill.
Every other EU country has tried to follow the WHO guidelines on containment, but BoJo knows better.
Even though every health authority in existence has called for systematic shutdown and separation.
Nothing to see here folks, keep your heads down and your mouths shut, England needs “worker bees” to keep the wheels turning, remember the Blitz, we shall prevail.
Watch this space folks …..
Well said, Declan. Concise, erudite and straight to the point…..(unlike some of the nonsensical comments printed here…..)
Brexit put that ‘jurisdiction’ on life support….Little England’s arrogant folly coupled with Bojo’s ‘science’…and the consequences of that policy imposed on the North…just unplugged it.
Boris is marching them to the gallows .
With Arnold grinning over his shoulder .
Two obnoxious individuals .
Wow well written Declan. And good for you.. Making good decisions to protect, your pupils, staff and the wider community. Boris Johnson”s lack of leadership in this crisis is appalling!! Thankfully the Irish government has taken the bull by the horns and made some excellent decisions to safeguard the population of the Republic. It looks like Northern Ireland has been left out on a limb.. Which obviously has an affect on us here in the South with people crossing the border with no checks nor restrictions in place.
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