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Landlords selling up - Rents rising

  • 10-08-2021 12:13pm
    #1
    Registered Users Posts: 1,416 ✭✭✭ Diemos


    Rents rising as landlords sell to cash in on property price boom - Independent.ie

    I'm not a landlord but I think the attitude towards landlords in the past 20 years has been particularly unfair. Just mention landlord on social media and the lynch mob will descend in droves.

    Politicians pushing populist laws against landlords and making it a less and less attractive investment vehicle.

    Tenants rights have been boosted dramatically in the past decade, a lot of the commentary was the bring more professionalism to the industry but there has been no reciprocal strengthening of landlord rights.

    Now, surprise, surprise, there are very few rental properties available and rents are soaring, homelessness is on the rise again.

    The response seems to be surprise pikachu face.


    Have we seen an irreversible change in the Irish market, where the small landlord is gone and replaced by large faceless organisations for good?

    I've rented in the past, I believe it's an important part of the housing eco system, I think we've really shot ourselves in the foot here.

    I'm curious to hear what other think.



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Comments

  • Registered Users Posts: 34 irishhombre


    the tax on rental income is crazy is it not, does it even pay to be a landlord now a days?



  • Registered Users Posts: 6,425 ✭✭✭ lawrencesummers


    No.


    A lot of accidental landlords over the last decade getting out now that the can recoup what they spent.



  • Registered Users Posts: 7 bernard12


    A zero sum game, landlords selling homes to families who use it as PPR is a great outcome.



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  • Registered Users Posts: 1,669 ✭✭✭ A Shaved Duck?


    We are accidental landlords and have to weigh up the potential of risk associated with potential delinquent renters along with a government that is doing very little to protect us. By saying barely break even we are still paying in money after tax and upkeep along with having been in negative equity for a long time.

    There is no incentive for us to take a chance that we will be lucky with tenants indefinitely. There is some equity to be taken out that we can invest in our own home and cut our Large Asset free.



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  • Registered Users Posts: 273 ✭✭ Jmc25


    Small landlords selling, while a factor in our current predicament, are not the main reason for rising rents.

    The main reason for rising housing costs for both renters and buyers, is overall lack of supply.

    That said, have significant sympathy for some small landlords and would absolutely sell if I were one myself.



  • Registered Users Posts: 13,877 ✭✭✭✭ whisky_galore


    Given the choice, the two couples and 2 singles would rather not be living cheek by jowl. But there isn't any choice, and even less choice with every passing week. I think once restrictions are fully lifted people will review where they are headed in life like they did with careers and just emigrate.

    House-shares might be fun in your 20's but like the Danny Glover quote you're too old for this sh1t beyond that.



  • Registered Users Posts: 303 ✭✭ .42.


    I’m delighted private individual landlords are selling.



  • Moderators, Category Moderators, Computer Games Moderators Posts: 8,250 CMod ✭✭✭✭ Sierra Oscar


    Certainly a sharp contrast to the predictions of a collapse in rental prices as a result of the pandemic. We will see elevated rental and property prices until the Government significantly intervenes in the market and dramatically increases supply.



  • Registered Users Posts: 901 ✭✭✭ usernamegoes


    And for those of us who want to invest in resi property we can do it via REITs and be diversified. Institutional landlords are the way to go.



  • Registered Users Posts: 12,766 ✭✭✭✭ Mad_maxx



    Unfortunately they don't accurately track the market, they provide a good yield but no capital appreciation



  • Registered Users Posts: 901 ✭✭✭ usernamegoes


    Looks to me that the share price has gone up 50% in the last five years in IRES



  • Registered Users Posts: 121 ✭✭ markw7


    Good news if you want to buy. Where are these on the market though, doesn't seem to be a lot of stock appearing.



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  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    I bought a house last year.

    Before i had even moved moved into or even started the work on the house i got an offer through the EA i bought it from for way more than id paid for it from an unnamed entity.

    I was cheeky and asked for even more. They said yes.

    So I made just shy of €100k for doing nothing.

    I found out later that it was the council who bought it.



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    I see in the news today SF first order of business when they get into government will be to ban evictions if a landlord wants to sell.

    Effectively using a landlords money to make them work for them for the rest of their lives.

    You invest money in a house. Rent it out. You cant sell it when you want to. You cant raise the rent.

    So what will be being a small landlord look like from now on?

    So you are getting a government job that you cant quit, paying high taxes for it even if you make a loss, and they will be using your money to give you this job.



  • Registered Users Posts: 9,020 ✭✭✭ Caranica




  • Registered Users Posts: 121 ✭✭ markw7


    Jesus that's a feckin joke if they're at that craic. It's like they want to drive the prices up even more and have the taxpayer foot the bill.



  • Registered Users Posts: 3,809 ✭✭✭ enricoh


    A nice touch! They spend money like water. I seen on the news last night a wooden air filter installation on the main street in cork, the council are renting if for e350k a year! They may rent out more of them.

    Let's hope the multinationals money never dries up and the squandering can last forever!



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    Never stopped them before.

    As with all their other legislation any person who challenges it would be ruined.

    Bot financially if they lost, even if they didnt lose they couldnt afford to be dragged on for 10 years through all the different courts.

    And then socially with the treatment they would be bound to be given by the media.

    Just not worth the risk.



  • Registered Users Posts: 12,766 ✭✭✭✭ Mad_maxx


    SF would send the REITs for the exit too so that option won't save property investors either



  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik


    I think property investors are gone. Any left just havent had a vacancy yet. But I think any left will hit the exit as soon as they get the chance.

    And they are probably better off out of the business altogether at this point anyway. And certainly better off getting out before they get locked into renting their property forever.

    Its what all this government tampering is doing to normal renters is the problem. Not one intervention they have made has not resulted in even higher rents.



  • Registered Users Posts: 9,020 ✭✭✭ Caranica


    The President won't sign legislation if it's unconstitutional. Doesn't need to go anywhere near the courts. It's not as if SF can/would try to do this quietly.



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  • Registered Users Posts: 5,368 ✭✭✭ JimmyVik



    Like rent caps and RPZs.

    Of course he will.

    They will just put a 4 year time limit on it and then just extend the time limit forever.



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