CSO rental report & Landlord statistics

sk8board

there’s no way a TD would even consider mentioning this in public unless they were genuinely concerned with the landlord exodus.

good to have the conversation anyway.

the true fall in LLs in the next RTB annual report could be interesting, now that LLs have to reregister tenancies every year, it will identify LLs who have sold and left the market but didn’t notify the RTB to unregister (most wouldn’t know that they’re supposed to, but why bother really)

https://www.thejournal.ie/tax-breaks-for-landlords-5755491-May2022/

JimmyVik

https://www.boards.ie/discussion/comment/119035165#Comment_119035165

I dont trust the RTBs reports. theyve been seen massaging the figures before to make them not look so bad. So now i think whatever number they publish is actually really only the tip of the iceberg.

Claw Hammer

The problem is not so much landlords leaving, which always happened, but that there are very few incoming landlord, other than funds. Many self employed people used to buy a rental property or two as part of their pension planning or their rainy day fund. Such people are no longer doing so in any significant numbers.

JimmyVik

Two sides of the same coin. The reasons that the current landlords are running away are the same reason they and any new blood are not going to get back in.

Even with significant tax incentives I doubt anyone trusts that the next monthly legislation change will undo that and maybe throw in a lock in part in there too so they cant get out.

The problem nbow is legislation is only plannable for a few months when it comes to landlords. How is anyone supposed to be able to make a rational decision on investing when they dont even know what legislation will come in in a few months. you just cant plan. So best to stay out.

sk8board

https://www.boards.ie/discussion/comment/119036080#Comment_119036080

It’s a fair point.

rent is considered ‘unearned’ income for gods sake - that will rankle will almost all LLs - while being taxed at ‘earned’ paye rates.

my own view is that small time LLs 2+ properties rented), should be able to set up a company above them, manage it and tax it as such, and be beholden to all tenant or landlord protections alike.

the market needs to professionalise, but not for 1-rental accidental LLs on the one side nor massive investment funds on the other - it needs to professionalise in that middle ground, which contains about 30% of all LLs

(120k of 160k LLs rent just one property)

airy fairy

Those asking about the eviction/non payment of rent route...

We ended up being an accidental landlord a few years back. Decided to keep the property as it was in negative equity, and rent it with a view that one of the kids could live in it, in a few years. It was a perfect semi house, and furnished as if our own children were to live there, no shortcuts or cheap ways round things. First tenants stayed 2 years and bought their own. Next family arrived, vetted etc, and had a management company oversee as we had personal stuff going on and couldn't oversee. Within weeks the male lost the job. Went on rent assistance. All good for a month or two. Then nothing. No money. He was being paid rental assistance into his account, not to us directly. He decided to pocket the money.

Everything done correctly, rtb meetings where tenant didn't show for 3 of those and we were at his mercy until he eventually turned up. That took over 6 months. Rtb with our solicitor, ruled he had to pay, nothing, so within our rights to send him packing. Next stop, eviction notice, he refused. Then a long wait for court case, had to hire a barrister. His reasoning for withholding and non payment of rent assistance? We had our house so he should have his. He was given 7 days to vacate. Had to prepare case for county sheriff, that wait would have been 2 more months. He vavated the property, leaving behind what could only be described as an appauling mess. Soon after he got another house on HAP in another county.

Cost us €15k.

We got rid of the house.

mrslancaster

https://www.boards.ie/discussion/comment/119036557#Comment_119036557

Does professionalise the sector mean only large landlords or is there room for different providers? If everybody keeps to the rules and both parties are supported by the rtb, that should work well enough like any other sector that's regulated.

The documentation side is well underway at this stage with registration and specific forms needed for rent reviews, terminations etc., that didn't exist a few years ago. The building standards required for rentals have been around for years and they only require white goods, kitchen and bathroom fittings yet most rentals still come fully furnished. Deposit amounts and rent increases are regulated and the old standard 1 year leases are not useful anymore as part4 rights kick in after 6 months.

Do you mean something like regular inspections or someone like the rtb to process and manage lettings?

sk8board

https://www.boards.ie/discussion/comment/119037025#Comment_119037025

I’m more referring to the taxation side of things - as you’ve pointed out, the regulatory/protection/meditation side of things is pretty well catered for.

There’s simply no reason to invest in the rental market (and I stress the Rental market, not the property investment market. House prices will rise and fall forever, they just happen to be going up currently)

give us a reason to stay - and imho that means making the residential rental market an investment for rental yield, and not for property price speculation.

sk8board

Rental market to worsen if more landlords leave: report

https://www.rte.ie/news/business/2022/0518/1299725-rental-market-research/

”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.”

new BTL mortgages are effectively a thing of the past.

If you’re competing with a private LL when bidding on a house, in 99% of cases they are a cash buyer.

JimmyVik

https://www.boards.ie/discussion/comment/119080312#Comment_119080312

Imagine not one of our ministers saw that coming, yet everyone else did.

Topgear on Dave

https://www.thejournal.ie/readme/housing-crisis-developers-5767037-May2022/

Too much getting built to rent apparently according to this TD.

I have new colleagues spending several months looking for a place to rent. It's become a problem when hiring.

redarmyblues

https://www.boards.ie/discussion/comment/119081138#Comment_119081138

There is no build to let in smaller towns and Mom n' Pops have left the building so the rental shortage is even worse there.

rightmove

https://www.boards.ie/discussion/comment/119081067#Comment_119081067

amazing that. Unintented consequences I suppose !!!!!!

The number of ppl I know with a property to rent (singular) is almost zero. Another family member selling their apartment also and getting out. Government more interested in twitter and image then doing their jobs effectively to benefit the general population and not a virtual signalling lynch mob.

Mad_maxx

https://www.boards.ie/discussion/comment/119081067#Comment_119081067

they did see it coming but appeasing the media and the twitter activists was their priority

never ever listen to the left about anything