Landlords selling up - Rents rising

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

I was a landlord & sold up last year.

There was so many factors for me making my decision but mostly due to the uncertainty regarding legislation & if I got a tenant that decided not to pay I could be left footing the bill for god knows how long which was not something I could ever afford to do. You rightly point out that the perception that landlords are the scum of the earth. You will see all over the media and comments on sites & discussion channels what the view of landlords is. It is justified in some circumstances but not all. I could tell you some horror tenant stories too.

Maybe professional landlords are the way to go but I think they are dictating the price of rents as they can afford to leave units empty unless they get the price they want. I would be concerned for the long term effect that will have on the market here.

In general any small time landlord is crazy to stay in the game, especially if they have to mortgage the property. For me it was certainly a headache I no longer needed & so glad to be free at last.

Not really.

Just as an example. Last year a friend had a large 4 bed house, rented to 2 couples and 2 single people.

One couple got pregnant so decided to move out and rent a place of their own.

My friend decided to sell so gave everyone their notice to move out.

A young couple bought the house.

Now I assume they will start a family themselves eventually, but for now thats 6 out and 2 in.

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.

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.

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

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.

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.

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.

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.

I sold our rental property, which was originally our PPR back in 2013, at a loss after buying it in 2002. We had some equity in it, so came out OK.

I still rejoice at exiting the rental market to this day. I don't even have one of those really bad renter stories, but it's still a painful experience for no gain other than a marginal property value increase which you only may eventually get and pay CGT on anyway.

I saw planning permission going in for a huge extension and stables.

I think I know who they bought the house for.

I was considering selling my rental due to the hassle and the current hostile environment towards LLs but after reading Eoin Ó Broin's comments I am definitely selling. Why are Gov and its opposition incentivizing investors to get out of the private rental market when they should be doing the opposite.

“Crucially, one of the big concerns we have is, in the last quarter, data from the Residential Tenancies Board (RTB) shows that the number of vacant possession notices to quit, of landlords selling properties, has dramatically increased"

Has the man no sense of self awareness, he is one of the biggest reasons for the flight of small time Landlords from the market.

As someone who may move back to Dublin to work, is the rental scene really that bad?

There is definitely a reduced quantity of professional rentals on the market, but they are still being advertised, at before Covid level prices. Nothing out of the ordinary. You'd think more people working remotely means less demand.. What can I expect as a prospective renter? Will it be difficult?

I'd love to see some figures to back up your 'barely breaking even' claim.

Is it a... rent 18 grand, mortgage 12 grand ,tax 5 grand ,I'm only making a grand,it's not worth it type scenario?

Barely breaking even on cashflow is not the same as barely breaking even on profit.

You can pay tax on a loss with property rental in Ireland.

I couldnt believe it myself when i found that out.

I wonder why they all are leaving then?

Maybe they are making a profit but the amount of hassle is just not worth the profit they make.

Or maybe the potential for financial ruin is just too great and its time to leave the business to the REITs and councils.