A quarter of small landlords say they are likely to sell their properties and exit the industry in the next five years according to a new survey by the Residential Tenancies Board (RTB).
Around 25% of respondents to the survey said that they are either “likely” or “very likely” to sell the properties that they are currently renting out in the next half decade.
15% said that they were likely to leave the rental market in just the next 12 months.
Just over half of small landlords said that they would be “unlikely” to sell in the same time frame.
Of landlords who had already sold their properties, over one third said that it was because of the “regulatory” situation for the industry which made them not want to be a landlord anymore.
Moreover, as reported by the Irish Independent, it was found that nearly all small landlords are renting out their properties part time on the side, and receive most of their income from a separate occupation.
The survey also discovered that rent controls and similar policies were difficult to understand for both landlords and tenants alike.
“These surveys also showed that property owners, tenants, and agents found the regulatory framework and changing legislation difficult to navigate and understand,” said Tom Dunne, chairperson of the RTB.
The same survey revealed that the rental market has shrunk by as many as 43,000 properties in the last 5 years.
Many speculate that the ongoing housing crisis may be set to get worse in the near future, with new Central Bank mortgage lending rules put forward last month set to push house prices even higher.
NIAMH UÍ BHRIAIN: "While those struggling to find a home may think this is good news, in reality it might push house prices up even higher – and, as interest rates rise, exacerbate the risk of huge debts for overpriced homes being loaded onto families."https://t.co/8UZpDNj3KX
— gript (@griptmedia) October 20, 2022