Daft.ie reports jump in available rental properties as result of outbreak
Property website says collapse in tourist numbers frees up short-term rental market
A jump in the number of rental properties available in the Republic has been linked to the coronavirus. Property website Daft.ie said it had witnessed a marked increase in the number of rental adverts for properties in March.
Almost all of the increase is concentrated in Dublin with the city accounting for 303 of the 353 additional listings, it said.
It also noted that much of the increase was in what might be termed the most in-demand property type and area for the short-term rental market, namely one- and two-bed properties in Dublin city centre.
“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,” Daft.ie economist Ronan 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,” he said.
Close to 400 one- and two-bed properties were advertised in under three weeks, up 150 from the same period last year, he said.
However, he said the scale was still small compared with overall need, with the Dublin rental market typically needing 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,” he said.