Landlord exodus could see 15,000 tenancies lost by year's end

Over half (58%) of NoTs issued by landlords to renters said they intended to sell the property.

Landlord representatives have blamed “misguided” Government housing policies and financial burdens for them leaving the market.

The country’s largest estate agent, Sherry FitzGerald, warned there could be a net loss of 15,000 tenancies by the end of this year if the trend of landlords leaving the market continues.

The RTB figures, covering three months when the eviction moratorium was in place, show 43% of NoTs were in Dublin and 11% were in Cork.

Almost 17% of NoTs were issued to renters because either the landlord or their family was moving into the property, while 697 NoTs were due to a breach of tenant obligations.

Charities and opposition TDs have again urged the Government to reintroduce the eviction ban, which expired on Saturday. They have also called for clarity on a number of measures the Government said it would put in place to protect tenants facing eviction, such as the tenant-in-situ scheme.

The Irish Property Owners Association said it is clear from the RTB figures that a combination of excessive regulatory and financial burdens are creating an environment in which many private landlords have no option but to sell their properties.

The group that represents private residential property owners said inflationary pressures, interest-rate rises, and tax burdens mean there is “little incentive” to stay in the market. They want the Government to introduce measures to entice landlords to remain in the market including a 25% tax rate to ensure equity of treatment, given that institutional investors pay 0%.

Institute of Professional Auctioneers & Valuers CEO Pat Davitt said it is “unsurprising” that private landlords are fleeing the market, saying they have been “demonised”. He said the recent debate on the eviction ban was “an absolute disgrace in the way it set landlords against tenants”.

In its quarterly report, Sherry FitzGerald said that, between January and March, only 13% of people who bought second-hand homes were investors compared to 36% of people selling their properties.

Managing director Marian Finnegan said commitments to provide tax breaks to small landlords in the budget later this year “are not sufficient” and immediate action is needed to address the “exodus” of landlords.

Simon Communities of Ireland executive director Wayne Stanley said 58% of NoTs being linked to landlords selling up is of particular concern, given there are very few options for families and individuals to find accommodation.

“These figures and the current state of the private rental market further call into question the decision of the Government to lift the moratorium on no-fault evictions,” he said.

He added that the latest comparable figures for Q3 and Q4 last year show that a minimum of 7,348 households face eviction over the next three months.

Measures announced by the Government such as the tenant’s right to ‘first refusal’ and changes to HAP require time to deliver results, and in that context the removal of the eviction ban is difficult to justify, he said.

Meanwhile, spokespersons for Taoiseach Leo Varadkar and Housing Minister Darragh O’Brien denied a claim by homeless campaigner Fr Peter McVerry, who said he understood Mr O’Brien wanted to extend the ban, but was “overridden” by Mr Varadkar.