One out of every two rentals in Dublin are now only available to tourists
Over half of all available rental properties in Dublin are being listed as short-term tourist lets. New research from Daft.ie has identified that landlords are increasingly opting to let to tourists rather than to long-term tenants. This is evidenced by the fact that yesterday, 53% of homes in the Dublin rental market were not available to long-term tenants.
On May 15th, there were just 1,258 long-term rental properties available in Dublin on Daft.ie. By contrast, the stock of full homes to let on Airbnb from professional listers (according to Inside Airbnb*) stood at 1,419.**
Further research from Daft.ie suggests that the decline in long-term rental accommodation shows no signs of slowing, with stock on the Dublin rental market set to dip below 1,000 units, for the first time since 2001 by the end of this year.
Eamonn Fallon co-founder of Daft.ie said: “Action urgently needs to be taken to increase supply, both in Dublin and nationwide. The country needs close to 50,000 homes a year to cater to underlying housing demand – both market and social. Of the 50,000 homes, 15,000 are needed for the rental market with 10,000 of those in the capital. To put the scale of this challenge into concrete terms, Dublin alone needs an apartment block of 200 units to open every week for at least the next decade.”
Martin Clancy from Daft.ie said: “Rents have been rising as supply continues to bottom out nationwide. Despite a cap of 4% on sitting tenants, rental inflation has been above 10% nationwide and shows no sign of abating without a sharp increase in supply.“
*Inside Airbnb is an independent, non-commercial set of tools and data that analyses publicly available information about a city’s Airbnb’s listings.
**On May 15th, there were 1,419 full homes on Airbnb advertised by hosts with two or more listings – what we would consider professional listers.