The Covid-19 crisis is already affecting the Irish rental market
- Daft.ie Insights
- Mar 21, 2020
- 2 min read
More rental supply is already coming on the market as seen by the rise of ads posted on Ireland’s largest property website, Daft.ie. The number of rental ads is up in March so far, by about 13% nationally. However, almost all of that increase is concentrated in Dublin (303 of the 353 extra listings) and half of the Dublin increase is concentrated in what might be termed the most in-demand property type and area for the short-term rental market – 1 and 2 bed properties in Dublin city centre. This segment has seen a 64% increase in listings since the start of the month – with 396 ads so far, compared to 242 in the same period last year.
Commenting on the figures, economist Ronan Lyons said: “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. 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. Close to 400 one- and two-bed properties were advertised in under three weeks, up 150 from the same period last year. The scale is still small compared to overall need, however, 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.”
Commenting on the report, Raychel O’Connell, Communications Manager at Daft.ie said: “During this period of social distancing arranging viewings can be very difficult. We suggest avoiding any unnecessary viewings by asking the estate agent plenty of questions before by email or phone. We are working with estate agents and enabling them to upload videos and virtual tours on to our site. Many are already arranging virtual viewings so check the ad description on Daft.ie to see if this is available. To help reduce the need for physical contact Daft.ie is now also offering free digital tenancy agreements which can be signed by both tenant and landlord online. We will continue to work on solutions so that our users can find new homes easily and safely”.
I found the early changes in Dublin’s rental market really interesting. The 64% increase in listings for one- and two-bedroom properties in the city centre shows how quickly the collapse in tourism affected short-term rentals. At the same time, I think the https://endacopia-game.com article makes an important point that extra listings alone couldn’t solve the wider shortage of rental homes. The move toward virtual viewings and digital tenancy agreements was also an interesting example of how the market adapted to social distancing
It's wild how fast the tourism collapse rippled into the long-term rental market — that 64% jump in central Dublin listings for smaller places really shows how interconnected short-term lets and regular housing are. You have to wonder how many of those landlords would have preferred to keep their Airbnb income instead of scrambling into the Daft market. Speaking of quick checks, this reminds me of how I used a scroll test online the other day to verify my mouse wheel was registering properly before I spent an evening clicking through endless property listings — sometimes you just need a simple tool to confirm what's actually happening versus what you assume. Anyway, the article's point about this not being a…
I found the early impact on Ireland’s rental market quite interesting. The increase in rental listings in Dublin, particularly for smaller city-centre properties, shows how quickly the collapse in tourism affected the balance between short-term and long-term https://thechoicervoicer.io rentals. At the same time, the article makes an important point that more listings alone did not solve the underlying shortage of homes. It would be interesting to compare these early changes with what happened later in 2020 as restrictions and economic conditions evolved.
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This article highlights how important data and visuals are when explaining changes in the housing market. Market trends can sometimes be difficult to understand without clear examples and visual context. I think AI Muse image creation tools could help real estate professionals present property insights and future scenarios in a more engaging way. A useful perspective on how the rental industry continues to evolve.