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”.
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this is a really clear analysis of how the pandemic shifted rental supply, especially the sharp rise in central dublin one and two-bed listings. the point about this being a one-off reshuffle rather than a structural fix to the housing shortage is crucial. the data presentation is always clean and useful. it would be interesting to see a follow-up with post-pandemic figures to compare the long-term impact on the market. AI Image Editor
Really clear read — Ronan's point that this was a one-off reshuffle rather than a real supply fix aged remarkably well. The structural shortage never went anywhere. Unrelated, but I always admire how Daft presents its market data so cleanly; I'm putting together a small local rental-stats page and used web cloner to study how well-built property sites lay out their reports before structuring my own. Any plans to revisit this analysis with post-pandemic figures? Would be a great before/after.
Really interesting to see the short-term-to-long-term shift play out in the data so quickly — that 64% jump in central Dublin one-beds is striking. The move to virtual viewings is a smart pivot too. On the listing side, I've been helping a friend stage rental ads and we used an AI image tool like Nano Banana to clean up and brighten photos for virtual tours, which really helped them stand out. Do you think the virtual viewing trend will stick around even after restrictions ease?
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