“Irish Landlords Abandon Market, Tenancies Drop”

According to a real estate group, the number of private rentals registered with the Residential Tenancies Board (RTB) declined by over 20,000 last year as landlords started “deserting the market”. The RTB’s yearly report for 2023 revealed a reduction of 22,474 in private registered rentals compared to the previous year, totalling 223,979.

This dip in figures may be attributed to the withdrawal of older tenancies from the registry, as per the RTB. Nevertheless, the Institute of Professional Auctioneers and Valuers (Ipav) suggested that it was due to landlords leaving the market.

Ipav maintains that this decline “affirms what agents are incessantly observing throughout the country”, highlighting the potential for increased market pressure as a result of a property scarcity. Private landlords are reportedly withdrawing from a dual-tiered market, stated IPav’s CEO Pat Davitt, referring to a divide between those who can charge market rates and those who are deemed non-viable due to Rent Pressure Zone (RPZ) rules.

He expressed that the RPZ legislation has led to “unforeseen repercussions”, mainly private landlords “abandoning the market”. Davitt argued that the measure should’ve been utilised as a temporary solution until supply levelled out. The longer the legislation stays in effect, the more sever the after-effects become, he posited.

Separately, the RTB received 9,908 applications for dispute resolution, with tenants filing 53% of these, according to its annual report. Around 30% of the conflicts pertained to rent arrears and overstaying, whereas almost a fifth (18%) dealt with the validity of a termination notice. An additional 17% were related to violations of a landlord’s responsibilities.

In the wake of these quarrels, there were 359 instances where enforcement orders had to be put into effect because of non-adherence to the original mandate. Around 57 per cent of the applications for these orders came from tenants.

On another note, the RTB greenlit 82 investigations probing into potential improper behaviour, with 60 per cent being triggered by grievances from ordinary citizens. Within this figure, 45 pertained to non-registration issues and a further 25 brought to light instances of rental increases exceeding the permissible limits. An additional 15 investigations were instigated due to false or misleading eviction notices.

Following these investigations, there was a need to hand out 85 penalties, with a few addressing multiple accusations of inappropriate behaviour. Of these sanctions, 67 were for violating RPZ regulations.

Last year landlords had to pay upwards of €64,000 in penalties, while tenants were refunded more than €88,700 for excessive rent payments. Since 2019, an astounding total of over €435,000 in overpaid rent has been reimbursed to tenants.

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