Property

Short-term rentals hitting the market as tourism collapses

April 4th, 2020 11:40 AM

By Southern Star Team

The increase in rental property is due to the collapse of tourism market.

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MORE rental supply is already coming on the market as seen by the rise in 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, and it’s being attributed to the collapse in tourism caused by Covid-19.

However, nearly all of that increase is concentrated in Dublin (303 of the 353 extra listings).

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.’

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.’

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