The phasing out of the no-fault eviction ban led to an initial surge in eviction notices being issued by landlords earlier this year. However, the latest figures from the Residential Tenancies Board (RTB) show a slight decrease in the third quarter of 2023
Notices Drop Over 1,000 From Last Quarter
The RTB received 4,518 notices of termination from landlords between July to September 2023. This represents a drop of over 1,000 compared to the 5,735 notices issued in the previous quarter from April to June.
While the number has decreased, it remains well above the average rate, with termination notices averaging around 4,600 per month over the past year. This means thousands of renters continue to face the prospect of losing their homes in the coming months.
Why So Many Notices?
According to the RTB, the main reasons landlords cited for issuing notices were:
- 63% Intending to sell the property
- 15% Breach of tenant obligations
- 15% Family members moving into the property
The intentions to sell demonstrate many landlords are still choosing to exit the rental market. This shrinks supply and adds pressure in an already constrained environment.
The vast majority of notices (63%) related to properties in Dublin.
Cork had the second-highest number at 497. This reflects where rental demand is highest.
What’s Being Done to Slow Evictions?
Housing advocates argue stronger measures are needed to protect renters.
Some steps have been taken such as phasing out, rather than immediately lifting, the ban on no-fault evictions. Legislation has also been passed to link rent increases to inflation.
However, there are calls for more incentives to attract investment and stop landlords selling up. Without this, the supply issues will remain, leaving renters vulnerable.
Is Now a Good Time to Become a Landlord?
For investors considering entering the rental market, now could be an excellent opportunity. Demand for rental properties continues to be strong across Ireland’s major urban centres. High occupancy rates combined with rising rents in cities like Dublin demonstrate there is ample scope for new landlords to benefit.
While regulations have tightened in recent years, this need not deter fresh investors. Seeking professional guidance from experienced property management agents can help new landlords successfully navigate all legal obligations and requirements. Companies like KPM offer invaluable expertise to ensure full compliance and smooth operations.
The outlook for reliable long-term returns remains bright for those committed to providing quality rental accommodation. Though challenges exist, new landlords willing to take a professional approach are well-placed to capitalise on strong tenant demand. Done right, becoming a landlord can prove a fruitful investment decision even in the current climate.
Professional Property Management in Dublin
With nearly 25 years of experience, KPM Group delivers best-in-class property management in Dublin and nationwide. Their expertise spans residential, commercial, and public housing sectors.
KPM’s professionalism, adaptability, and commitment to customer service has fueled their growth into a leading full-service provider. Whether you’re an individual landlord or a major institutional investor, KPM offers the systems, resources, and expertise to maximise returns and meet the highest standards.
As Ireland’s rental property landscape continues evolving, partnering with an established firm like KPM can provide invaluable guidance. Their seasoned team stays current on regulations and best practices to ensure every client’s needs are met.
To learn more about KPM’s comprehensive property management services, contact them today. Discover how their decades of experience can benefit your rental properties and investments.
