One of the most controversial issues affecting the current housing crisis in Ireland has been short term lettings. The huge amount of properties that end up on AirBnB and other short-term letting platforms has reduced the stock available for the normal renting market. New regulations seek to reduce the number of illegal rentals on these platforms.
New Regulations
Recently the Government announced tighter regulations on short term lettings in order to recover some of that stock. But has the Government gone far enough and will making it harder to legally rent your property for shorter terms have any real effect on the market?
Earlier this month, there were just a total of 854 properties for rent across the whole country. Conversely, at the same time, there are thousands of properties available on short term letting platforms like AirBnB. Laws introduced 3 years ago in 2019 mean you must get a special exemption or planning permission or if you intend on renting out your property for more than 90 days in a year.
More needs to be done
However, this does not seem to have had the desired effect as many have just ignored the regulations and rented their property out anyway. Sinn Fein and housing minister Darragh O’ Brien are for once in agreement as they move to introduce a new set of fines for those in violation of the regulations. Basically, if you rent out your property without the proper registration process being adhered to, then it’s going to cost you.
It is hoped that this will bring a significant amount of properties back into the long-term rental market. The bill will allow the Government to fine estate agents and letting platforms alike if they advertise properties without the appropriate planning permission or exemption.
Property Management Company
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