We are currently enduring a renting crisis in the capital at the moment and Daft.ie's latest findings only confirm that it's not going to get any easier.
They have stated in a report on their website that, one out of every two rental in Dublin is now only available to tourists.
Yup, if you're searching, over 50% of the places up for rent are out of touch for you straight away.
New research from Daft.ie has identified that landlords are increasingly opting to let to tourists rather than to long-term tenants. This is evidenced by the fact that on Tuesday, 53% of homes in the Dublin rental market were not available to long-term tenants.
There were just 1,258 long-term rental properties available in Dublin on Daft.ie on May 15th. By contrast, the stock of full homes to let on Airbnb from professional listers (according to Inside Airbnb*) stood at 1,419.
Their research also confirmed that the decline in long-term rental accommodation will not be slowing down any time soon.
Stock on the Dublin rental market is set to dip below 1,000 units by the end of the year which be a first since 2001.
Eamonn Fallon co-founder of Daft.ie said:
“Action urgently needs to be taken to increase supply, both in Dublin and nationwide. The country needs close to 50,000 homes a year to cater to underlying housing demand – both market and social. Of the 50,000 homes, 15,000 are needed for the rental market with 10,000 of those in the capital.
"To put the scale of this challenge into concrete terms, Dublin alone needs an apartment block of 200 units to open every week for at least the next decade.”
“Rents have been rising as supply continues to bottom out nationwide. Despite a cap of 4% on sitting tenants, rental inflation has been above 10% nationwide and shows no sign of abating without a sharp increase in supply.“
Is it fair to have such a big stock of rentals just on hold for tourists? Let us know in the comments.