44 entire homes for lease as short-term properties recent figures show
Just 26 entire properties available for long-term rental in Limerick City, property site show
Monday March 21: Short-term rental properties are on the rise and far outnumber suitable long-term options for private renters. Multiple cases have been discovered throughout the country, including Limerick, where landlords are leasing out appropriate long-term rental properties as short-term stays for holidaymakers. In doing so, a majority can gain a far greater income.
This is despite regulations introduced in July 2019 that require homeowners in Rent Pressure Zones (RPZs) to apply to their local authority for planning permission to change property use to short-term lettings, where these type of lettings exceed 90 days in the year. All of Limerick City is a designated Rent Pressure Zone, meaning that change of property-use applications for accommodation to be used as short-term lets, are unlikely to be granted permission.
Research carried out by the national housing charity Threshold on AirDNA, a data collection website for short-term rental properties, shows that in December 2021, 160 short-term lets were listed for Limerick. 44 of these are entire homes let by hosts with two or more properties. On March 16th, just 26 properties were available for long-term rent in the entire county, with just 13 costing €1,500 or less for one month’s rent.
County wide challenge
One landlord hosts two two-bed apartments in Limerick City Centre, for short-term let costing €135 per night for up to four nights. After four nights, the costs rise, resulting in a total cost of €770 for a week-long stay. The cheapest two-bed apartment in Limerick City available for long-term rent costs €1,200 per month, highlighting how more income can be significantly generated for short-term lets.
A separate landlord hosts a two-bed apartment, with a month-long stay costing over €4,000. On Daft.ie, a similar style two bed apartment is available for €1,224 per month for long-term rent.
Threshold’s Regional Services Manager for Cork, Edel Conlon stated:
“It’s quite shocking really that some landlords are letting out suitable, long-term properties as short-term accommodation options and gaining significantly from doing so. Already we are seeing tenants who are facing eviction struggle to find alternative long-term accommodation, which is solely down to a shortage in supply. The current regulations on change of property use in RPZs needs to be enforced fully, so these appropriate properties currently used in the short-term market become available in the long-term market, given the rental crisis. Doing this will certainly be of great help in combatting this current issue.”
Short-term property regulation
A new short-term let registration system is set to be launched by Fáilte Ireland early next year. This new system will mean that property owners must register accommodation with Fáilte Ireland to let the home as a short-term holiday let. This forms part of the government’s Housing For All Plan, launched last September.
Edel Conlon added that: “The Fáilte Ireland registration system is an additional welcome measure, and we look forward to and seeing the impact it has on property owners leasing out accommodation for short-term stays. We hope that this additional measure will aid in bringing back suitable housing to the long-term rental market.”
Threshold hopes the Government will go one step further and place a responsibility on the letting platforms to require proof of registration before publishing the advertisement.
Threshold’s helpline is open Monday to Friday, 9am- 9pm at 1800 454 454, with webchat at www.threshold.ie/advice/help for any renter in need of advice or support.