The Society of Chartered Surveyors in Ireland has called for more institutional investment into the private rented sector to tackle Ireland’s worsening housing shortage.
The sector has been “in crisis” since the crash in 2008, and the current 9% rate of rental inflation is unsustainable, according to a new report titled A new model for the Private Rented Sector in Ireland.
Ireland has become too dependent on non-professional landlords and is suffering from a severe lack of stock, the report said.
SCSI president Pauline Daly said: “We need to encourage more professional investors to enter the market, such as pension funds. Consideration should also be given to introducing and extending the 12.5% rate of corporate tax for multi-unit rental companies.”
The SCSI has called for the introduction of a build-to-rent scheme similar to that of the UK to encourage developers to start work on new residential projects.
