{"id":1626,"date":"2021-06-24T11:58:21","date_gmt":"2021-06-24T10:58:21","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/sky-high-rents-causing-house-price-frenzy\/"},"modified":"2021-06-24T11:58:21","modified_gmt":"2021-06-24T10:58:21","slug":"sky-high-rents-causing-house-price-frenzy","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/sky-high-rents-causing-house-price-frenzy\/","title":{"rendered":"Sky-High Rents Causing House Price Frenzy"},"content":{"rendered":"<p><em><strong>Ordinary buyers cannot compete with investors who have millions or even billions to spend<\/strong><\/em><\/p>\n<p>The asking price of a four-bed semi in Rathmines increasing by nearly 80pc in a week suggests sky-high rents are now distorting the entire housing market, according to Social Democrats Housing Spokesperson Cian O&#8217;Callaghan.<\/p>\n<p>\u201cThis house in Rathmines \u2013 which will need to be substantially refurbished by whomever buys it \u2013 went on the market one week ago at \u20ac685,000. Bids have now reached \u20ac1.25m \u2013 an increase of nearly 80pc.<\/p>\n<p>\u201cWhy have bids increased with such frenzy? Given rents are so high at the moment \u2013 nearly \u20ac4,000 per month for a four-bed in that area of Dublin &#8211; spending \u20ac1.25m on this home makes financial sense for an investor.<\/p>\n<p>\u201cPaying \u20ac1.25m, when the annual rent roll for that property will be nearly \u20ac50,000, means the investor makes a healthy return. They will secure a yield of nearly 4pc a year on their investment \u2013 which is a much better return than can be found almost anywhere else in the world at the moment.<\/p>\n<p>\u201cIt is also a much safer bet than most investments \u2013 because the State guarantees this rent roll for 25 years. Instead of building its own social and affordable housing, the Government is reliant on the private market to supply homes. So, it is doing long-leasing deals with private developers and investment funds, which is the reason they are snapping up any meagre housing supply that comes on the market.<\/p>\n<p>\u201cOrdinary buyers cannot compete with this. They cannot compete with investors who have millions or even billions to spend. The government\u2019s refusal to deal with the rental crisis is not just causing huge hardship for renters \u2013 it is now distorting the entire market and making it almost impossible for ordinary buyers to purchase a home.<\/p>\n<p>\u201cWhen is the government going to do something about runaway rents? Their refusal to act has turned this crisis into a catastrophe. The only people the housing market works for now, are developers and investment funds.\u201d<\/p>\n<p>24 June, 2021<\/p>\n<p>Ends<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ordinary buyers cannot compete with investors who have millions or even billions to spend The asking price of a four-bed semi in Rathmines increasing by nearly 80pc in a week suggests sky-high rents are now distorting the entire housing market, according to Social Democrats Housing Spokesperson Cian O&#8217;Callaghan. \u201cThis house in Rathmines \u2013 which will [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[278,10,7],"tags":[],"class_list":["post-1626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cian-ocallaghan","category-housing-crisis","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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