Responding to the RTB Rent Index, IPAV, the Institute of Professional Auctioneers & Valuers, said the fall in annual rent growth and a drop of 3.3pc year-on-year by June is hardly surprising given the extent of the lockdown and the drop off in short-term lets, particularly in Dublin, arising from the halt in tourism.
Pat Davitt, IPAV Chief Executive, said what happens in terms of rents into the future will be dictated by a number of factors – the shape of the recovery; how long the pandemic will remain with us without a vaccine and the extent to which new work practices will emerge from Covid-19.
“Even though the Index does not cover existing rentals but new stock; new tenancies in existing rentals, and renewals – 20,878 in total – the entire rental market is likely to be impacted,” he said.
“Demand and supply in residential lettings is changing utterly,
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