45 queries for Tullamore rental in a single day

Offaly renters are grappling with a complete lack of supply after it emerged there are just four properties listed for rent in the county on daft.ie yesterday (Thursday), three in Tullamore and one in Clonbullogue.

Illustrating the lack of properties to rent, one auctioneer says they had 45 queries for a Tullamore home in a single day recently.

Meanwhile, on myhome.ie, there are no properties to rent, just one office space on Patrick Street in Tullamore.

Aidan Heffernan of Heffernan Auctioneers in Tullamore, who has over 40 years of experience in the property industry, says “the supply is not there. Lots of landlords are getting out of the market because prices have gone up to what they bought at.”

Mr Heffernan believes that landlords may be cashing in and paying off mortgages. There is a huge shortage of rental properties in Offaly currently and according to Mr Heffernan he receives about half a dozen calls a day looking for places to rent.

“Not many investors are buying properties at the moment. There is no return out of it for investors.”

“It's the worst I've seen in a long time regards supply,” he continues, adding that a lot of people are given notice to vacate a property and can't source somewhere.

“It's very hard for people to save to buy a mortgage with utility and gas prices going up. If they can get a mortgage it's much cheaper than renting.”

Robert Leavy, GVM Property Sales and formerly of Mollin Estates, echoes what Mr Heffernan is saying with a definite shortage of rental properties which is getting worse.

“The price of rent is going up regularly. It's about €1,350 for a three-bedroom house at the minute. In 2014 agents were getting a property to rent once a month, now we're only getting five properties to rent a year.”

Mr Leavy cites the high cost of rent as one of the main reasons why some people cannot afford a mortgage. “Most people renting can't afford a mortgage even though they are paying double for rent.”

He adds that they can receive 17 calls along with emails and office visits within one hour of posting a property online. “There has been a shortage of properties for sale since January 2015. That's why properties are going for way more than they should be.”

Mr Leahy has seen a significant jump in people from cities such as Dublin and Galway who cannot afford the climbing rents in cities looking for more affordable property in the Midlands which has also added to the supply issue.

According to Hilary Hamill, Partner, Sherry FitzGerald Lewis Hamill: “There is a serious supply issue for renters with a complete lack of properties being listed for rent.”

“The problem is compounded by rising rents, in the year to March 2022 private rents grew by 9.2% according to the consumer price index which was the highest growth rate since 2016.

“Many people are having to stay living with their parents for far longer than they hoped with rising rents and a lack of supply of rental homes. Another issue renters are experiencing is the stress of trying to find rental accommodation if their landlord is exiting the rental market and serving them notice.

“The reason for the crises is landlords exiting the market in huge numbers and also a complete lack of incentives for landlords to purchase investment properties. There is huge competition for any rental property at present with a multitude of viewers and renters having references at the ready at viewings."

Ms Hamill says they listed a high-end house for rent in Tullamore town last week and received 45 enquiries in a single day for the property.