Clare Auctioneer Says "No Telling" If Forthcoming Housing Supply Will Improve Rental Market

0:00As somebody on the ground dealing with it, I'd have to reiterate and agree with those figures. I mean, it's all about supply. I think we get to do very, very little rentals on hand, because a lot of people do them themselves now and more them out and very few comes available. I think the first three months of this year, we did some like three rentals. And just to give an idea, one was a four bedroom semi in NS, not a new house by any means, and your rent was 2,200 a month like so. It's definitely been reflected on the ground to what the report is saying. Why clear has gone so much higher than anybody else? It's hard to tell. I know why the squeeze is, come on, because there's no rules coming in. Obviously, it does less and less rental property coming available. And you know, it said the notices were up, have come back in the second quarter by 50%.

1:01And that's because there was a lot of people getting out of the rental market all last year, because of these new rules that were coming into play, which again, it was getting rid of the small landlord out of the market. And all it did was probably allow the professional, the more institutional landlord bring his rent back in line with market rent. So that's why some of the rents you may find it, it even continued to rise, because your institutional investors are going to be able to bring their rents back in line under these new rules. And the smaller investors are just selling up and getting out, because they're afraid of tying themselves to no six year tinnitus agreements. It's all reflective in the supply of rental rental property under long term. And I think in clear, you have the added, because we have the cost, there's a lot of short term, I suppose, how let's going on. So that might even further reflect why we have less availability for long term stuff and hence why prices are going up even higher.

2:04And I know obviously that January to marriage period is before the new rental rules, but most of the county, anywhere in the NS electoral area, the Shannon electoral area, already would have been a rent pressure zone at that point. So any rent increase would have been limited to 2% or the rate of inflation anyway. 100%. So I don't know, again, how has it been pleased, how it's been washed? I mean, what were some of these, what kind of numbers I'd like to know or to talk about was this taken on? Because as I say, we probably had two to three rentals in the first three months of the year. So I don't know what kind of a database or how many numbers are talking about there could have been probably maybe new houses that might have come on stream that could have skewed that a little. You wouldn't know because you're correct. Yes, the max, a new or a second-hand property or renewal of a lease was going to be able to put it up to 2% like. So it could have been

3:05something small could have skewed those like new properties coming out somewhere new tenancies being registered. But it does show the new tenancies being registered. Even a village I spoke to ten and stare in a village, but it might have been out for minutes there last week. And they had just taken a property in the last three months, basically enough three bedrooms in me. And their rent was 15, 50 a month. I was flabbergasted that it was so high life. And naturally, the only thing that is going to solve this problem is more supply and a lot of other. Did you have any indication of what this report Douglas could look like in the second quarter of 2026 when we get it with the third quarter? Did you get any sense that things are going to improve? We're seeing in fairness, we are says we're going to have a lot more new stock available than we've ever had before. There's houses starting in towns with a scheme starting in Can Roch there in for the private

4:06market in September. And that hasn't happened in 20 years. There's new schemes going in Tola and with a number of new projects coming on in in a saw. What we're seeing in the pipeline is more than we have seen in the last 10, 15 years. So if that's anything to go by, the supply we should be seeing a lot more supply. But our landlords, the new legislation has really, really crippled the small landlord and has made them kind of leave the market. So is it going to be more supply in the rental side of it? Hard to know. I don't think there's going to be more landlords. And if they make changes in terms of revert some of those rules that they've brought in and probably need to to say in the high rents, but they're still most landlords are paying 50% tax and also the all these high rents. It's the biggest beneficiary of it like so. I can't see any major increase in supply and the rental market in the short term even though there is a good supply of new homes coming.