New figures reveal an average of two rentals per landlord in Ireland

The Residential Tenancies Board (RTB) has released a new 'Profile of the Register' data series, which provides more accurate and detailed information into Ireland's rental sector.

As of 2022, it became required for landlords in Ireland to renew their tenancies with the RTB annually.

Due to this previous change, the recent data profile for the first quarter of 2024 reflects a more accurate representation of Ireland's rental sector. The data series accounts for all private and Approved Housing Bodies (AHB) tenancies.

Across Ireland, there is a growing number of landlords with large property portfolios.

County Laois currently has 2,182 private tenancies registered with the RTB, and 1,428 AHB tenancies during this period.

Nationally, there are 230,006 private tenancies registered, and only 103,035 landlords associated with private tenancies. This equates to an average of 2.23 properties per landlord, according to Q1 of 2024.

The number of landlords has risen from 96,702 in Q2 2023 to 103,035 in Q1 2024. 

In Dublin, landlords with 100+ tenancies accounted for 22.55% of all private tenancies registered in Q1 2024. Outside Dublin, landlords with 100+ tenancies accounted for 2.56%. 

The information shows that there were 230,006 private tenancies and 46,200 AHB tenancies registered with the RTB in Q1 2024.

For the first time, the series provides a breakdown of tenancies by county, Local Authority, Local Electoral Area, dwelling type, dwelling size and landlord size. 

The proportion of private tenancies associated with landlords who own 100+ tenancies has increased from 9.5% of private tenancies in Q2 2023 to 11.17% in Q1 2024.  

The new data shows changing face of Ireland’s private rental market, with landlords who own 100+ properties associated with 22.5% of private tenancies in Dublin.

To ensure that the information is accurate, new filters have been included to remove duplicate and inactive tenancies.

To achieve this, the RTB now requires:

·               A new requirement to renew tenancies annually.  

·               Automatic removal of tenancies which are not renewed from the Register.  

·               Eircode validation for all tenancy addresses. 

·               Landlords verified by PPSN or CRO number.  

The system improvements and enhanced validation processes mean that this new data series is not directly comparable to tenancy figures published for periods prior to Q2 2023. 

“The launch of this new data series marks the culmination of significant work to improve the RTB’s registration processes and the accuracy of data on the Register since 2021," Research Officer with the RTB  Brian Gallwey said on this news.

"The new data breakdowns published today will provide valuable insights on the changing face of Ireland’s rental sector for policy makers.” 

The new data has found that private tenancies registered with the RTB have increased for every quarter in the new series, rising from 213,177 at the end of Q2 2023 to 230,006 at the end of Q1 2024. This represents a 7.9% increase. 

81% of private tenancies registered in Q1 2024 were in Rent Pressure Zones (RPZs). 

In Q1 2024, 119,329 private registered tenancies were in apartments, while 110,667 were in houses.

2- and 3-bedroom properties are the most common dwelling sizes, accounting for 155,196 tenancies registered in Q1 2024. 

County breakdowns show the highest number of private tenancies in Q1 2024 were recorded in Dublin (99,630), Cork (25,041), Galway (13,139) and Limerick (8,723). Lowest numbers of tenancies were recorded in Leitrim (1,128), Longford (1,786) and Monaghan (1,827). 

AHB tenancies registered with the RTB have increased for every quarter in the new series, rising from 41,127 in Q2 2023 to 46,200 at the end of Q1 2024. This represents a 12.3% increase. 

In Q1 2024, 21,701 AHB registered tenancies were in apartments, while 24,497 were in houses. 

2- and 3-bedroom properties are the most common dwelling sizes, accounting for 33,745 tenancies registered in Q1 2024. 

County breakdowns show the highest number of AHB tenancies in Q1 2024 were recorded in Dublin (15,529), Cork (5,151), Kildare (2,814), Louth (2,171) and Meath (2,098). Lowest numbers of AHB tenancies were recorded in Leitrim (124), Roscommon (192) and Longford (306). 

The Residential Tenancies Board has a statutory responsibility to maintain a register of private, cost rental, student specific and approved housing body tenancies based on data provided by landlords or their agents through the registration process.

The RTB operates two statutory processes through which landlords or their agents can fulfil the registration requirements: Registration on the commencement of a tenancy (First Registration) and annual registration during a tenancy (Renewal Registration). 

The RTB have stated that data from this new series should not be compared to statistics on private and AHB tenancies registered with the RTB prior to Q2 2023, due to the change in the requirement for landlords to register a tenancy annually.

Prior to the introduction of the requirement to register a tenancy annually, a tenancy could remain on the RTB register for up to six years if a landlord failed to notify the RTB that the tenancy had ended.

"The reduction in the number of tenancies registered and landlords associated, when compared with RTB registration figures published prior to Q2 2023, should not be attributed solely to landlords leaving the sector," said a spokesperson.

"The reduction should primarily be attributed to improved verification processes and the introduction of the requirement for landlords to register tenancies annually, which have removed inactive tenancies and duplicates from the register."