Single-parent families most at risk of losing out when landlords leave rental market - homeless agenciesIn 2020, the influence of the investment funds had grown so that the €1.2 billion private rental market investment accounted for 39 per cent of all money flowing into the property development sector, according to estate agents Savills, a lot of that going into the construction of apartments.
That tide has turned. Savills said last month that there were only four investment deals in the Irish private rental sector in the first quarter of 2023, down from 13 for the same period in 2021.
It’s a part of the business that Nama understands well. Of the 14,000 homes funded by Nama since 2014, close to 20 per cent were sold to private rental sector investors. McDonagh said the agency had always considered apartment development to be at the riskier end of the sector unless there was a presale agreement in place.Developers who own most units in our apartment scheme are ignoring our issues.
Either way, Nama is saying clearly that institutions are now shying away from the market. Alongside an exodus of more established smaller-scale landlords, it raises the question of just who is going to fund construction of homes – and especially apartments – for the growing number of people unable to secure a mortgage for a new home.
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