Airbnb bubble bursts - properties to rent for everyone

Kermit.de.frog

https://www.irishtimes.com/life-and-style/travel/airbnb-bubble-bursts-during-coronavirus-1.4209742?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Ftravel%2Fairbnb-bubble-bursts-during-coronavirus-1.4209742

(no full linky)

Delighted with this flood of properties on to the rental market.

Airbnb has done huge damage to ordinary people here trying to find a roof and pay rent.

Apparently the number of homes/apartments for rent has soared 64% since the start of the coronavirus crisis.

This is a silver lining as these owners have no choice but to turn to long term renters.

whisky_galore

Or they can just sit this out.

punisher5112

What I'd love to see is the vulture funds getting a kicking and about time oh and the tax that many of them pay is only €200-€250 a year..... Not a cent on rental income.

These funds snapped up huge amounts of properties for buttons but then charge €2k €3k €4k and so on.....

The government needs to sort this mess and tax the fook out of them....

listermint

punisher5112 wrote: »

What I'd love to see is the vulture funds getting a kicking and about time oh and the tax that many of them pay is only €200-€250 a year..... Not a cent on rental income.

These funds snapped up huge amounts of properties for buttons but then charge €2k €3k €4k and so on.....

The government needs to sort this mess and tax the fook out of them....

Its a problem the world over. hopefully global action will run Air BnB back to what its original intention was and not a means to flout local laws and make quick money.

punisher5112

listermint wrote: »

Its a problem the world over. hopefully global action will run Air BnB back to what its original intention was and not a means to flout local laws and make quick money.

Yes I'm all for that.....

We were really been brought for an expensive ride....

Kermit.de.frog

punisher5112 wrote: »

What I'd love to see is the vulture funds getting a kicking and about time oh and the tax that many of them pay is only €200-€250 a year..... Not a cent on rental income.

These funds snapped up huge amounts of properties for buttons but then charge €2k €3k €4k and so on.....

The government needs to sort this mess and tax the fook out of them....

Without the "vulture" funds there would not have been a brick laid on any house or apartment in the last 10 years.

Things are more complicated than you make out.

Kermit.de.frog

...

Assetbacked

Evidence that Airbnb helped inflate the rental market bubble, despite what we were being told.

L1011

whisky_galore wrote: »

Or they can just sit this out.

If they're as leveraged as the average multiple BTL landlord was, they'll have to go crying for forbearance from their banks - who will have far less reason to grant it.

If someone gets a lease on one of these they'll be all but immovable for 6 years after 6 months so they won't be returning to Airbnb.

Kermit.de.frog

From wiki

Several studies found that rental prices in many areas increased due to Airbnb, as landlords kept properties off the longer-term rental market and instead get higher rental rates for short-term housing via Airbnb.[118] Landlords have been accused of illegally evicting tenants in order to convert properties into Airbnb listings.

A study published in 2017 found that increasing Airbnb listings in a given neighborhood by 10% leads to a 0.42% increase in rents and a 0.76% increase in house prices.

A study found that on Manhattan's Lower East Side, full-time listings earned hosts an average of two to three times the median average rent.

Kermit.de.frog

whisky_galore wrote: »

Or they can just sit this out.

They can't.

Properties for rent up 64% in Dublin since coronavirus crisis started.

punisher5112

Kermit.de.frog wrote: »

Without the "vulture" funds there would not have been a brick laid on any house or apartment in the last 10 years.

Things are more complicated than you make out.

Not true.....


The Irish guberment sold us out.....


We could have easily been offered these properties finished or near finished and signed up to fix them up ourselves and live in them.....

Instead they sold them off for as little as €1k for an apartment and so on..... These funds then charged extortionate rents and contributed nothing to the economy.... All this money or near all of it has left this country.

Edgware

Kermit.de.frog wrote: »

They can't.

Properties for rent up 64% in Dublin since coronavirus crisis started.

And they can start dropping their rents from 1700/1800 a month for a one bed because people wont be able to afford it

Kermit.de.frog

Edgware wrote: »

And they can start dropping their rents from 1700/1800 a month for a one bed because people wont be able to afford it

More properties means cheaper rent ultimately.

Effects

punisher5112 wrote: »

They sold them off for as little as €1k for an apartment.

Yeah, sure.

enricoh

Maybe if it didn't take 18 months to get rid of a non paying tenant landlords wouldn't look for alternatives.
Also a lot of the air bnbs in Dublin were tenants doing it.

punisher5112

Effects wrote: »

Yeah, sure.

They did..... Rte done a huge investigation into it, they even got one of these funds chief exec on and he was talking of snapping up more units as they were at 3,500 units and had planned to snap up at least 5,000.

They don't pay tax apart from the €200 or €250 a year that two hundred not two hundred thousand....

stevedublin

Kermit.de.frog wrote: »

More properties means cheaper rent ultimately.

I'll believe it when i see it

Idbatterim

Kermit.de.frog wrote: »

https://www.irishtimes.com/life-and-style/travel/airbnb-bubble-bursts-during-coronavirus-1.4209742?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Ftravel%2Fairbnb-bubble-bursts-during-coronavirus-1.4209742

(no full linky)

Delighted with this flood of properties on to the rental market.

Airbnb has done huge damage to ordinary people here trying to find a roof and pay rent.

Apparently the number of homes/apartments for rent has soared 64% since the start of the coronavirus crisis.

This is a silver lining as these owners have no choice but to turn to long term renters.

hang on! Government planning policy has resulted in the property crisis or opportunity dreamland, depending on your position! Airbnb have not created the farce around affordability, wanting rip off prices, is an irish government position...

that luxury social housing in dundrum, 25 year lease, jesus if it seemed insane before, its beyond belief now!

Idbatterim

Idbatterim wrote: »

hang on! Government planning policy has resulted in the property crisis or opportunity dreamland, depending on your position! Airbnb have not created the farce around affordability, wanting rip off prices, is an irish government position...

AirBnB didn’t cause housing crisis but they didn’t help it. I’m delighted to see so many rentals available. It’ll be interesting to see how many homeless families will rent them.

amadangomor

This is an argument for building a few high rise aparthotels to take the pressure off the rental market.

Ban Airbnb and the like and keep the tourist market and the rental market separate and non competing.

Edgware

amadangomor wrote: »

This is an argument for building a few high rise aparthotels to take the pressure off the rental market.

Ban Airbnb and the like and keep the tourist market and the rental market separate and non competing.

Stop coming on to this site and writing sense!

Keep apartments for long term tenants. Have good standard but reasonably priced aparthotels for tourists on reasonable incomes. We all dont want four star hotels.
When I go on a city break I am happy with a place that is clean, warm and offers a basic continental style breakfast. Ideally have a kettle and t.v. in the en suite room.
I go out at night to a local pub or restaurant for the evening meal.

Idbatterim

this is my point, why is development being massively curtailed and it costs us investment and loses us tourism and exacerbates the housing crisis. Its outtrageous planning and a form of corrpution, in wanting to maintain artifically high prices...

mariaalice

I thought air BnB had been banned in Dublin?

Eric Cartman

whisky_galore wrote: »

Or they can just sit this out.

most larger hosts can't, the landlord is still expecting rent and they have no bookings to pay the bills. They'll have to either drop properties or bleed cash paying rent.

that said, most landlords engage these Airbnb services as they have no interest in long term rentals and the problems the prtb have created. Most of these properties will lie vacant or be sold and none of them are priced within reach of the bottom 95% of spenders. The average sale price of a property listed on Airbnb would be north of 700k.

Yurt2

I don't think we've ever seen the tide come out to reveal what is is underneath to an obvious fix problem so quickly before. Could be the death-knell of Airbnb all across the continent.

The p*ssyfooting around it should never have happened.

It's only one piece of the puzzle however.

beauf

I can't find a definitive figure but how many Airbnb were there in Ireland vs long term rentals. Best figure I found was about 6k nationally I dunno if that was way off or not.

Darc19

punisher5112 wrote: »

What I'd love to see is the vulture funds getting a kicking and about time oh and the tax that many of them pay is only €200-€250 a year..... Not a cent on rental income.

These funds snapped up huge amounts of properties for buttons but then charge €2k €3k €4k and so on.....

The government needs to sort this mess and tax the fook out of them....

Vulture funds own very few rental properties.

You might be mixing them up with Reits which are effectively professional landlords and many are public companies owned by pension funds

Charles Babbage

Kermit.de.frog wrote: »

They can't.

Properties for rent up 64% in Dublin since coronavirus crisis started.

There are also properties rented by students, who have now cleared off.

I had one such beside me and the decline in noise in very noticeable. Perhaps the landlord will now rent it to mature persons.

boege

Irish independent 21st March. Conclusion was that AirBnB was of limited impact. Foreign students and workers (made redundant) leaving is likely to have a bigger impact on accommodation availability. Probably get a better view next month.

https://www.independent.ie/world-news/coronavirus/homes-for-rent-climb-as-airbnb-market-tumbles-39063281.html


There has seen a 64pc rise in listings since the start of the month. There have been almost 400 adverts, compared with 242 in the same period last year.

Architect and assistant professor at UCD Orla Hegarty said increases in the number of properties for rent is likely to lead to a fall in costs. She said: "If there are more properties for rental, prices will be lower."

Migrants were leaving and students were returning home, freeing up properties, she said.

Economist Ronan Lyons, of Trinity College Dublin, said the increase in properties advertised for rent is likely to be related to the collapse in tourism, cutting demand.

"Most of the country has seen almost no change in properties advertised to rent, compared to a year ago. But the number of smaller properties in central Dublin, where demand for short-term lets is concentrated, has grown almost two-thirds," he said.

However, the capital's market needs 1,000 new homes a week to keep rents affordable.


"Thus, while a one-off shift from the short-term to long-term rental market may be welcome news for many, it does not change the huge underlying need to build new rental homes," he added.

Dyr

Kermit.de.frog wrote: »

https://www.irishtimes.com/life-and-style/travel/airbnb-bubble-bursts-during-coronavirus-1.4209742?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Ftravel%2Fairbnb-bubble-bursts-during-coronavirus-1.4209742

(no full linky)

Delighted with this flood of properties on to the rental market.

Airbnb has done huge damage to ordinary people here trying to find a roof and pay rent.

Apparently the number of homes/apartments for rent has soared 64% since the start of the coronavirus crisis.

This is a silver lining as these owners have no choice but to turn to long term renters.

Cat well and truly out of the bag now, time to ban Airbnb and short term rentals. No more messing around.