Cork Chamber of Commerce calls for full rental market overhaul

Cork Chamber of Commerce has called for a “complete reform” of the Irish rental and housing sector as businesses fret over the chronic shortage of accommodation.

Cork Chamber of Commerce calls for full rental market overhaul

Research carried out by the business representative body found 90% of large companies consider the shortage of private rental accommodation to be the single biggest issue for their business.

Cork Chamber president Barrie O’Connell described the sector as the most neglected part of the housing market and called for the Government to afford it greater consideration given in the Government’s forthcoming housing action plan.

“The private rental sector makes up one of three vital pillars in Ireland’s housing market along with social housing and homes for purchase.

"In spite of this, our rental model has been, and remains, ignored by policy-makers.

"Until we start to think seriously about the need for long-term, professionally-managed and suitable rental properties through a targeted Government strategy, we are unlikely to ever achieve balance in our housing market.

“Ireland is competing against the best-performing countries in the OECD for inward investment and top talent.

"We can no longer afford to ignore the need to meet the demand of our skilled and mobile workforce for centrally located yet affordable rental properties.

“Neither can we afford to see further upward rent spirals, which creates wage pressures, adds more strain to our social-housing sector and prevents prospective homeowners from saving for a deposit,” Mr O’Connell said.

Among the key findings were:

  • 72% raised the availability and cost of residential accommodation as a challenge. n 90% perceive the rental sector as the biggest concern.
  • 73% report upward wage pressures due to accommodation costs.
  • 60% foresee accommodation as an issue over potential future expansion.
  • The chamber recommends encouraging more long-term professional landlords to enter the market to supply large amounts of quality accommodation.

It also advocates incentivising quality rental accommodation with a market appeal for long-term tenants.

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