Almost every property listed by Airbnb in Limerick city is suitable for long-term residential living, along with three-quarters of properties across the county.
In a report published by Limerick Chamber, 150 homes in total listed on the short-term letting site were reported as suitable for long-term purposes, with over a third of these properties located in rent pressure zones.
While the majority of hosts only listed one accommodation, six owned multiple properties across Limerick city, with 15 hosts possessing multiple listings deemed suitable for long-term living.
Of the total 205 properties on Airbnb, the average price charged per night was €168. Over a 90-day period, average income per listing equated to €15,120, with the report finding that short-term letting reflected "a much higher return for landlords than the residential market, even when accounting for lower occupancy."
Combined, a 90-day occupancy across each listing would equate to circa €2.9m in income.
In recent months, supply shortages have significantly pushed rent prices up across Limerick, with average prices in the city climbing to €1,700 in December 2022.
In January, just 15 residential homes were available to rent at €1,910 per month in Limerick city, while 29 homes were available to rent in the whole of county Limerick at €1,819 per month.
Across Limerick, the Adare Rathkeale area shows to have the strongest presence of short term listings with 66 properties, followed by Cappamore-Kilmallock which had 44 properties.
In total, the existing supply of suitable short-term lets in the Limerick market represented just 8.3% of the county's annual housing needs.
Despite its suitability for long-term living, the report found that placing the 150 Airbnb properties in the private market would have a "minimal effect" in the long run, noting that the stock "would not replenish to continue contributing for the coming years."
Noting upcoming legislations that aims to prevent short term lets from being listed in rent pressure zones, the report found that the 52 Airbnb listings that are located in these areas would be impacted by these regulations.
While unlikely to have a large impact on long-term availability, the report added, "we can’t discount the potential significant benefits that releasing these homes to the rental market would bring."
"In the case of Limerick City, having an additional 52 families or individuals living and contributing to the city centre would be very beneficial to increasing the attractiveness and viability of the city centre."
In its concluding remarks, the report noted that while short-term letting policy may have a large impact somewhere like Dublin, the impact it would have on smaller cities like Limerick is more subdued.