Property Company Drops Landlords: What this means for Dublin’s rental market

Property agent Hooke & MacDonald announced Monday that it will no longer manage individual lettings because of the paperwork costs involved. The Residential Tenancies Act of 2004 has been recently amended by the Residential Tenancies Act of 2015 and the Planning and Development and Residential Tenancies Act of 2016, which extended rent pressure zones, made it harder to raise rents and increased the frequency of rent reviews and other bureaucratic procedures for private rented housing.

For a large property company like Hooke & MacDonald, the new regulations mean that managing single property lettings is no longer profitable. The company suffers from economies of scale, and only by managing entire apartment blocks and multiple lettings will it be cost efficient. For landlords renting a single property, this means not only being restricted by the regulations but also having to find a different company to represent them.

Hooke & MacDonald’s response reflects the consequences of the new regulations. In particular, regulation on rent pressure zones restrict the rise in rents …

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