Extra supply at the top relieves pressure on the whole market. This is one form of trickle-down economics that works
It will soon be possible to judge the potential of build-to-rent by examining Belfast, where planners have been been approving major schemes since 2019. The first is due for completion next year, offering 800 waterfront apartments beside the Titanic visitors’ centre. Photographer: Paulo Nunes dos Santos/Bloomberg
Build-to-rent has a reputation for being expensive because investors are most interested in the top end of the market. But it need not be expensive for that part of the market, as its costs should be lower. A combined developer-owner-landlord can manage a building far more efficiently than hundreds of owner-occupiers, individual landlords and tenants.
The Coalition took action during its last term to discourage investment funds from buying up entire new housing developments to rent, due to public outrage at the practice. It is improbable that the Government would encourage build-to-rent housing, even if it might get more housing built. Apartment buildings are different, however, especially high-rises in city centres. It is rarely appropriate for individuals to take on ownership in such buildings, as residents or landlords.
One common criticism of build-to-rent is regular rent rises. Nobody avoids an increase for being a good tenant. On the other hand, rises are set in out tenancy agreements, so nobody suffers the whims of a bad landlord. And build-to-rent could play a significant role in easing immigration tensions. Aspiring homeowners across Ireland feel they are being outcompeted by wealthy foreign buyers. A more dependable rental market provides more appealing housing options for expatriate managers and foreign professionals. Once that option is available, it becomes easier to restrict house sales to non-nationals without deterring overseas companies and staff. Public demand for such restrictions appears certain to grow.
Sinn Féin is the largest party on Belfast City Council, and chairs the planning committee. It has been happy to approve build-to-rent projects, as has People Before Profit. Both parties have insisted one-fifth of units be social or affordable, or that developers provide an equivalent contribution, but only since the council introduced that requirement for all new private housing in 2023.
Micheal-Martin Housing-Crisis Social-Democrats Sinn-Fein
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