The Private Residential Sector (PRS) is an ever-growing market in Ireland, only emerging in 2012, after the rental sector had always been dominated by private/individual landlords. The PRS comprises blocks of apartments that are owned and managed by an individual or company, with dedicated amenities and facilities for residents.
A relatively new market
The private rental sector (PRS) only emerged as a viable market after 2012, offsetting the historical dominance of private landlords.
In the last decade there has been an ever-growing demand for private residential accommodation.
Foreign direct investment has brought many skilled professionals to Ireland — and the private rental sector suits them perfectly.
The Private Residential Sector (PRS) is an ever-growing market in Ireland, only emerging in 2012, after the rental sector had always been dominated by private/individual landlords.
The PRS comprises blocks of apartments that are owned and managed by an individual or company, with dedicated amenities and facilities for residents.
The current PRS has evolved from the opportunistic business model in 2012, when the sector was based on buying new apartments that went unsold during the recession. The market then focused on newly built schemes that were intended for the individual sales market, but were acquired before they were completed.
The most recent and sustained phase is build-to-rent (BTR), which has emerged after the Government published BTR guidelines in 2018. However, some development schemes have been looking past specific BTR grants — instead seeking conventional planning permission.
Ireland’s shifting demographics is driving the huge demand for private residential sector living. Ireland is becoming more international and urbanised, with a growing population of both young and ageing people. People in general are waiting until they’re older to get married, renting longer, or simply choosing to live in apartment blocks to be close to the city.
While many people still yearn for more traditional types of accommodation, others demand choice and flexibility, particularly in cities.
The PRS caters to these internationally-minded tenants. Foreign direct investment (FDI) companies bring highly-skilled professionals to Ireland who are used to a less traditional or static way of living. They enjoy the bustle of city apartment living, and being close to work and nightlife. They’re always on the move — something that can also be said about this vibrant market.
A forward-thinking team
For a team of experts one step ahead of developments in the private rental sector — and all other fields of the Irish property market — look to Lisney Sotheby’s International Realty. If you’re new to the property market you’ll have a lot of questions, and we’re sure we’ll have the answers you need. Meet our experts today.
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