Rental income at the largest private landlord in the State increases to €50.5m
Summary
Ires Reit, the largest private landlord in the State, has reported net rental income of €50.5m for last year, a 23pc increase on 2018. Meanwhile, its overall profit for the period fell to €86.3m from €119.8m in 2018 on the back of a lower revaluation gain on its property portfolio last year. Ires set up here after the crash, buying up almost 3,000 homes in Dublin, mainly by snapping up entire apartment blocks, and is now the countrys biggest private sector landlord. However, on a like-for-like basis, Ires saw 3.1pc rental growth on accommodation it owned prior to 2019, with rents in these properties increasing to €1,650 a month from €1,600. Commenting on the company’s performance, Margaret Sweeney, CEO of Ires, said that despite continued improvement in housing output in Ireland during 2019, there is a “significant” shortage of accommodation.
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