Survey reveals almost half of renters can't afford to buy a home

15% of homeowners say they would consider an Airbnb letting

Survey reveals almost half of renters can't afford to buy a home

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A new survey has found 43% of people in rented accommodation want to buy their own home, but cannot afford to.

The 123.ie House & Home Survey also found 70% of landlords say they have not increased rent in past year.

While 15% of homeowners say they would consider an Airbnb letting.

But 80% of tenants say they expect property prices to rise over next 12 months.

The survey was carried out amongst landlords, homeowners and renters or people living with parents about issues including rental properties, mortgages, renovations and Rent Pressure Zones.

It found that the majority of people living in rented accommodation (60%) saw their rent rise by less than 4% in the past year.

Padraig O'Neill, Head of Marketing at 123.ie, said: "This figure isn't actually surprising, given that more than half of those renting are living in a designated Rent Pressure Zone (RPZ), which caps rent increases at 4% each year for three years."

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Most tenants saw relatively modest rent increases, while one-quarter reported a rise of more than 10% in the past 12 months.

Some 14% said that their rent had gone up by more than 15%.

"15% is a huge jump for anyone in the rental market, particularly if trying to save for a deposit," Mr O'Neill said.

"This could mean an extra €2,700 a year on a rent of €1,500pm, which is a substantial amount of money and could certainly hinder someone's ability to save for a deposit and a chance to buy their own home."

Almost one-in-three people surveyed say they are not planning to move from their current rental property.

The survey also included the views of landlords, the majority (78%) of whom own between one and three houses.

Some 27% own up to three apartments and fewer than 6% reported ownership of more than four rental properties.

While 70% of landlords responding to the survey said that they had not put up the rent on their properties in the past 12 months.

"While there is no doubt but that rent prices have risen substantially over the past 24 months, the indications are that the trend is plateauing somewhat", Mr O'Neill added.

The survey was carried out online in July 2017 amongst 834 adults in Ireland.