Six out of ten Irish renters have given up on owning their own homes according to a new study

Will Ireland's 20 and 30 somethings be the first generation of longterm renters?

Six out of ten Irish renters have given up on owning their own homes according to a new study

Bachmont, Flickr

New research published today found that 58% of Irish renters have given up on the idea of ever owning their own home.

Co-operative Housing Ireland has also found that one out of every three tenants are spending over 40% of their net wages on paying rent.

Kieron Brennan, CEO of Co-operative Housing Ireland joined Newstalk Breakfast today to discuss the findings, he says that the study's findings reflect the fact that Ireland is "changing from a nation of home owners and aspiring home owners to one of renters.

"That's a huge social and psychological change in Ireland where home ownership was previously stamped in our DNA," Mr Brennan added.

The CEO says that the Irish market is not currently following the rules of a normal functioning property market. Although he notes that while the Central Bank's new mortgage deposit rules are a major factor - so too is the current shortage of housing supply in Ireland, and that it is possible that people will begin to see themselves owning houses again when more supply comes on stream and prices stabilise.

The average length of stay is now three years and four months - up from two years and ten months last year.

One quarter of private tenants have been in their current accommodation for more than five years, this figure rises to 30% in Dublin.

Co-operative Housing Ireland's research also found that 32% nationally and almost half of Dublin’s tenants fear losing their homes.

It also reports that a quarter of tenants who move do so when their current properties become unaffordable.

Mr Brennan welcomed the Government's recent intervention in the rental market, imposing a two year rent freeze. Before the measures, 66% of respondents said the government was not doing enough to support tenants - this fell to 56% after the measures were announced.