{"id":438369,"date":"2026-04-16T16:07:13","date_gmt":"2026-04-16T16:07:13","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/438369\/"},"modified":"2026-04-16T16:07:13","modified_gmt":"2026-04-16T16:07:13","slug":"states-largest-private-landlord-estimates-its-rents-are-20-below-market-value-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/438369\/","title":{"rendered":"State\u2019s largest private landlord estimates its rents are 20% below market value \u2013 The Irish Times"},"content":{"rendered":"

Ires Reit<\/a>, the State\u2019s largest private landlord, has estimated that the rents it charges<\/a> on its portfolio of apartments are about a fifth below market value, but that recent reforms of the rules governing tenancies will allow it to \u201cunlock significant\u201d value.<\/p>\n

The new rent rules, which came into force on March 1st, allow landlords to reset rent prices to market rates between one tenancy and another when the property is vacated.<\/p>\n

Ireland\u2019s existing system of rent pressure zones<\/a> was also overhauled as part of the Government reforms, which are aimed, in part, at reviving moribund investor interest in the Republic\u2019s apartment market. <\/p>\n

\u201cFor the business, the reforms unlock significant embedded value within the existing portfolio, which is currently estimated to be approximately 20 per cent under rented relative to market rents,\u201d said Ires chief executive Eddie Byrne in the Dublin-listed group\u2019s annual report, published on Thursday. <\/p>\n

\u201cOver time, the ability to release this reversion will support earnings growth and enhance asset valuations, assuming stable market yields.\u201d<\/p>\n

Byrne also said the new measures represented a \u201cstructural turning point\u201d for the sector in Ireland, although \u201cit will take time\u201d for the changes to \u201ctranslate into increased housing supply\u201d. <\/p>\n

\"\"Has the fuel protest shown that the loudest lobby generally gets what they want?<\/p>\n

In February, Byrne said the majority of Ires\u2019s tenants would be unaffected in the short-term. \u201cWe only expect 10 per cent of our portfolio to turn over on an annual basis, so it\u2019s only that 10 per cent that will reset back to market [rates],\u201d he said. <\/p>\n

Meanwhile, Byrne\u2019s total pay \u2013 including bonuses and pension contributions \u2013 increased by 61 per cent last year to almost \u20ac1.2 million. However, the 2024 figure only covers the period from his appointment in May to the end of that year.<\/p>\n

[\u00a0How to invest in property: Here\u2019s what you need to knowOpens in new window<\/a>\u00a0]<\/p>\n

The former Anglo Irish Bank and Lone Star executive received a basic salary of \u20ac475,000 in 2025. He was also awarded an annual bonus, based on certain financial metrics, of \u20ac529,000. <\/p>\n

The remuneration committee also agreed to increase Byrne\u2019s base salary by 3 per cent to \u20ac489,250 in 2026, which it said was in line with the average increase for the workforce. <\/p>\n

In its preliminary full-year results, Ires said in February that it reversed a \u20ac6.7 million loss in 2024 to deliver pretax profits of \u20ac49.7 million last year, primarily related to a \u20ac17 million gain in the fair value of its investment properties. Revenues were 0.2 per cent higher at \u20ac85.5 million for the 12 months, the company reiterated in Thursday\u2019s annual report. <\/p>\n

Its average monthly rent in 2025 rose 2.1 per cent last year to \u20ac1,852, lifted by a combination of asset recycling, its retrofit programme and focused management of renewals.<\/p>\n

Ires has sold off some of its lower-value properties and embarked on a programme to retrofit suitable low-energy-rated properties when they became vacant.<\/p>\n","protected":false},"excerpt":{"rendered":"Ires Reit, the State\u2019s largest private landlord, has estimated that the rents it charges on its portfolio of…\n","protected":false},"author":2,"featured_media":438370,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,194460,18,19,17,67732,28196,4097],"class_list":{"0":"post-438369","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-eddie-byrne","10":"tag-eire","11":"tag-ie","12":"tag-ireland","13":"tag-ires-reit","14":"tag-rent-pressure-zones","15":"tag-renting"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/438369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=438369"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/438369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/438370"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=438369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=438369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=438369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}