The chief executive of the State’s largest private landlord, Ires Reit, said the company continues to engage with “all levels of Government”, despite turning down an invitation to appear before an Oireachtas committee earlier this month.
The housing committee had sought to meet with the landlord in the wake of changes to the rental market introduced by the Government last year, which took effect in March.
Ires chief executive Eddie Byrne told reporters at the Dublin-listed company’s annual general meeting today that it was “not clear” from the invitation that the committee wished to discuss the company’s business model in light of the Coalition’s rent reforms.
Ires was also the subject of criticism in the Dáil recently when Social Democrats housing spokesman Rory Hearne told the house that renters from several of its properties have been in touch, saying the company is refusing to allow them to replace a tenant who leaves a flat-share situation.
RM Block
Hearne told the Dáil this had resulted in rents for remaining tenants increasing, including one instance in which the rent rose from €1,000 per month to €2,000.
On Thursday, Byrne was asked by The Irish Times whether the claims were accurate.
“Long before the rent regulations came into place, or even were announced for that matter, we had a look at our portfolio,” Byrne said. “We came to the conclusion that there [were] lots of people living in our portfolio that we didn’t have any relationship at all.”
He said Ires wrote to tenants, saying “here’s who we have on the lease” and asking whether this was accurate. Ires received “a lot of responses”, indicating that “no, that wasn’t the case”.
Byrne said: “So what we did was we regularised that situation, and after that point in time, we said we must control who’s in our units.”
Asked again whether Hearne’s comments in the Dáil were accurate, Byrne said: “What’s accurate is that we do the leasing, tenants don’t do the leasing.”
Byrne said the decision to refuse the Oireachtas Housing Committee’s invitation was completely unconnected to the issues raised.
He said it was not “clear in the invite” that the committee wished to discuss Ires’s business model in light of the rent reforms.
“It was right slap bang in the middle of our half-year results, so we went back to the housing committee to say, actually, that time really doesn’t work for us because it’s one of the busiest times of the year,” he said. “But we continue to engage with them as we do all levels of Government.”
[ State’s largest private landlord estimates its rents are 20% below market valueOpens in new window ]
In a trading update on Thursday, Ires said demand for its rental accommodation continued, with its portfolio effectively fully occupied in the three months ended March 31st. Margin was 78 per cent in the period, with rent collections of more than 99 per cent.
The three-month period also saw Ires Reit’s first acquisition in a number of years, with the company hammering out a deal to buy 77 high-quality apartments for almost €32 million.
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New rent regulations introduced on March 1st are also expected to be a positive contributor to the company’s portfolio performance over time, it said, with the first month of operation in line with expectations.
The Residential Tenancies (Miscellaneous Provisions) Act 2026 brings in a number of new rules, including tenancies that last a minimum of six years.
Ires said the new rent rules, alongside the Government’s housing plan, taxation changes in Budget 2026 and proposed amendments to the sustainable design standards, have increased activity in the market, providing a “constructive backdrop” for its portfolio development.
Byrne said the company was “encouraged” by the current and future prospects for the business.
“The new regulations are already having a positive impact on market conditions, with improved activity in the development space, an increase in international capital being allocated to Ireland and a significant increase in transaction volumes relating to apartment blocks,” he said.
“In highly uncertain geopolitical times, we believe our business has demonstrated very strong defensive characteristics, including a strong balance sheet, below-market rents and a highly responsive and adaptable internally managed operating platform.”
