New rent rules have “unlocked” capital and improved the investment outlook for the sector while maintaining protections for tenants, the chief executive of Ires Reit, Ireland’s largest private residential landlord, says.
Eddie Byrne was speaking as his company reported a tripling of pretax profits to €48 million for the six months to the end of June.
“The Government got the balance right. They managed to come up with a set of regulations that made it more attractive for international investors while extending protections for residents or tenants,” he said.
Byrne said the volume of private rented sector (PRS) transactions in 2026 was already up on last year’s full-year total.
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“That in of itself would say there is more capital around,” he said.
While cautioning that it was very early in the life cycle of the new regulations to draw substantial conclusions, he said the turnover of Ires Reit tenants so far this year had remained constant at 6 per cent.
“Our expectation was that maybe people would move less but that hasn’t been the case,” he said.
The new rent legislation, which came into force in March, overhauled the former rent pressure zone (RPZ) system, allowing landlords to reset rents to market rates between tenancies.
“As we released units into the market, we were achieving our expectation of what market rents were,” Byrne said, pointing to the fact that the company’s average monthly rent in the six months to June rose by 1.7 per cent to €1,884.
The increase in rents arising from the changes will be extremely gradual, he said, noting that, last year, approximately 14 per cent of the group’s rental portfolio turned over. This year, the company expects that figure to be lower.
In its interim results, Ires Reit said revenue increased by 1.1 per cent to €43.1 million for the period while profit before tax jumped to €48 million up from €16 million in the previous period.
This was driven “by the non-cash fair value movement of its assets underpinned by performance of the portfolio and stable yields” which added €31 million to the profit line, it said.
Annualised passing rent increased by 2.1 per cent, Ires said, reflecting “the permitted rental growth across existing tenancies”.
The company said it had 3,611 residential units in the greater Dublin area at the end of June – up marginally on last year- with an occupancy rate of 99.4 per cent.
It recently acquired 77 new apartments in a development in Naas, where it is reinvesting proceeds from previous sales.
“The first six months of 2026 have seen Ires continue to build on the strong progress delivered in 2025, with further operational momentum, continued disciplined cost management alongside a focus on growing earnings and creating shareholder value,” Byrne said.
The new rental regulations represent a significant and welcome step forward for the Irish property rental sector, he said.
“It provides much-needed certainty for residents, operators and investors, improving the outlook for investment returns and creating a more supportive environment for the delivery of new rental accommodation,” Byrne said.
“The revised framework has unlocked renewed capital flows into the sector, which should improve development viability over time and support a healthier, more sustainable rental market,” Byrne said.
