Ireland’s largest private landlord, Ires Reit, has reported net rental income of €63m in the 12 months to 31 December, 2021 – making this a 5.4% increase on their prior year. The rise has been attributed to investment in new apartments and organic rental growth across the portfolio.
Their 2021 results tallied just over 3,800 homes for rent, which is up from 3,688 at the end of 2020. Their revenue from investment properties increased 6.7% year-on-year to €79.7m, on the back of acquisitions.
Total rent collections (including commercial) were 99.2% at the end of 2021. The overall average monthly rent increased to €1,678 in 2021, from €1,624 the prior year.
CEO Margaret Sweeney says, “The economic growth outlook for Ireland and the fundamentals of our business remain strong with a young growing population, reducing household sizes, and continuing strong international investment supporting continued requirements for good quality professionally managed private rental accommodation.”
“As we enter 2022, headwinds in relation to inflation and interest rates, which have not been a significant factor over the last 10 years, will put necessary focus on operational costs and efficiencies from operational scalability and enabling technology,” she said.
The company reported profit of €67.5m last year, a 15.8% increase on 2020. This figure includes a property revaluation of €34.9m. At 2021 year end their portfolio was valued at €1.5bn. Based on the current valuations, Ires said its portfolio is “approximately 9.4% below market rent, indicating further opportunity in the medium term.”
LSL News.