Dublin, July 31st, 2020 - Property consultants CBRE Ireland today released an update to their recent research report conducted in conjunction with MD Property, looking specifically at rent collection and occupancy in a 500+ mid-tier residential rental portfolio in Dublin since the beginning of the year. The joint research shows that both rent collection and occupancy within this portfolio has continued to perform exceptionally well over recent months despite the economic backdrop. Indeed, according to the property consultants, residential rent collection has been considerably stronger than in some sectors of the commercial property market and has actually improved in recent months as more people return to the workforce. MD Property reported a rent collection rate of more than 99% in this portfolio during July 2020 while occupancy was 99.24% in the month.
It remains to be seen if this trend will continue over the coming months as the Irish economy gradually emerges from lockdown. However, with the supply of modern rental accommodation remaining severely constrained and occupier demand remaining strong, the expectation is that this trend will continue.
According to co-authors of the research, Marie Hunt, Executive Director at CBRE and Mark Dunleavy, CEO of MD Property “Interestingly, despite the severity of the economic impact of the Covid-19 lockdown, residential rent collection in the subject portfolio returned to pre-Covid levels of more than 99% during July having only suffered a marginal deterioration following lockdown in March. Rent arrears that emerged in this portfolio during March have all since been paid in full while most of those that arose during April or May have since been rectified. Meanwhile, occupancy remains exceptionally strong in this portfolio, having never dipped below 99% since the beginning of the year”.
For further information, please contact:
Head of Research, CBRE Ireland
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie
About MD Property
MD Property is a specialist property services company based in Dublin. Established by Mark Dunleavy in 2004, MD Property are market leaders in the Private Rental Sector (PRS) and specialise in running Multifamily units in Ireland.