This release is categorised as a CSO Frontier Series Output. Particular care must be taken when interpreting the statistics in this release as it may use new methods which are under development and/or data sources which may be incomplete, for example new administrative data sources.
Please note the data contained within this release cannot be compared directly with other measures of vacancy including those available from organisations outside the CSO. These measures may have distinct definitions of vacancy and also different methods of collecting their data. For further information on the data sources, linking procedures, and limitations of this release, see the Background Notes section.
This chapter analyses landlords of private rental properties in Ireland, with a focus on their income, employment, and numbers of properties and tenancies. The chapter describes the characteristics of individual landlords and non-household owners (companies) who had active private tenancies as of Q4 2024 in the Residential Tenancies Board (RTB) data. Approved Housing Body (AHB) tenancies are not covered in this chapter.
An individual landlord is a private person who owns a residential property and rents it out to a tenant under a tenancy agreement. While a non-household owner is a corporate entity or incorporated body (such as a limited company) that owns and rents out residential property. Table 3.1 shows the number of individual landlords with an active RTB tenancy by number of rental properties owned on 31 December 2024.
Individual landlords aged below 35 years represented a small proportion of total private individual landlords, making up 2% in 2024. The proportion aged 35 to 49 years was 12%. The majority were aged between 50 and 64 years, accounting for 55% of individual landlords. Over three in ten (31%) individual landlords were aged 65 years and over (See Figure 3.1).
| Individual Landlords | |
| Less than 35 years | 2 |
| 35-49 years | 12 |
| 50 - 64 years | 55 |
| 65 years and over | 31 |
Just 3% of individual landlords with one or two tenancies were under 35 years old. Some 86% of individual landlords with three to 20 tenancies were aged 50 and over. For large individual landlords with 21 or more tenancies, 95% were aged 50 years and over (See Figure 3.2).
| size_group | 65 years and over | 50-64 years | 35-49 years | Less than 35 years |
|---|---|---|---|---|
| 1 to 2 tenancies | 28 | 42 | 27 | 3 |
| 3 to 20 tenancies | 44 | 42 | 13 | 1 |
| 21+ tenancies | 50 | 45 | 5 | 0 |
The primary source of income for 45% of individual landlords in 2024 was an employee income, while it was a residential rental income for 22%. The next highest primary sources of income for individual landlords were self-employed income (10%), director income (7%), while private & occupational pensions and State Pensions both accounted for 6% (See Figure 3.3). Refer to theBackground Notes for an explanation of the different income sources, including rental income.
| highest_inc_type | Percentage in Income Group |
|---|---|
| Employee Income | 45 |
| Residential Rental income | 22 |
| Self-employed Income | 10 |
| Director Income | 7 |
| Private & Occupational Pensions | 6 |
| State Pensions | 6 |
| Social Welfare (excl. Pensions) | 2 |
| Commercial Rental income | 2 |
Employee income was the primary source of income was for 50% of individual landlords with one or two tenancies compared with 24% of landlords with 3 to 20 tenancies and just 5% of those individual landlords with 21 or more tenancies.
Residential rental income was the primary source of income for 19% of landlords with one or two tenancies compared with 41% of those with 3 to 20 tenancies and 72% of those with 21 or more tenancies (See Figure 3.4).
| 1-2 tenancies | 3-20 tenancies | 21+ tenancies | |
| Employee Income | 50 | 25 | 5 |
| Residential Rental income | 19 | 41 | 72 |
| Self-employed Income | 11 | 10 | 4 |
| Director Income | 6 | 9 | 5 |
| Private & Occupational Pensions | 6 | 6 | 5 |
| State Pensions | 4 | 3 | 1 |
| Social Welfare (excl. Pensions) | 2 | 2 | 0 |
| Commercial Rental income | 2 | 4 | 8 |
In 2024, the total gross income for 18% individual landlords was below €20,000. Some 62% of landlords had a total gross income of less than €60,000. At the top end of the income distribution, 4% had a total gross income of more than €200,000 (See Figure 3.5).
| inc_grp | Percentage in Income Group |
|---|---|
| Up to €19,999 | 18 |
| €20,000-€39,999 | 23 |
| €40,000-€59,999 | 21 |
| €60,000-€79,999 | 14 |
| €80,000-€99,999 | 10 |
| €100,000-€119,999 | 4 |
| €120,000-€139,999 | 3 |
| €140.000-€159,999 | 2 |
| €160,000-€179,999 | 1 |
| €180,000-€199,999 | 1 |
| €200,000 and above | 4 |
Two-fifths (40%) of landlords with 21 or more tenancies had a total gross income of €200,000 or more. Landlords with three to 20 tenancies had lower total gross incomes, with 48% below €60,000. While some 59% of those with one or two tenancies had a total gross income less than €40,000 (See Figure 3.6).
| inc_grp | 1-2 tenancies | 3-20 tenancies | 21+ tenancies |
|---|---|---|---|
| Up to €19,999 | 17 | 11 | 2 |
| €20,000-€39,999 | 21 | 18 | 4 |
| €40,000-€59,999 | 21 | 19 | 5 |
| €60,000-€79,999 | 15 | 15 | 4 |
| €80,000-€99,999 | 10 | 11 | 7 |
| €100,000-€119,999 | 6 | 7 | 8 |
| €120,000-€139,999 | 3 | 4 | 8 |
| €140.000-€159,999 | 2 | 2 | 8 |
| €160,000-€179,999 | 1 | 2 | 8 |
| €180,000-€199,999 | 1 | 2 | 9 |
| €200,000 and above | 5 | 9 | 37 |
More than four in ten (44%) individual landlords had a net rental income below €10,000 in 2024. A further 31% had a net rental income between €10,000 and €19,999, so a total of 75% had a net rental income below €20,000 (See Figure 3.7).
| inc_grp | Percentage in Income Group |
|---|---|
| Up to €9,999 | 44 |
| €10,000-€19,999 | 31 |
| €20,000-€29,999 | 10 |
| €30,000-€39,999 | 5 |
| €40,000-€49,999 | 3 |
| €50,000-€59,999 | 2 |
| €60,000-€69,999 | 1 |
| €70.000-€79,999 | 1 |
| €80,000-€89,999 | 1 |
| €90,000-€99,999 | 1 |
| €100,000 and above | 1 |
The median rental income (net of allowable expenses) for individual landlords in the RTB data was €13,290 in 2024. The median gross rental income (before expenses are applied) was €18,234 in 2024. Table 3.9 shows median total gross income and median net rental income for individual landlords by landlord size for 2024. Refer to the Background Notes for the definition of rental income and differences between net and gross amounts.
Landlords of properties in Dublin had the highest median total gross income. The median was €76,388 in Dún Laoghaire-Rathdown and €73,458 in Dublin City. There were also high medians of more than €60,000 in the counties around Dublin: Kildare, Meath, and Wicklow.
Outside of the Dublin area, the highest medians for total gross income were for landlords with properties in Galway city (€67,341) and in Cork city (€67,231).
Landlords of properties in Donegal had the lowest median total gross income at €47,845, followed by the three Border counties of Leitrim, Monaghan and Cavan (See Map 3.1).
The highest medians for net rental income were in the cities of Dublin, Galway, and Cork. Landlords with properties in Dún Laoghaire-Rathdown had the highest median net rental income at €20,622. Landlords of properties in Donegal had the lowest median annual net rental income at €10,981, followed by Monaghan (€12,541) and Leitrim (€12,588) (See Map 3.2).
Individual Landlords with 1 to 2 tenancies were likely to work in the following sectors: Financial & Real Estate (39%), Construction (15%), Professional, Scientific & Technical Activities (10%), and Wholesale & Retail Trade (9%).
Individual Landlords in employment and with 3 to 20 tenancies were more distributed by employment sector. The top three were Financial & Real Estate (73%), Construction (7%), and Professional, Scientific & Technical Activities (6%).
More than half (56%) Individual landlords in employment and who had 21 or more tenancies worked in the Financial & Real Estate sector, compared with four in ten (39%) landlords with one or two tenancies. Landlords with 21+ tenancies also had a large distribution in Professional, Scientific & Technical Activities (18%) (See Figure 3.8).
| 1-2 tenancies | 3-20 tenancies | 21+ tenancies | |
| Agriculture, Forestry and Fishing (A) | 2 | 1 | 1 |
| Industry (B, C, D & E) | 3 | 1 | 1 |
| Construction (F) | 15 | 7 | 5 |
| Wholesale and Retail Trade (G) | 9 | 2 | 5 |
| Transportation and Storage (H) | 1 | 0 | 1 |
| Accommodation and Food Service Activities (I) | 5 | 2 | 3 |
| Information and Communication (J) | 2 | 1 | 1 |
| Financial and Real Estate (K & L) | 38 | 71 | 54 |
| Professional, Scientific and Technical Activities (M) | 10 | 6 | 18 |
| Administrative and Support Service Activities (N) | 8 | 3 | 5 |
| Public Administration and Defence (O) | 3 | 2 | 2 |
| Education (P) | 1 | 1 | 1 |
| Human Health and Social Work Activities (Q) | 1 | 1 | 1 |
| Other NACE Activities (R, S, T & U) | 2 | 2 | 2 |
Prior analysis undertaken by the CSO on residential property transactions related to the non-household sector have shown purchases and sales by and from non-household entities to have increased in recent years. The analysis in this section details ownership of residential property by non-household enterprises using data from Local Property Tax (LPT) returns and the Central Business Register (CBR) (Refer to Background Notes).
There were 9,042 non-household owners of private rental properties in 2024. Looking at landlord size, the majority of companies held a relatively small number of properties, with 60% in the 1 to 2 tenancies category, 31% in the 3 to 20 tenancies, and 9% of non-household owners holding 21 or more tenancies (See Figure 3.9).
| 1-2 tenancies | 3-20 tenancies | 21+ tenancies | |
| Non-Household Owners | 60 | 31 | 9 |
Looking more closely at the economic sector of non-household owners, the Management of Real Estate on a Fee or Contract Basis was the top NACE classification in 2024, followed by 'Renting & Operating of Own or Leased Real Estate and Real Estate Agencies (See Figure 3.10).
| L6832 Management of real estate on a fee or contract basis | L6820 Renting and operating of own or leased real estate | L6831 Real estate agencies | F4110 Development of building projects | K6420 Activities of holding companies | |
| 2024 | 1786 | 789 | 597 | 491 | 446 |
Next, the number of properties of non-household owners were analysed. In 2024, the number of properties owned by companies who operated in the 'Real Estate Agencies' category was 37,238. The numbers of properties owned by companies who operated in the classifications Management of Real Estate on a Fee or Contract Basis and Renting and Operating of Own or Leased Real Estate were second and third highest at 29,433 and 12,678 respectively (See Figure 3.11).
When breaking down the number of properties of non-household owners by the number of properties they have, it can be seen that non-household owners with 20 or more properties account for a larger number of properties across all key NACE classifications. The number of properties of non-household owners by three sizes of owners can be found, along with the data for the graph below, in the PxStat table TRS20.
| L6831 Real estate agencies | L6832 Management of real estate on a fee or contract basis | L6820 Renting and operating of own or leased real estate | F4110 Development of building projects | F4120 Construction of residential and non-residential buildings | |
| 2024 | 37238 | 29433 | 12678 | 4708 | 2866 |
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