Galway West TD Mairéad Farrell has said that the requirement for students to stay 51 weeks in certain investment fund-owned accommodation “mirrors the wider failure” of the government’s approach to housing.
For students living in purpose-built campus accommodation, the duration of their stay is tied to the academic year, which is generally nine months, and they then return home.
But for purpose-built accommodation delivered by certain large private providers, some have attached conditions where students must stay the equivalent of 12 months.
Sinn Féin TD Mairéad Farrell said that this means that students or their parents have to pay for an additional three months despite often not needing the accommodation for this period.
“Some of these providers have rents starting off at around €1,000 a month. This delivery model mirrors that of the wider build to rent (BTR) sector,” said Deputy Farrell.
“They are owned by large investment funds, on behalf of pension funds. They are availing of generous tax incentives, and making fantastic returns.”
The local TD said that as The Irish Independent reported earlier this year, four residences alone, which had filed accounts in Luxembourg, received rent of €17 million in 2022.
“Another delivery model is possible,” she said. “I’m not sure what Minister Harris is waiting for.”
