Analysis: Analysis of rentals and sales in UCC’s student catchment area found properties achieved higher returns than elsewhere in Cork and Dublin
By Tommy Atlantic O’Sullivan, TCD and Eimear McGeown, UCC
A four-bedroom house within walking distance of UCC can generate gross rental yields of more than 10%, exceeding returns reported elsewhere in Cork city and Dublin. This suggests that the student rental market operates differently from the wider residential sector. While some of the yield premium may reflect higher risks and management costs, persistent accommodation shortages may also play an important role.
Our independent analysis focused on the private student rental market rather than purpose-built student accommodation. The UCC catchment area was defined as the principal student housing area within walking distance from the university campus and included neighbourhoods traditionally associated with student occupancy. Rental listings were obtained from Daft.ie, while property sales prices were sourced from the Property Price Register.
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From RTÉ Radio 1’s Oliver Callan Show, UCC students Dylan Hegarty and Aaron O’Sullivan on how they’re helping their fellow students ease the loneliness of moving to a completely new place
Because the student rental market operates on a nine-month academic year, the gross rental yield calculation reflects discounted summer income at €400 per room per month for the three months outside the academic term. Estimated gross yields were calculated for each property category (2-bed, 3-bed, and so on) and should not be interpreted as net investor returns, since they exclude costs such as maintenance, insurance, tax, and financing.
The analysis of 406 rental listings and 213 residential sales between 2020 and 2025 found that properties in UCC’s principal student catchment area achieved an estimated average gross rental yield of 9.6%. By comparison in Q4 2025, gross residential yields ranged from 6.8% to 8.3% in Cork city and from 5.7% to 7.6% in Dublin city.
The contrast is particularly evident among four bed houses. We estimate that four-bed properties in the UCC catchment area generated an average gross rental yield of 10.3% between 2020 to 2025, compared to 5.7% in Dublin and 6.8% across the wider Cork city market. Whilst some variation in yields across location is expected, differences of this magnitude merit close examination.
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From RTÉ Radio 1’s Morning Ireland. Joe Caulfield reports on Galway students protesting over he cost of accommodation, as well the continuing shortage of suitable places to rent.
One explanation is risk. According to Eoin Ryan at Cushman & Wakefield estate agents, student-focused investment properties in the private student rental market are often viewed as carrying greater risk, due to higher tenant turnover, increased wear and tear and the greater management demands associated with frequently changing occupants. Ryan also pointed to an ageing housing stock surrounding UCC and that many landlords operating in this market are small-scale investors with limited property portfolios, restricting their ability to undertake major renovations and contributing to higher ongoing maintenance costs.
The broader housing context is important. Student accommodation shortages remain significant across Ireland. Sherry Fitzgerald reported a deficit of at least 38,900 bed spaces in Dublin, Cork, Limerick and Galway at the end of 2025, forcing growing numbers of students into the private rental market. More than half of students in a recent UCC survey identified housing costs as their “most significant source of pressure”, a pattern that extends nationally, with 80% of students at the University of Galway reporting difficulty finding accommodation.
However, the structure of the student rental sector may also be a contributing factor. Student properties are typically rented on a room-by-room basis rather than as a single home. In some cases, living spaces such as sitting rooms may be converted into additional bedrooms, increasing the potential rental income. This can contribute to higher yields particularly in areas where demand consistently exceeds supply.
From RTÉ News, students on how the cost of living crisis is affecting them
Recent changes to Ireland’s rental legislation may do little to protect students in university-area rental markets. On 1 March last, the previous Rent Pressure Zone (RPZ) framework was replaced by a national system of rent regulation, capping rent increases within existing tenancies at the lower of 2% per annum or the rate of inflation. But the legislation allows rents to be reset when a new tenancy begins, provided the previous tenancy ended because the tenant left voluntarily, breached their obligations, or the property no longer suited their needs.
Most student tenancies end simply because the student is moving on at the end of the academic year and this exception applies routinely in university rental markets. With student cohorts rarely remaining in the same property for more than one or two years, the cap offers little practical protection against rising rents for students, even as it constrains rent increases elsewhere.
In 2022, TCD provost Linda Doyle described Ireland’s student accommodation crisis as a national emergency requiring urgent government intervention. Despite continued political attention and repeated commitments to increase housing supply, the crisis remains unresolved four years on. The failure to address this crisis raises a broader question: are students being forgotten in Ireland’s housing policy agenda? Student accommodation shortages last only a few years for any individual, which may make it easier for policymakers to treat as a lesser priority within the wider housing crisis.
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From RTÉ Archives, Sinéad Crowley reports for RTÉ News in 1999 on a student protest in Dublin to highlight the lack of accommodation
Yet the consequences are not confined to students. Parents are often absorbing much of the financial burden and students unable to secure housing near their preferred university may face long commutes or turn down courses altogether. The cost also falls unevenly. Students from city locations may be able to live at home and avoid rental costs, but students from rural areas have no such choice adding a further, often overlooked, financial burden.
The housing crisis is complex and policy interventions take time to work. But four years after student accommodation was described as a national emergency, the high gross yields recorded around UCC still point to a simple reality: demand continues to outstrip supply. Student housing needs the same policy focus as the wider housing crisis.
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Tommy Atlantic O’Sullivan is a MSc Economics student at Trinity College Dublin. Dr Eimear McGeown lectures in financial reporting and entrepreneurial finance at the Department of Accounting and Finance at the Cork University Business School at UCC.
The views expressed here are those of the author and do not represent or reflect the views of RTÉ