The Institute of Professional Auctioneers & Valuers has called for the introduction of a tax incentive in the upcoming budget to encourage private landlords and builders into the property and homebuilding market.
The incentive it is proposing would be what it refers to as a 'Section 23' type tax relief.
"The relief would enable an investor to offset taxable rental income for buying a new property for rental purposes," Pat Davitt, IPAV's Chief Executive explained.
Under the previous Section 23 provision full rental relief was generally contingent upon the property being let for 10 years.
The organisation believes the parameters for the original Section 23 extended too far, leading to what it called unsuitable and inappropriate developments in many areas, and excessive lending for such developments.
However, tapering it would ensure that it 'delivers towards more specific needs', it said.
Mr Davitt said improving the pace and scale of housing delivery was critical for citizens, for the economy, and for 'social cohesion within our society.'
"The severe shortage of homes is universally accepted but debated primarily in political and ideological terms without sufficient attention being paid to market realities of what actually works to deliver homes, and at affordable prices," he said.
"A number of measures should now be initiated to stimulate investment, particularly by SMEs," he added.
The association also called for the introduction of a common tax rate of 30% to apply to all landlords, regardless of how many properties they own.
Private landlords currently pay about 52% of rental income in tax while institutional landlords have a far more favourable regime.
It also called for landlords in Rent Pressure Zones - on re-renting a property when a tenant leaves of their own accord - to be allowed charge market rent on the new tenancy.
IPAV would also like to see the introduction of a landlord tax allowance to mirror the Rent-A-Room scheme whereby up to €14,000 rental income is tax free.
