Have received a notification from Irish Landlord.com yesterday. Amongst various headlines was one saying "Minister for Housing Jan O'Sullivan (Labour) is in favour of introducing rent controls in Ireland. This is a system that limits rent increases to some independent indicators, such as the Consumer Price Index.
While various forms of rent control do operate in some other European markets is it really a viable solution to the growing shortage of rental properties? For example would it not be better and more sustainable for the government to invest in social housing, investment that has been lacking for many years.
Is it merely a short term reaction to a problem that needs wider discussion? Will the minister also introduce a cap on mortgage repayments on investments properties? Unlikely!
With the local elections coming up in May and politicians looking for votes now is the time to let your voice be heard!
With inspections on the increase and fines of €5,000 now is the time to ensure that your property is compliant.
There is a One Day Residential Lettings Best Practice Training Course taking place on Thursday 22nd May 2014
Topics include:Changes to Tenancies Act 2004
Dealing with over-holding
PRTB Case Best Practice
Find out more information Here
Rents on the increase in Ireland
The latest Quarterly Rent Index of the Private Residential Tenancies Board (PRTB) covering Quarter 4 of 2013, shows continued strong growth in Dublin.
On an annual basis this means that rents in Dublin grew by 7.6%, comparing Q4 of 2013 to Q4 of 2012.
In contrast, the market outside Dublin was more subdued, with 'outside Dublin' showing an increase of 1.1%, comparing Q4 of 2013 with Q4 of 2012. Some of the bigger urban areas outside of Dublin (eg Cork and Galway) saw modest increases while in many areas outside of Dublin rents declined.
The Irish rental market experienced a peak to trough decline of 26% between 2007 and 2012. Find out more Here