Changes to Residential Tenancies Act
The new Residential Tenancies Act
was signed in to law recently and represents the biggest change to affect the
rental sector in over a decade.
The legislation contains lots of
technical details which will significantly affect landlords and will greatly
increase the amount of paperwork and legal requirements to be complied with.
The new act brings into force the
legislation required for the commencement of the Deposit Protection Scheme
which will be operated by the PRTB.
The legislation contains numerous
measures many of which will be introduced on a phased basis and www.irishlandlord.com will
keep you updated as the changes take effect.
For now the key points to note
are:
- The new deposit
protection scheme has not yet commenced. For the moment there is no
immediate change to the handling of deposits.
- The notice period
for a rent increase has increased to 90 days. The legislation contains new
requirements to provide comparable market rents and other documentation to
tenants but this element of the act is not yet active.
- The notice periods
for tenancies over five years duration have increased.
- The rent can only
be reviewed every two years (as opposed to yearly under the old rules) For
example if a tenancy began in September 2014 the rent cannot be increased
until September 2016, under the old rules the rent could have been
increased in September 2015
2016 will be a challenging year for landlords and www.irishlandlord.com will
he here to provide the information you need. We are meeting with the PRTB to
clarify the new rules and will post the information on our web-site early in
the new year.
Landlord Training
The rental market is now
extremely complex with numerous rules and regulations to be complied with from
the Residential Tenancies Act, Rental Standards and Taxation rules.
In 2016 they will launch our
on-line Residential Tenancies Best Practice Training Course which will include
webinars and on-line materials.
To register your interest for
early bird pricing please e-mail info@irishlandlord.com
with training in the subject line
The rental market in the Republic of Ireland is becoming as complex as that in Northern Ireland and other European countries.