Tuesday, 22 December 2015

Changes to the Residential Tenancies Act and Introduction of the Deposit Protection Scheme

Irishlandlord.com has sent out an email a couple of days ago "Changes to the Residential Tenancies Act and Introduction of the Deposit Protection Scheme"

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.