Govt moves to change Rent Pressure Zones system
The Government is moving towards changing the current Rent Pressure Zones (RPZs) system ahead of a crunch Cabinet meeting on the matter next Tuesday.
Intensive discussions have already taken place on this politically sensitive issue between the Taoiseach, the Tánaiste and a number of ministers.
Further talks are set to take place on Monday night in advance of the Cabinet meeting on Tuesday morning.
The current legislation on RPZs caps annual rent increases at 2% or at the rate of inflation, whichever is lower.
However, it will lapse at the end of December and the Government is now likely to begin preparing new legislation which will change the present system.
This will, the Government believes, "give certainty to the market".
The Taoiseach has consistently stated that a stable climate has to be created to incentivise developers to invest in the domestic rental market.
Senior figures in the coalition believe that "doing nothing" is not an option and if the RPZs legislation is allowed to lapse, then it would be a return to market rents for tenants.
To avoid this, new legislation will be brought before the Oireachtas.
The Housing Commission last year recommended "reference rents" which would tie rates to local homes of a similar quality.
However, opposition parties have warned that any move to abolish the "modest protections" provided by the RPZs will be strongly resisted.
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Govt moves to change Rent Pressure Zones system
The Government is moving towards changing the current Rent Pressure Zones (RPZs) system ahead of a crunch Cabinet meeting on the matter next Tuesday. Intensive discussions have already taken place on this politically sensitive issue between the Taoiseach, the Tánaiste and a number of ministers. Further talks are set to take place on Monday night in advance of the Cabinet meeting on Tuesday morning. The current legislation on RPZs caps annual rent increases at 2% or at the rate of inflation, whichever is lower. However, it will lapse at the end of December and the Government is now likely to begin preparing new legislation which will change the present system. This will, the Government believes, "give certainty to the market". The Taoiseach has consistently stated that a stable climate has to be created to incentivise developers to invest in the domestic rental market. Senior figures in the coalition believe that "doing nothing" is not an option and if the RPZs legislation is allowed to lapse, then it would be a return to market rents for tenants. To avoid this, new legislation will be brought before the Oireachtas. The Housing Commission last year recommended "reference rents" which would tie rates to local homes of a similar quality. However, opposition parties have warned that any move to abolish the "modest protections" provided by the RPZs will be strongly resisted.
