Residential Tenancies Board to seek extra €5m funding ahead of rental market reforms
Residential Tenancies Board
(RTB) is seeking an extra €5 million in funding this year as it prepares for the introduction of the Government's reforms of the
private rental market
.
In addition, RTB chairman
Owen Keegan
will tell the Oireachtas Committee on Housing the agency's initial assessment of its funding need for next year will be 'substantial' as a result of the changes.
The Government plans, due to kick in from next March, include national
rent
controls, an end to 'no-fault' evictions for tenants whose landlords own four or more properties; and allowing landlords to reset rent to the market rate when a new tenant moves in or after six years.
The RTB regulates Ireland's rental sector and Mr Keegan is to tell TDs and Senators that it is 'currently operating under significant pressure'.
READ MORE
In his opening statement, he will say the organisation's workload has 'greatly increased' in recent years and sets out how the 'recently announced changes to rental law will generate significant additional demands on the RTB'.
The RTB is said to be engaging in 'positive discussions' with the Government 'on the need for additional resourcing to prepare for these changes.'
It has submitted 'a detailed business case seeking approximately €5 million of additional funding in 2025 to address digital infrastructure deficits.'
'Critical resourcing and regulatory issues' highlighted by the RTB include: 'The need to develop a new tenancy registration system to track additional information needed at point of registration under proposed changes.'
Mr Keegan will say there is also a 'need for a new team within the RTB to verify and monitor Notices of Termination due to new rules on no-fault evictions and resetting to market rent' and a need for increased resourcing for the RTB's compliance and enforcement team.
The committee will also hear from housing charity Threshold, the Institute of Professional Auctioneers & Valuers and the Irish Property Owners Association.
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