Ireland suffering ‘severe undersupply' amid 230k rental properties shortage as big investors lobbied Govt on rent reform
And the
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Last month, the Government announced changes that extended the two per cent rent pressure zone rule to the entire country for current tenants.
But the Coalition also changed regulations to enable landlords to reset rents for every new tenant –
The changes also introduced a new 'six year term' rule that enables a landlord to reset rent every six years.
Documents seen by The Irish Sun show the Irish Institutional Property group wrote to the Minister calling for landlords to be allowed to reset their
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Research by KHSK Economic Consultants on behalf of the IIP claims Ireland is suffering 'severe undersupply' of rental properties with a shortfall of between 160,000 to 230,000 rental units.
It found Ireland is 'less investor friendly than peer countries' and rent caps are 'suppressing market signals'.
The Community Action Tenants' Union wrote to the Minister warning that allowing landlords reset their rent price between each tenancy will create 'a new economic incentive for landlords to evict their tenants'.
The reforms were brought in to entice more international investment here to build apartments for rent.
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Figures released yesterday show that just 6,325 housing commencement notices were issued so far this year – compared to 34,581 in the first half of last year.
He said: 'The first quarter of this year, completions are up - and that is important.'
COST OF RENTING
Back in May, new figures showed that the cost of renting a home in Ireland is now over €2,000 for the first time.
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The average price of rent across the country rose to €2,053, according to Daft.ie.
This was 48 per cent higher than at the outbreak of the
In
The average
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BIGGEST INCREASE AREA
In the rest of the country, rent has climbed by 7.2 per cent to sit at €1,645.
On May 1, there were just over 2,300 homes available to rent nationwide, down 14 per cent year-on-year.
It is the third lowest number of homes available in the last 20 years and is half the average properties available from between the years of 2015-2019.
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The Government was warned there is a shortage of up to 230,000 rental properties
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43 minutes ago
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2 hours ago
- Irish Independent
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