‘I wouldn't be able to predict', admits Minister on timeline for Ireland's sky-high rent prices to fall amid reform laws
HOUSING Minister James Browne has no idea when Ireland's sky high rent prices will start to fall – despite introducing a slew of major reforms to rental rules for tenants and landlords.
The average
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The number of new apartments to rent being built has collapsed in Ireland in recent years
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Minister James Browne said that the only way to bring down rent prices in Ireland was to increase supply
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At the same time, the number of new
Today the
Currently, rent pressure zone rules mean landlords in designated areas of the country can only raise their rent by two per cent per year.
However, there are a series of problems with this system with rents regularly climbing above this two per cent cap.
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The Government claims that this cap is also a deterrent for international investment
Today,
Firstly, the two per cent rent pressure zone cap will now be extended to the entire country for people currently living in existing rental properties.
However, this cap will not apply to newly built apartments.
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Instead, landlords who own newly built apartments will be able to increase their rent every year in line with
The third change will see new six year terms introduced for renters from next year with landlords able to 'reset' their rent to market value at the end of each six year term.
CHANGE TO RULES
The final change will see 'no fault evictions' outlawed for large landlords who own more than three properties.
This means these landlords cannot boot out tenants where there has been no breach of the rental agreement.
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Minister Browne said that the only way to bring down rent prices in Ireland was to increase supply.
The
Asked directly if he believes the price of rent in Ireland will fall over the next two years on the back of his new changes, Minister Browne said: 'I expect rents to fall over time. What that particular length of time is I wouldn't be able to predict.'
The launch of the new rules caused significant confusion in the
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'SACRIFICIAL LAMB'
Ironically, Minister Browne told the media that the changes were being introduced to 'simplify' rental rules.
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