Latest news with #rentalreform
BreakingNews.ie
36 minutes ago
- Business
- BreakingNews.ie
Rents in Ireland are ‘way too high', Housing Minister says
It is expected to take up to four years for rental sector reforms measures to begin to drive increased supply and dampen rising rents, according to a policy review. Minister for Hosuing James Browne said rents in Ireland are 'way too high' as he unveiled a new package of rent controls. Advertisement Mr Browne confirmed that rent pressure zones (RPZs) will be extended across the country. RPZs apply to areas of high demand and cap rent increases at 2 per cent per year. The RPZ system, which was due to expire at the end of the year, will in effect be extended nationwide from March and see all existing tenancies in Ireland come under a 2 per cent cap or inflation, whichever is lower. Rent increases in new apartment developments will be capped by inflation and not the 2 per cent cap to incentivise new development of such properties. Advertisement The policy direction being taken by Government broadly follows recommendations from the Housing Agency following a review of RPZs. Asked whether these proposals would reduce average rent costs in Ireland, the Minister said he expected rents 'to fall over time' but would not comment over what time period this would happen. 'This is not being presented as a silver bullet. This is to strike a balance, to bring clarity and to bring certainty,' Mr Browne said. However, the Housing Agency has predicted that the dampening effect on rising rents from increased supply will not be felt until the 'longer term' as it will take years for investment decisions around the building of new apartments to be made. Advertisement It said standardised average rents are actually expected to increase in the short term but the measures 'should act as a stimulus to investment' and improve the retention of smaller landlords in the market, which is particularly important outside of Dublin where institutional landlords are not present. Its report states: 'It will take at least three to four years for this investment to result in more homes being built, but in the longer term any increased supply of rental properties should have a dampening effect on rising rents.' On the other hand, officials otherwise expect rent to track upwards in the absence of increased supply. Rent pressure zones (RPZs) apply to areas of high demand and cap rent increases at 2% per year (Alamy/PA) Mr Browne said that financial investors currently 'won't even look at Dublin' because of the 2% RPZ cap, which will be lifted for new apartment developments and replaced with the inflation limit. Advertisement On Tuesday, Cabinet agreed to legislate for Mr Browne's swathe of new rent and tenancy reforms. New tenancies created from March 1 2026 onwards will be set at market value and offer six-year minimum rolling tenancies. At the end of the six-year tenancy, the rent can be reset and 'put back to the market', meaning the first series of rent resets under the reforms will take place in 2032. Large landlords, defined as having four or more tenancies, will be banned from carrying out no-fault evictions for tenancies beginning from March 1st, 2026. Advertisement A small landlord can end tenancies via a 'no fault eviction' in limited circumstances, such as economic hardship or to move a family member in, but if they do that, they cannot reset the rent. 'If there is a dispute between a landlord and a tenant on what the market value is, they can go to the Residential Tenancy Board (RTB) for adjudication,' Mr Browne said. 'A tenancy of minimum duration of six years is a real leap forward for tenant protections in return for allowing landlords to reset rent.' The Department of Housing said that all landlords can end a tenancy where there is a breach of tenant obligations or where the dwelling is no longer suited to the tenants. The cut-off point between a small and large decision is understood to have been a political decision around distinguishing 'accidental' landlords with one or two properties from those engaged in 'business activity'. The Department also said that all landlords will have the right to reset rent where the rent is below market at the end of each six-year tenancy, unless a 'no-fault eviction' occurs. The new measures are designed to see a reduction in no-fault evictions. 'Resetting of rents will not be allowed following a no-fault eviction. Rent resetting will only be allowed where a tenant leaves a tenancy of their own volition or has breached their tenant obligations,' Mr Browne said. The minister added that rent resetting would not be allowed during any tenancy created on or before 28 February 2026 due to the uncertainties it would cause for those with existing tenancies. Asked about who would police whether the ban on resetting rents except in the case of no-fault evictions is being adhered to, Mr Browne said it would be the Residential Tenancies Board (RTB). 'I would hope that people will report landlords who are breaking the law in this respect,' he said. He said he was engaging with the Attorney General on what level of fines can be imposed on landlords for breaking eviction rules. He said they should be 'higher' and 'substantial' but there are limits in increasing fines before it crosses into the jurisdiction of the courts. He said he would also 'like to see' a rents register that would bring transparency to what a property had charged in rent previously. 'Our rents are way too high in this country, we know that. We know the only way to address that is increasing supply, so we have more competition, and then you will start to see rents go down.' It is expected the RTB will require increased resourcing to monitor and ensure compliance with the new measures, with an understanding that there have been cases where landlords have abused the current system around evictions and rent increases. Meanwhile, it is understood a new Housing Plan being developed by the Department will not be ready before the Dáil summer recess in July.
Irish Times
7 hours ago
- Business
- Irish Times
Landlords could face stiffer fines for breaking rent rules
The Government is considering higher fines for landlords who breach rental rules in the wake of cabinet approving plans to overhaul the sector. Government on Tuesday agreed to extend Rent Pressure Zones (RPZs) across the country while also allowing higher rent increases in new-build apartments. Minister for Housing James Browne said the level of fines was being looked at to see 'how much can we increase those fines'. However, he was not yet able to say what level the higher fines might come in at. There was a level after which it would be more appropriate for the courts to impose a fine, he said, rather than the Residential Tenancies Board (RTB) which is to be responsible for policing the new regime. READ MORE Briefing reporters after Cabinet on Tuesday, Mr Browne was unable to offer a specific timeline on when he believed rents would come down, saying it would only happen after increased supply and investment which he believed would follow from the reforms agreed. He would only say he expected rents to fall over time. 'What that particular length of time is, I wouldn't be able to predict,' he said. The new rules will allow rents in new build apartments to be raised above the current limit of 2 per cent after six years, while also ending 'no fault evictions' for landlords with four or more tenancies. Under the new rules, the circumstances where a smaller landlord can evict someone in order to move in a family member will be tightened. A restriction will be introduced on an eviction being allowed only when an immediate family member needs the accommodation, or when the landlord is facing bankruptcy, insolvency or 'some other particular hardship'. If a landlord exercises their right to break a tenancy, they will not be allowed to reset the rent, Mr Browne said - meaning there would not be an economic incentive to engineer an eviction. All landlords will be able to sell a property with the tenant remaining in situ at any time. Landlords will not be allowed to reset rents during tenancies created before the end of next February. The Minister also said there would be further funding and support for the RTB which will be tasked with enforcing the rules. 'The Government wishes to put the sector on notice today that from the 1st of March 2026, stronger tenant protections will apply,' he said. From next March larger landlords - classified as those having four or more tenancies – will not be able to put a 'no fault' eviction in place. Mr Browne said tenancies will be for an unlimited time, with a 'minimum duration' of six years, which he said would be a 'real leap forward' for tenant protections. Under the reforms, only new build apartments will be able to increase rents by more than 2 per cent currently allowed under the Rent Pressure Zone legislation. This will be limited to increases equivalent to the rate of inflation at the time. That will only apply to apartments being commenced from today, so it will be several years before these units come to the market. 'The changes I'm making today will have a significant impact for our rental sector, making much needed investment more attractive while strengthening the protections and providing greater certainty for renters,' he said. He said there was a 'fine balance' to be struck as the State aims to attract investment in the apartment building sector while ensuring fair treatment for tenants. Mr Browne is promising a suite of further measures, including planning extensions and planning exemptions in the coming weeks. 'This is not being presented as a silver bullet. This is to strike a balance, to bring clarity and to bring certainty,' he said. 'Without all of these things we cannot ramp up the supply needed, and I'm determined and ambitious to get this right.'
CNA
5 days ago
- Business
- CNA
GP operators raise concerns over high bids potentially spiking rental prices
GP operators have raised concerns that a monthly rental bid of over S$52,000 for a Tampines lot could spur their own landlords to increase prices. Doctors and one industry group representing more than 700 small businesses are calling for rental lease reforms so that healthcare costs do not surge for patients. Sabrina Ng reports.
Daily Mail
18-05-2025
- Business
- Daily Mail
BREAKING NEWS Huge changes to impact millions of renters in Australia: What you need to know
Landlords will no longer be able to evict tenants without good cause, marking the end of no-grounds evictions, a reform designed to provide security for millions of renters. The reform came into effect on Monday, alongside two other key changes introduced under the NSW government's latest rental laws. Premier Chris Minns described the changes as significant, saying it brings the 'rental market into the 21st century'. 'These are sensible reforms. With more than two million renters in NSW and over 600,000 investors, we have taken the time to get these major changes right,' he says. The reforms, announced in March, have been labelled a win for the economy, promising better prospects for young workers in one of the world's most expensive cities. Tenants will also be able to apply for a pet, with owners only able to refuse the request for specific reasons, such as the owner living at the property. Approval will be automatic if owners do not respond to pet applications within 21 days. Owners and agents must also provide certain fee-free rent payment methods such as direct bank transfers to renters. Housing minister Rose Jackson believes the reforms are the biggest step forward for renters in a generation. 'These reforms recognise that pets are part of people's families,' she said. 'Renters shouldn't have to choose between a place to live and keeping their companion animal. These changes put common sense into the rental system and end the blanket ban on pets.' Victoria recently passed similar laws in March, which included a complete ban on evictions without a reason. South Australia and the ACT have already banned no-grounds evictions for both periodic and fixed-term tenancies, while Queensland and Tasmania have put a stop to only the latter. Western Australia and the Northern Territory allow no-grounds evictions for all tenancies.
