Hi, 2 quick questions if ppl can help me please!
Have 2 bed apartment in Dublin rented out for €1400, which is below market rents of €1650, as tenants have been with me for 8 years. My current situation is that I need to increase the rents as much as possible for mortgage payments etc.
Last increase was to €1400 on 30th May 2016.
1. When can I give notice to tenants of increase, to maximize returns over the coming years? It's 4% increase right?
2. Is this new rental cap for 3 years only? What will happen after 3 years? Free to set whatever rents we want?
Many thanks
P
Have 2 bed apartment in Dublin rented out for €1400, which is below market rents of €1650, as tenants have been with me for 8 years. My current situation is that I need to increase the rents as much as possible for mortgage payments etc.
Last increase was to €1400 on 30th May 2016.
1. When can I give notice to tenants of increase, to maximize returns over the coming years? It's 4% increase right?
2. Is this new rental cap for 3 years only? What will happen after 3 years? Free to set whatever rents we want?
Many thanks
P