I can’t be bothered to increase the rent !!!

[DannyBoyD]

take me a while to get back the rent foregone

If you double your rent then in 2 years on the new rent you've recouped your loss. After that you are back in profit again.

Example (made up figures)

Annual rent - 10k
2 year loss while empty - 20k
Relet at 20k per annum
After year 2 at new rent - loss recouped
Year 3 onwards - profit.

this is very much 'back of an envelope' figures, you'll have costs such as LPT, insurance, low level heating etc.

As a business choice, its a reasonable investment.
Edit corrected figures

 

[misemoi]

Is the payback not two years? Over a four year period, you will either earn 40k by 10*4 or 40k by 0*2 plus 20*2.

 

[Luternau]

If you double your rent then in 2 years on the new rent you've recouped your loss. After that you are back in profit again.

All thing being equal, new rent would be just under double. Breakeven early in yr 5 (so just over 2yrs of new rent). All gross figures.

The irony of RPZ restictions is where rooms are being let by the primary tenant for similar sums as the capped rent for the whole property. I know of one such scenario. Tenant has zero cost on this income because their landlord has primary responsibility. All tenants income is tax free too.

 

[GAAmam]

All thing being equal, new rent would be just under double. Breakeven early in yr 5 (so just over 2yrs of new rent). All gross figures.

there are insurance implications for leaving a property vacant; its not that simple to just leave the rental property vacant. Landlord is supposed to notify the insurance company if the property is vacant for more than X number of days

 

[Premos]

I have also considered leaving our property vacant. As I have young adult children, my "plan" to get out of the RPZ zone is to rent it to them in the next few year! Realistically, if they decide to stay in Ireland, they would probably want to be based in Dublin. Once they don't need it anymore, I will review the situation.

 

[Luternau]

there are insurance implications for leaving a property vacant;

I am aware of that and it's not an issue.

It won't be vacant for two years, just not let for two years to comply with RTB conditions. I will stay over while door the renovations (and save thousands in the process too).

It will never be unoccupied for anything near 30 or 45 consecutive days, as stipulated in policy terms. There is also vacant home insurance available.

Your situation (in D6w) is very common. Hopefully the RPZ or caps are reviewed. I wont hold my breath.