Is it time for private landlord to exit the rental market in RPZs?

They don't want LLs interrupting
Premos said:
I think if you are in a RPZ zone, with a RPZ price (in Dublin, the first rent freeze was in 2015), it's a very difficult investment to justify. I have one, I keep it because I have children who will probably need it in the next 4 years. But we are trying to make sure our renters are short-term to be in a position to review our situation easily. Not a good yield at the moment. But it's paid and we don't have any other mortgage. The fact that we bought it relatively cheap also helps. I recently gave my renters their rent review. I was allowed to increase by 25 euros. And looking for comparable properties on daft to complete the rent review, all were at least 5 to 600 euros more expensive. Frankly ridiculous at this point. They are leaving in a few months so our options are sell, keep it renting and have it for our children in 4 years time or leave it vacant for 2 years.
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The idea (IMO) is to make rentals less short term less ad hoc. More like Europe where people can be decades in a rental.

Which is fine but they should have gradually introduced it. Not blindsided landlords with it.
 
AlbacoreA said:
They don't want LLs interrupting


The idea (IMO) is to make rentals less short term less ad hoc. More like Europe where people can be decades in a rental.

Which is fine but they should have gradually introduced it. Not blindsided landlords with it.
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I don't think there was any long term thinking at all about it. In 2015, rents started to increase quickly after the huge drop during the crash. The public complained. So a rent freeze was imposed and then temporary rpz. As it did not help, they were expended and modified. It was just reactionary. Now we have 2 parallel universe with low rents for some (my apartment would have rented for more than currently in 2007) and extremely high rents for the others.
 
I didn't mean when the RPZ were created. I mean thats the thinking now.

The idea that the LL can re-purpose property as it suits them will become obsolete. Irish rentals are changing from being short term solution to very long term rentals.
 
In terms of length of rentals, with the current tenant, we definitely had a short term approach and we would probably have the same approach for the next one. That was the first time. And we had 3 previous tenants. The maximum they stayed was 3.5 years. They all left on their own accord. I think focusing exclusively on long-term is actually not reflecting the reality for a lot of renters and what they are looking for at least until now. I agree that politicians focus exclusively on that but we came across renters who actually wanted to be temporary.
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Premos said:
In 2015, rents started to increase quickly after the huge drop during the crash.
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I was a tenant during the 2008-2012 crash and enjoyed a stable income and negotiated a 25% cut in housing costs. It was awesome!

Many landlords at the time faced utter misery with mortgages they could no longer service due to falling rents. Public policy basically did nothing for them.

Certainly the rise in rents 2012-2016 did no more damage to tenants than the prior crash had done to landlords.
 
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