Hidden in an article about the cabinet approval for tenant right to first refusal to buy property from landlord, there was also mention of ‘private rental sector review’. Not sure who they included in the consultation process, but they did not consider the recent housing commission report, they did include its recommendations in appendix 4. https://www.gov.ie/en/publication/168d4-private-rental-sector-review/
They are ‘trying to retain small landlords’ while they ‘transition’ to another housing model but that is not possible when the RPZ is a ‘negative influence on future supply and investment’.
The average rent has increased from 1000 to 1600 over a 16 year period, approximately 450 per year or about 225 euro per year after tax. However, a new apartment rent is 2800 due to higher construction costs, yet no consideration is given to the higher maintenance costs of ‘exiting’ private landlords. Who is going to bear the higher costs associated with the proposed improved BER or rental standards for private rental properties?
Some feedback from the consultation process, ‘private rental sector is not and should not serve as alternative to social and affordable housing’, however ‘subsidies provide social housing supports to low income households renting a private dwelling’ to between 80k and 90k tenancies. This does not include the RPZ restricted private rentals where the landlord is subsidising his tenants.
This 80k to 90k tenancies is included in the 330k CSO numbers of private tenancies but the RTB cannot correlate that number, the RTB number of tenancies is approximately 224k. However, the RTB insist their rental index ‘ is the most accurate and authoritative rent report of its kind’, that does not correlate either.
If you are happy with a yield of about 5% and have 500k euro to invest, the RTB will tie you up in knots with regulations and rules. Words like RPZ price control, tenure and evictions, potential tax changes, enforcement and compliance just reinforces that this review does not have the private landlords best interests at heart.
Why are 25% of all house sales now private rental properties with landlords exiting the market? If the government is serious about investment in the private rental sector they know what is required, check out the appendix v with stakeholder feedback.
They are ‘trying to retain small landlords’ while they ‘transition’ to another housing model but that is not possible when the RPZ is a ‘negative influence on future supply and investment’.
The average rent has increased from 1000 to 1600 over a 16 year period, approximately 450 per year or about 225 euro per year after tax. However, a new apartment rent is 2800 due to higher construction costs, yet no consideration is given to the higher maintenance costs of ‘exiting’ private landlords. Who is going to bear the higher costs associated with the proposed improved BER or rental standards for private rental properties?
Some feedback from the consultation process, ‘private rental sector is not and should not serve as alternative to social and affordable housing’, however ‘subsidies provide social housing supports to low income households renting a private dwelling’ to between 80k and 90k tenancies. This does not include the RPZ restricted private rentals where the landlord is subsidising his tenants.
This 80k to 90k tenancies is included in the 330k CSO numbers of private tenancies but the RTB cannot correlate that number, the RTB number of tenancies is approximately 224k. However, the RTB insist their rental index ‘ is the most accurate and authoritative rent report of its kind’, that does not correlate either.
If you are happy with a yield of about 5% and have 500k euro to invest, the RTB will tie you up in knots with regulations and rules. Words like RPZ price control, tenure and evictions, potential tax changes, enforcement and compliance just reinforces that this review does not have the private landlords best interests at heart.
Why are 25% of all house sales now private rental properties with landlords exiting the market? If the government is serious about investment in the private rental sector they know what is required, check out the appendix v with stakeholder feedback.