Mountain Man1
Registered User
- Messages
- 6
Hi Brendan et al,
This is my first time to post a message so I hope I am posting in the appropriate section. I am writing this piece re forthcoming proposed rent controls from an accidental landlord perspective so would appreciate your thought on a dilemma I see down the road next year for myself and my current tenants who are on rent support. This is based on purely what I am hearing at the moment in the news etc.
I am what you would class as an accidental landlord for the last 8 .5 years and have an investment property in Dublin. During this period I have been on an interest only mortgage which is up for review next Feb with the bank . Over a number of years I had to gradually reduce the monthly rent by €100 each year due to tenants coming & going coupled with market forces at various times over that period. In essence, I had to put forward €600 or so from my own pocket just to meet interest only . No different to any other landlords in similar circumstances & I fully accept my responsibilities etc .As market conditions improved I have gradually increased monthly rent back by €100 - always in line with market conditions and have examples of properties in local area as evidence or even reached out to local estate agents for validation. For the last 4 years or so I have had tenants on rent support.
Here lies my issue - I now see that my investment property is €100 or so below market conditions in the local area and have had this verified by local estate agency and sites like Daft.ie .I was planning to increase the rent by a further €100 next May when tenancy comes up for renewal.I cannot continue to absorb €100 as I have recently become unemployed , have v young kids etc. I see a dilemma down the road her for both my self and the current tenants who are a family on rental support with me for the last 2 years. It looks like I will not be able to increase the rent next year and I will likely have no alternative but to end the tenancy and advise tenants I am selling up but only to rent it back out 1 month later at the higher rent of €100 to new tenants. For some reason I think you are going to see more landlords consider the same approach. However, if there was going to be some provision in the new legislation to be approved by cabinet that will conversely allow landlords who are renting a property below market value at the moment to have the right to increase the rent to market conditions at time of next tenancy review . I would personally prefer them to stay next year but in line with rent at market conditions.
I suppose I would appreciate your thoughts & insight on this scenario and do you see this approach happening with some landlords next year ?
This is my first time to post a message so I hope I am posting in the appropriate section. I am writing this piece re forthcoming proposed rent controls from an accidental landlord perspective so would appreciate your thought on a dilemma I see down the road next year for myself and my current tenants who are on rent support. This is based on purely what I am hearing at the moment in the news etc.
I am what you would class as an accidental landlord for the last 8 .5 years and have an investment property in Dublin. During this period I have been on an interest only mortgage which is up for review next Feb with the bank . Over a number of years I had to gradually reduce the monthly rent by €100 each year due to tenants coming & going coupled with market forces at various times over that period. In essence, I had to put forward €600 or so from my own pocket just to meet interest only . No different to any other landlords in similar circumstances & I fully accept my responsibilities etc .As market conditions improved I have gradually increased monthly rent back by €100 - always in line with market conditions and have examples of properties in local area as evidence or even reached out to local estate agents for validation. For the last 4 years or so I have had tenants on rent support.
Here lies my issue - I now see that my investment property is €100 or so below market conditions in the local area and have had this verified by local estate agency and sites like Daft.ie .I was planning to increase the rent by a further €100 next May when tenancy comes up for renewal.I cannot continue to absorb €100 as I have recently become unemployed , have v young kids etc. I see a dilemma down the road her for both my self and the current tenants who are a family on rental support with me for the last 2 years. It looks like I will not be able to increase the rent next year and I will likely have no alternative but to end the tenancy and advise tenants I am selling up but only to rent it back out 1 month later at the higher rent of €100 to new tenants. For some reason I think you are going to see more landlords consider the same approach. However, if there was going to be some provision in the new legislation to be approved by cabinet that will conversely allow landlords who are renting a property below market value at the moment to have the right to increase the rent to market conditions at time of next tenancy review . I would personally prefer them to stay next year but in line with rent at market conditions.
I suppose I would appreciate your thoughts & insight on this scenario and do you see this approach happening with some landlords next year ?