Can I let my apartment to someone for the next 4 months?

Discussion in 'Property investment and tenants' rights' started by PaxmanK, 29 Dec 2018.

  1. PaxmanK

    PaxmanK Frequent Poster

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    A guy I used to work with in the UK has asked me to rent my apartment in dublin to his parents for 4 months at a fantastic rate.

    Now the property used to be rented but for obvious reasons has been empty for some time.

    If I rent it to this person for 4 months am i still under rent control or can I accept what he wants to pay me for it. Do the RTB have any say at all? If they do (rent controls) I would rather pass, and leave it empty, but if it's just an agreement between myself and the couple then I would be happy to give it to them for the price they are offering for the 4 months?

    Anyone got any advice on if I can do this or not?

    Thanks
     
  2. Feemar5

    Feemar5 Frequent Poster

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    According to the PRTB you are legally supposed to register a tenancy with them and if your property is in a rent pressure zone I understand there is a maximum rent for every type of house/apartment. A consideration for me would well do you know this person and why do his parents only require the property for four months. You have to think about possible problems such as if they stop paying rent and refuse to leave, who pays electricity etc., You will also have to notify your insurance company that your property is now rented. On the other hand if you are satisfied that there is a genuine reason for the 4 month rental it would appear to be too good to turn down.
     
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  3. PaxmanK

    PaxmanK Frequent Poster

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    Thanks for the reply.
    They are getting renovations done on their own house so they will be moving back into it when thats done.
    They'll pay electricity and any bills.
    Insurance wont be a problem at all.
    This should be for all intents and purposes exactly the same as someone airbnbing it for 4 months.

    If it has to have anything at all to do with the RTB though i'll just forget it. They are just a road to tears and red tape. God knows new legislation appears again in the middle of it just to p1ss me off and probably effect the resale value of the property down the line.
    Or some case that they concoct against me themselves to make me a criminal.

    Surely there has to be a way around getting that shower involved. Neither I nor the people who will be staying there want their involvement.
     
  4. Sarenco

    Sarenco Frequent Poster

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    It’s not “obvious” to me why your apartment has been empty for some time. Maybe you could clarify the circumstances.

    In any event, a 4-month tenancy is not exempt from the RPZ regime if that’s your question.

    Why would the RTB need to be involved (beyond obviously having to register the tenancy)?
     
  5. PaxmanK

    PaxmanK Frequent Poster

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    Obviously government interference, rent controls, red tape changing the rules on regular basis, allowing rogue tenants tenants to destroy property owners. Locking rent to lower levels because the landlord has been good to tenants in the past. A one sided system where tenants can ignore all laws and agreements made with no consequences but a landlord can be made a criminal for taking the amount of rent offered by someone who would really like to rent their property from them. If you dont see that I cant really help you see why people are taking properties off the rental market and want nothing to do with the RTB racket. Some people still believe the earth is flat even though it should be obvious that its not to them.
     
  6. Sarenco

    Sarenco Frequent Poster

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    Yes but that doesn’t explain why your apartment is empty.

    Why don’t you just sell the apartment if you want to exit the property rental business? It hardly makes sense to just leave a property sitting idle.

    Anyhoo, the answer to your original question remains the same - the rules of the game (whatever you or I might think of them) continue to apply.
     
  7. PaxmanK

    PaxmanK Frequent Poster

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    That is exactly why my apartment is empty. Its just not worth it to rent it under the current regime.
    Why would I sell it if I dont need to? Worse case scenario of just keeping it is it just sits there for most of the year.
    Kids going to college soon and it will become useful then anyway. Also it will help to get the kids out of the house when we want our own space.
    And if we move back to the uk at lease we have somewhere in Dublin to stay when we come back to visit friends. At the moment anyne in the family uses it if they need it anyway.
    It would be nice to get an income from it, but under the current regime risk/reward doesnt add up at all.

    Anyway I did want to keep it all above board, but I have one proposal from the couple that will work for me, but I didnt want to go down that route as it isnt above board. Bottom line is they want to rent the apartment. I am happy to rent it to them, but government interference is the problem.

    Its would actually be less risky for me to take the money as cash and not inform anyone including revenue, than to risk letting the RTB know anything about it at this stage. What a sorry state the property rental business is in. Go figure.
     
  8. Gordon Gekko

    Gordon Gekko Frequent Poster

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    If it was me, I would take this opportunity to register the tenancy at what’s an attractive rent from your perspective. I’d pay my tax and at least have the favourable rent documented as linked to that property.
     
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  9. PaxmanK

    PaxmanK Frequent Poster

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    Problem is Gordon that it's been rent locked far below market rate by the current Rpz scam. So much so that if I sell it now it would surely effect the value terribly. If I break the rent lock I'm a criminal.

    So if I took the rent they are happily offering and told revenue then I'm guessing the rtb will get hold of that and fine me a fortune or else send me to jail for all I know.

    I would like a way to keep it all above board but it's like it's actually easier to take the rent offered in cash and just say nothing to anyone, including revenue. A very sad state of affairs.
     
  10. Feemar5

    Feemar5 Frequent Poster

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    After the four months rental to your friend's parents is Air b/b an option for you? I feel you should come clean with Revenue as if you are caught there will be penalties. I agree that the Rent Control system is a problem for landlords, especially good ones who did not increase the rent to good tenants and now when they leave the landlord is forced to rent at below the going rate.
     
  11. PaxmanK

    PaxmanK Frequent Poster

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    Last edited: 30 Dec 2018
    It's not rented now and this rental came to me, but it's too good to turn down. I've no intension of renting it out after this 4 months again. At least not under the current rent rules anyway.

    I know what I'm going to do now. I was just hoping there was a different way.
    Thanjs for your thought guys.
     
    Last edited: 30 Dec 2018
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