Changes to rent controls announced - thread for clarifying

bipped said:
So a reset of rent for a new tenant in a below market rate dwelling is just deferred to year 7 instead of at the start of the tenancy? (Unless other changes happen in the meantime)
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But current below market tenancies can't reset at year 6 (2032) if the tenancy continues to then?
 
This sounds unusually generous, a small landlord with any debt at all can evict to sell at any time if the debt is at least 15% of the value of the property?
 
Greenbook said:
This sounds unusually generous, a small landlord with any debt at all can evict to sell at any time if the debt is at least 15% of the value of the property?
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It's what I understood based on an article in the irish Times and a report on Prime Time last night. I was also surprised
 
Market rent from March will be based on the RTB register:

“The Bill will strengthen the provisions relating to the determination of market rent. When resetting a rent, a landlord will continue to be required to demonstrate that the market rent is fair having regard to similar properties in that area, by utilising the more specific information on the Rent Price Register to be published”
 
bipped said:
that the market rent is fair having regard to similar properties in that area
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When I was a boy....a seller listed the price for a product or service and then waited......if another person of their own free will decided to enter into a transaction at that agreed price the price was fair cause two consenting adults had agreed it themselves.......now an external third party (RTB) is the judge of what's fair?

This is not progress, its regression. If the price of something is too high the answer isnt to artificially depress the price. High prices scream undersupply and the cure for high prices, in a market economy, is actually high prices because it elicits a supply response.

We are coming up to a decade now of this government trying to hide high prices under the mattress with price controls - which has led to, you guessed it, a completely flat supply curve of new housing during a housing crisis.....they just couldn't let high prices & high profits do what they always do in capital intensive & long lead time industries like housing which is generally they lead to a wave of new participants and new supply....if your a socialist you should like capital cycles (hint: the capitalists get hurt in the end and loose their shirt as too much capital goes in and that tanks prices).

That should be a socialists dream - lots of supply, low prices and capitalists getting hurt in the end. The one thing socialists cant get over is the bit in the middle where the capitalists make a tonne of money! They find that bit so distasteful that a few could get so wealthy that they'd rather the many suffer on in a country short hundreds of thousands of new homes.
 
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letitroll said:
flat supply curve of new housing during a housing crisis
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Haha, yes, the housing crisis. A bit off topic here but it always makes me wonder how we managed to build 200k+ homes from 95-99, then 75k a year from 2000-05 and another 93k in 06 and again in 07. We had a million less in population yet we managed to build multiples of what is being built today. There was no supply issue of homes for buyers and no rental property crisis either. Plenty of homes for citizens, lots of construction jobs and all the associated businesses. Back then it was local developers who were depicted as the evil, greedy, gougers who had to be reined in and when they all vanished the supply of new homes dried up. Now it’s the turn of traditional landlords to feel the heat and if they keep leaving, that supply will be gone for ever.

What’s going on? Maybe it is just begrudgery after all. It seems that some folks hate to see one group of our fellow citizens making a bit of profit from their endeavours - farmers, publicans, builders, landlords, airbnbers etc etc. Can’t be having that sort of thing at all. Wonder what will be next.
Edit: spelling correction.
 
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And leaving they are. There are currently 18 Apartments for sale in Wexford Town. I sold an apartment there early last year and there were only 6 or 7 for sale at that time. Just wait until all the Notices of Termination that are in the system serve out their time.
 
I am getting several alerts a day for what was my target locations. Maybe timing of year post Christmas but seems very high. All look like ex rentals.
 
bipped said:
begrudgery
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Warren Buffet says it isnt greed that runs the world, its envy...and he's right.....begrudgery being the child of envy.

Its hard to know if we can ever tack back to market solutions - the FDI windfall funding AHB's and the myriad of other Government 'activated' housing is papering over a lot of terrible policy choices.....the embarrassment of FDI riches is being squandered on activities that the private sector would happily engage in instead....the opportunity cost associated with spending billions on something you didnt need too is just immense.
 
LarryScott said:
As expected, "market rent" actually means whatever the RTB says it means. It seems very plausible that "market rent" will be much lower than actual market rent.
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Soon I’m going back to market at market rent after major renovation. Then my rent will set the market rent for my city location. There is not a single property comparable to another, it’s a highly rentable area within 10 min of center, the RTB will not be able to use any market rent lower than mine. Because mine is real. I’ve been told by auctioneers I’m at the ceiling of top rents. For one beds. That you can’t get higher.
 
Bronte said:
the RTB will not be able to use any market rent lower than mine. Because mine is real. I’ve been told by auctioneers I’m at the ceiling of top rents. For one beds. That you can’t get higher.
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Isn't this rather like waving a large red handkerchief at an angry bull?

The RTB recently said that being an outlier doesn't necessary mean that the landlord is doing anything wrong. That sounds like code for we'll investigate you. Sinn Fein and the other left wing parties will be making huge noise about rents doing up, so the RTB will be looking to have prosecutions in the offing to show that they are working hard to insure that increases are kept low
 
Greenbook said:
Sinn Fein and the other left wing parties
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FF/FG have effectively built all the price control socialist infrastructure that SF & left will need to drop the hammer as soon as they get near Government.....reference rents, large landlords, small landlords, country blanketed under an RPZ in its totality.......I'm not sure what's left for SF to do when they get into power except minor tweaks on top of what FF/FG built for them...maybe issue a few press releases from Merrion Square and nuke what remains of the private property sector.
 
LarryScott said:
As expected, "market rent" actually means whatever the RTB says it means. It seems very plausible that "market rent" will be much lower than actual market rent.
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I wonder how this will work for Cost Rental properties offered by AHBs, considering these are included in the RTB figures.

Currently they have to offer properties at least 25% below market rent. A 2 bed cost rental recently was advertised in my town for EUR1650, which with a 25% discount would equate to a market rate of EUR2200 (which currently looks about right for the few full price rental properties I see advertised on Daft).

If the 'market rent' allowed by the RTB ends up being lower than true market rent due to having to use the rent register or whatever method, I wonder if the AHBs will be restricted in the same way.
 
I'm jumping in here as my query relates to rent controls but maybe a bit different to other queries.

Our one bed apartment has been off the market now for 6 months as the tenant left and we used it for family while also putting in a new bathroom, painting and decorating etc. It was previously under market rent at 1450 and now all 1 beds in the area are at 2100 and 2200. My question is if I let it out now before 1st March, can I put the rent up to current market rate or have I to wait until March to do that and then be bound by the new rules? I keep getting different answers to that question so I hope someone here can enlighten me. Thanks.
 
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