I have a 3 bed rental property in a regional town rented to a family for the last 7 years. The house is in excellent condition. They are in RAS for the last few years. I received €750 per month for the last two years from the Council. I understand I am now entitled to increase the rent as 2 years has passed since the last rent increase. I emailed the council saying I was increasing the rent to €1350 based on the local market and citing 3 local examples of similar properties on Daft. The Council wrote back to me stating €1000 per month would be a fair rate in respect of the property. They also stated they are obliged to seek a discount of approx 8% on the normal market rent.
They have asked me to either A) accept the rent increase to €1000 or B) refer the case to the RTB for adjudication. The rent will stay at €750 until adjudication has been made.
I would like to maximize the return on my investment. Could I suggest to the council we meet half way and split the difference of €350 euro between us and set the rent at €1175 before getting the RTB involved? Does anyone here have experience of negotiating with the Council and whether they have further leverage once the offer a rental rate? Does anyone have experience of referring to the RTB? What is the likely outcome?
Thoughts and advice appreciated.
They have asked me to either A) accept the rent increase to €1000 or B) refer the case to the RTB for adjudication. The rent will stay at €750 until adjudication has been made.
I would like to maximize the return on my investment. Could I suggest to the council we meet half way and split the difference of €350 euro between us and set the rent at €1175 before getting the RTB involved? Does anyone here have experience of negotiating with the Council and whether they have further leverage once the offer a rental rate? Does anyone have experience of referring to the RTB? What is the likely outcome?
Thoughts and advice appreciated.