It could be done on a phased basis; but there's no political will to do that.impossible to get rid of
They could be kept for the tenant but not the property.It could be done on a phased basis;
You could say it happened through poor research in advance of deciding to become a landlord. With ever increasing legislation governing property standards and tenants rights, being a landlord is probably best avoided if you're not prepared to put the effort in. Perhaps you're lucky that the tenant is choosing to leave and you can sell up.I thought that I will increase price for new tenants but I find up on RTB website I can't increase than 2% from last tenant. No idea how happened .
Unfortunately for landlords, yes. There is now a considerable body of long term tenants enjoying significantly lower than current market rates, many of whom couldn't possibly afford what their landlords might think is a justifiable rent rise. Don't forget that even at the bottom of the market around 2011, a lot of tenants were still paying 1/4-1/3 of their after tax incomes on rent.They will have to keep them in place. That is the problem with rent controls, once they come in they are impossible to get rid of. Can you imagine the carnage for sitting tenants if rents were allowed to float. Sitting tenants benefiting from the controls could have their rents increase by 100%. It would be political suicide to let that happen.
Its unlikely to happen - the problem being is that many market rents are based on a very small number of properties, or properties that are quite disparate and not directly comparable. Its not a bad recommendation but it may not be in favour of landlords if it ends up pegging rents at the lower rather than the upper end of the local market. The second argument against this (usually by pro tenant groups) is the somewhat dubious claim that larger landlords have the ability to set market rent (an argument not backed up by fact as larger landlords make up only a small part of the market).The government commissioned the Housing Commission report, to be published today because it was already leaked.
One of the recommendations is to remove the existing RPZ system and replace it with it with one that pegs rent increases to a reference rent for similar properties in the area.
This recommendation could remove the existing 2 tier system between existing RPZ restricted rents and new rents in the same area for similar properties.
It's not like the government do not have access to a professional independent average rental index for rents in all areas of Ireland.
If I was the suspicious type, I would wonder if this had anything to do with the RPZ extension until after the national election in 2025!
Agreed, it would be a disaster for these tenants as their rents could double and even a 30%-50% increase would be unaffordable for them. On the other hand, these tenants are very much at risk of their landlord deciding to sell up. They are then competing for the few available rentals at higher rents. While we landlords complain about the market, it is a real mess for some tenants.Unfortunately for landlords, yes. There is now a considerable body of long term tenants enjoying significantly lower than current market rates, many of whom couldn't possibly afford what their landlords might think is a justifiable rent rise. Don't forget that even at the bottom of the market around 2011, a lot of tenants were still paying 1/4-1/3 of their after tax incomes on rent.
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