Moving into my rental property - how long till I can rent at market rates?

I

irishabroad2

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Hi

I currently live abroad. I've been considering moving back to Dublin for 3 months because I would enjoy it, and in addition I could serve notice on my current tenant who's getting an excessively good deal on the rent.

If I move in for 3 months, is that enough time before I can put it back on the rental market at current market rates?

I'm sure someone's gonna accuse me of being immoral or something - but being a 'nice guy' got me stuck with a rent far too low for my property - lesson learned - thanks Mr. Coveney.
 
Welcome to AAM.

The short answer to your question is that you need to leave the property "unlet" for two years (assuming you don't substantially change the market value of the tenancy in the meantime) to (legally) avoid the RPZ cap.

If you want to terminate the tenancy on the "own use" ground you have to swear a declaration to that effect and you have to re-offer the property to your current tenants (at the current rent) if the property becomes available for rent within 6 months.

Now, you could terminate the tenancy on the "own use" ground (be careful to follow the formalities) and then put a few bob into the property (eg to improve its BER rating) and then offer the property at the market rate. Alternatively, you could terminate on the "substantial refurbishment" ground to achieve to same result.

Hope that helps.
 
Thanks for the information

What does it mean to 'swear a declaration'? Does that just mean I have an obligation to offer to the former tenants, or some thing more?

"If the property becomes available for rent within six months' - would a loop hole allow me to live in the property for 3 months, and then rent it out on airbnb for 3 months? After those 6 months could I return it to the long term market at market rents?
 
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Ah I think i misunderstand you - moving in for 6 months only means I don't have to offer to the same tenant. However a new tenant after 6 months would be entitled to the existing (low) rent - is that right?

So the ONLY way to increase the rent to market value is to refurbish - correct?
 
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Ok thank you. When I was checking daft for properties similar to mine I noticed 2 things. First there were hardly any (2 bedroom apartments in Dublin 1) and 2nd - a very large percentage were advertised as serviced apartments on weekly prices. Is this another option to get around the regulations - I could move in for a period and then rent my apartment out on the short term market at whatever short term rates the market can bear?
 
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