Rent Rules totally confused - Quick Query

Discussion in 'Property investment and tenants' rights' started by smurf, Jan 27, 2017.

  1. smurf

    smurf Frequent Poster

    Posts:
    67
    • In Nov 2015 rent increased from 650 to €750 (thinking that the 2 year window was/is in place)
    • If I wait to Nov 2017 ( I fear / anticipate area will be in a rent pressure zone as politically this would suit local TD's
    • Market values rose in 2016 to 850 heading towards 900
    • Tenants are in 5 years - no probelm
    • They have been quick to renegotiate rent downwards over the years
    • Rental market tight only 10 properties up for rent
    • I was hoping to increase to 830 slightly below level keeping existing tenants in
    Question
    Can I increase rent now?
    Do I have to wait to Nov 2017?
    If I increase to 830 am I locked in for 2 years again?

    Appreicate your advice


    Mea culpa Property is not recorded in PTRB - lapsed
     
  2. Sarenco

    Sarenco Frequent Poster

    Posts:
    3,339
    Hi Smurf

    I'm afraid you can only review the rent once every 24 months so, yes, you would have to wait until November 2017 to review the rent again and you would have to give 90 days notice of any increase.

    If the area is determined to be a rent pressure zone in the meantime, any such increase will be subject to the 4% cap. I'm afraid you have been badly burnt by these new rules.

    The RTB has published a good summary of the new rules:-
    http://www.rtb.ie/dispute-resolution/dispute-resolution/rent-reviews

    You really should (re)register the tenancy with the RTB - it's an offence not to register and you can't deduct any interest payments for income tax purposes if the tenancy is not registered.
     
  3. smurf

    smurf Frequent Poster

    Posts:
    67
    Thanks very much Sarenco
     
  4. Society

    Society Frequent Poster

    Posts:
    148
    If lease commences in march 2015 and I wish to increase the rent slightly. It's in a rent control area. Do I give 90 days notice form march 2017 I.e rent increases from June 2017 ? Just so I know in future could I have given the notice in December for the increase to take effect from march?
    Thanks
     
  5. Sarenco

    Sarenco Frequent Poster

    Posts:
    3,339
    Yes, that's correct.
    No, you can't review the rent until the end of the two years. Thereafter, you can review on an annual basis.