I'd compromise. Reduce the rent slightly, but get them to sign a new longer lease. you are both gaining something.
Best advice I've seen on this thread so far
I'd compromise. Reduce the rent slightly, but get them to sign a new longer lease. you are both gaining something.
I'd compromise. Reduce the rent slightly, but get them to sign a new longer lease. you are both gaining something.
Landlords are prohibited by the Residential Tenancies Act 2004 from charging above the market rent for a tenancy. As asking rents have fallen by approximately 11% in the past year I don't think it's unreasonable for tenants to ensure that the rent they are paying is the going rate.
One could argue that the market rent is what you can get for a property and there are many variables to be considered i.e whats included with rent, location, fit out of property etc.
See section 24. (1) Regarding the basis of rental valuation for 'market rent'.
http://www.oireachtas.ie/documents/bills28/acts/2004/a2704.pdf
It basically is what I said no?
The reviewed rent under the Act is established by reference to comparable lettings evidence. If 'what you can get for it' exceeds the market rent as defined in the Act then there's a problem.
Yes but the rent already in existence is in the lease so has to be paid until the end of the lease and market rent as defined in the act isn't black and white and i would bet that both sides could provide comparables to back their claim to a fair market rent. I know what your saying is right in theory but in practice it's a different ballgame.
If you can provide indisputable, verifiable evidence that a previously agreed passing rent is in line with current market rents then all is well. However I believe that residential rents are falling, as does the CSO and the Daft.ie survey. Tenants should be aware that they are protected by the Act with regard to the rent they pay and they should verify that the aren't paying a rent above the market rent.
If you can provide indisputable, verifiable evidence that a previously agreed passing rent is in line with current market rents then all is well. However I believe that residential rents are falling, as does the CSO and the Daft.ie survey. Tenants should be aware that they are protected by the Act with regard to the rent they pay and they should verify that the aren't paying a rent above the market rent.
Does this mean that every month the landlord should be reducing the rent? Thats unworkable. If you sign a contract/lease you should be bound by the conditions of it, for the term. fine if you want to renegotiate say after a year, or 6 months. But not renegotiate every month.
If you can provide indisputable, verifiable evidence that a previously agreed passing rent is in line with current market rents then all is well. However I believe that residential rents are falling, as does the CSO and the Daft.ie survey. Tenants should be aware that they are protected by the Act with regard to the rent they pay and they should verify that the aren't paying a rent above the market rent.