This is the crucial aspect for small landlords and their biggest concern. They don't care about 2% increases, they never charged market rent previously because they are not trying to maximise the achieveable rent. They were happy in the past with lower rents as they had a good tenant who probably didn't cause them much trouble etc. Now permits that tenant has moved and because the landlords was good to the last tenant, they are stuck in a situation whereby they must be equally good and nice to the next tenant.But decent individual landlords who didn't maximise the rent over the past few years are now stuck with a below market rent and massively increased limits on what they can do. They can sell their property now but they might not be able to sell it in a few years given the increasing restrictions.
One was bought at auction, without being able to view - he found tenants in the basement. I wont go into the gory details.
There's plenty of landlords that would be well able to deal with said tenant, and have done so a lot more regularly than you might imagine.One reason being the following example:
A landlord bought a house with tenant in-situ and the tenant arbitrarily decided to stop paying the rent.
The landlord negotiated with tenant to find an alternative property and the tenant demanded the rent arrears to be written-off and a lump-sum be paid to her to leave.
The tenant was a single mother and was implying she would report the landlord for harassment and intimidation throughout the process, despite there being none.
On moving day the tenant had her belongings in a horse box, with the rear door open and a team at the ready to move the said belongings back in if she didn't get the four-figure cash payment to leave.
I don't think they are. Institutional landlords have the wherewithal to take on the State.I think corporate landlords (eg so called “cuckoos”) don’t know what they are getting into. Many institutions stayed away from residential properties for years for good reason but now they are attractive due to low yields elsewhere.
The main problem is politics. While a landlord with one or two properties might get a hearing, these corporate/absentee landlords will be pilloried for putting up rent or management charges and evictions. There will be politicians harking back to the famine era. Imagine a Sinn Fein government reaction.
I think the corporate landlords are taking on a huge political risk.
I agree that yields in practice are materially less than the yields you see on Daft.I have many rental properties and from my experience and those of my friends who are also multi unit landlords average rents are far lower than the headline numbers!!
I've no idea what that means.There's plenty of landlords that would be well able to deal with said tenant, and have done so a lot more regularly than you might imagine.
I'm not advocating it, but some landlords would use strong arm contacts, and ignore completely the RTB after a tenant becomes a complete nuisance in situations similar to what you described. Hope that helps explain a bit better what you have "no idea" about.I've no idea what that means.
The landlord was "well able" to deal with the tenant.
There are plenty of landlords who've resorted to what I've described above due to getting nowhere with the RTB.
I don't imagine anything - this is what is happening regularly.
Yeah okI'm not advocating it, but some landlords would use strong arm contacts, and ignore completely the RTB after a tenant becomes a complete nuisance in situations similar to what you described. Hope that helps explain a bit better what you have "no idea" about.
Does this apply if you buy the property to let and it is not the PPR before and after the tenants move out?I know a friend of mine who sold one of his properties (bought in 2014) on tax advice. Evidently if property held for 7 years, no CGT tax. This would explain some of the landlords exiting.
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