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Part 4 and Market Rate Rent

  • 20-04-2014 10:10pm
    #1
    Idu
    Registered Users, Registered Users 2 Posts: 1,152 ✭✭✭


    Apologies if this has been covered before but looking for some clarification on claiming Part 4 Tenancy.

    Brief overview of my situation is that I'm currently renting a property for a good bit less than what would be considered the going rate in the area. My lease is due to expire at the end of the year and I would imagine the letting agent will come to me looking for a new lease to be signed along with what will probably be a small increase in the rent. I would prefer to take the Part 4 tenancy as I'm looking to buy so would prefer the flexibility of not being tied to a full term lease.

    Anyway my question is if I notify the letting agency of my intention to avail of Part 4 are they then entitled to up the rent to the market value and do I have any comeback against that? The difference between what I imagine the rent increase will be and what market value seems to be is around €200pm.

    Thanks


Comments

  • #2
    quadrifoglio verde
    Registered Users, Registered Users 2 Posts: 3,670 ✭✭✭quadrifoglio verde


    Idu wrote: »
    Apologies if this has been covered before but looking for some clarification on claiming Part 4 Tenancy.

    Brief overview of my situation is that I'm currently renting a property for a good bit less than what would be considered the going rate in the area. My lease is due to expire at the end of the year and I would imagine the letting agent will come to me looking for a new lease to be signed along with what will probably be a small increase in the rent. I would prefer to take the Part 4 tenancy as I'm looking to buy so would prefer the flexibility of not being tied to a full term lease.

    Anyway my question is if I notify the letting agency of my intention to avail of Part 4 are they then entitled to up the rent to the market value and do I have any comeback against that? The difference between what I imagine the rent increase will be and what market value seems to be is around €200pm.

    Thanks

    They can increase the rent only once in a 12 month period. So after you've been there 12 months, they can chose to increase it or not.
    They can do this whether you exercise your part 4 rights and not sign a lease, or sign a lease.
    If they don't mention anything about the rent, they can increase it say after 14 months.
    If you sign a new lease, its a bit of a grey area there (thread on it a while back that couldn't come to a conclusion whether the right to review was signed away by agreeing the same rate again.)

    if they do increase the rent to market value, you can raise a dispute with the PRTB, during which time you continue paying your current rate, but if they find in favour of the landlord, you'd have to pay back the arrears, so if you do decide to dispute, put the money aside.

    So in summary, they can increase the rent after 12 months to market value, if you sign a new lease or continue on part 4.
    If it was me, I wouldn't sign a new lease


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