Media: Minister Murphy exploring options to remedy below market rents for small landl

The_Conductor

In brief- Minister Murphy has stated that he is exploring the various mechanisms to enable landlords in RPZs who have been caught out letting property at below open market rates- to increase the rent by more than 4% to bring it into line with market rents for the area.

Its unknown, at this time, whether this would relate to new tenancies only- or whether it could be retrospectively applied to pre-existing tenancies.

Will post a link to the podcast, when it goes live.

Browney7

The_Conductor wrote: »

In brief- Minister Harris has stated that he is exploring the various mechanisms to enable landlords in RPZs who have been caught out letting property at below open market rates- to increase the rent by more than 4% to bring it into line with market rents for the area.

Its unknown, at this time, whether this would relate to new tenancies only- or whether it could be retrospectively applied to pre-existing tenancies.

Will post a link to the podcast, when it goes live.

Minister Harris? Should it not have been Eoghan Murphy saying this?

The_Conductor

Browney7 wrote: »

Minister Harris? Should it not have been Eoghan Murphy saying this?

Yup- me bad.
Had Simon Harris on my mind- for another reason......

antoinolachtnai

They could allow an increase of up to 10 percent per year where the property is more than 20 percent below market, or something like that. This would basically solve the issue without preventing a tenant from having a really big shock in one year.

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I'll believe it when I see it.
And if anything does happen it will probably still penalize me for letting my tenant off with below market rate because I wanted to help him out.

Unless it allows me to charge the same rent as the identical apartment next door to mine I'm still getting out.

__..__

Well that news died a death.

The_Conductor

__..__ wrote: »

Well that news died a death.

Hang in there- the budget is in 11 days- no point in trying to pre-empt what might, or might not, be in it.

jimmycrackcorm

antoinolachtnai wrote:

They could allow an increase of up to 10 percent per year where the property is more than 20 percent below market, or something like that. This would basically solve the issue without preventing a tenant from having a really big shock in one year.

The problem with the RPZ rules is that it should have allowed a change of rent to reflect the market rent at the time of was introduced. This would have been fair to both landlords and tenants.

The_Conductor

jimmycrackcorm wrote: »

The problem with the RPZ rules is that it should have allowed a change of rent to reflect the market rent at the time of was introduced. This would have been fair to both landlords and tenants.

It should have been phrased in such a way that while you could increase rent to market rates for a pre-existing tenant- the preference would be for the rent to increase for a new tenant. Even leave the RPZ limits for a pre-existing tenant- but give the landlord the option to charge market rents for a new tenant?

The bigger odditie was that a long term tenant who had a good relationship with his/her landlord- that goodwill became associated with the property- rather than with the tenant............

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The_Conductor wrote: »

It should have been phrased in such a way that while you could increase rent to market rates for a pre-existing tenant- the preference would be for the rent to increase for a new tenant. Even leave the RPZ limits for a pre-existing tenant- but give the landlord the option to charge market rents for a new tenant?

The bigger odditie was that a long term tenant who had a good relationship with his/her landlord- that goodwill became associated with the property- rather than with the tenant............

And now the only path for a landlord to ever get market rent again is to remove the tenant even if the tenant wants to pay higher rent.

godtabh

__..__ wrote: »

And now the only path for a landlord to ever get market rent again is to remove the tenant even if the tenant wants to pay higher rent.

very hard to move a sitting tenant

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godtabh wrote: »

very hard to move a sitting tenant

I've had to find a way when neither myself not the tenant wanted it. As have so many people this year.