Comparable Properties

PARlance

Hi all, hoping someone may know the guidelines given in relation to "Comparable Properties".

We are renting a 4 bed detached for €750 for the past 2 years. Received letter today stating it's being increased to €950.

They've list 3 "comparable properties" as
5 bed detached €950
5 bed detached €1,050
4 bed detached €900

Surely they can't compare two 5 beds (much higher spec too) to a 4 bed like ours?

Samuel T. Cogley

That would be a matter for the RTB. They'll make a call on it. I imagine anywhere the rent is €900 for a 4 bed house doesn't have a huge amount around it.

PARlance

Samuel T. Cogley wrote: »

That would be a matter for the RTB. They'll make a call on it. I imagine anywhere the rent is €900 for a 4 bed house doesn't have a huge amount around it.

I'm aware it's a RTB matter, I'm looking for guidance from someone who may have been in the same situation.

It's in a county town, population ~15k, they could have found three 4 bed houses handy enough. Those 3 wouldn't have justified a 30% increase though.

Claw Hammer

It will be a matter for you to object to the increase, supply better comparators and produce an estate agent to give expert evidence on your behalf to the RTB as to the market level of rent for your house on the day you received the notice. The number of bedrooms is not the only metric. Location, gardens, furniture square footage, no of bathrooms etc may all have a bearing.

PARlance

Claw Hammer wrote: »

It will be a matter for you to object to the increase, supply better comparators and produce an estate agent to give expert evidence on your behalf to the RTB as to the market level of rent for your house on the day you received the notice. The number of bedrooms is not the only metric. Location, gardens, furniture square footage, no of bathrooms etc may all have a bearing.

Thanks, just in the process of compiling our own list of comparables. The letting agent is the main estate agent in town but we'll get another one.

Would you know what kind of leeway is given in terms off acceptable limits above market rate? I.e. the 4 bed they list is at 900, let's assume they are the same type of house (it's bigger, better etc than ours but anyway), would 950 get through as "not being materially different" in price I wonder?

We are landlords ourselves, this 30% hike has left a very bad taste. I've done lots and lots of jobs (spent a day cleaning sewerage pipes last month) that I never bothered the landlord with.
The house needed painting when we moved in and I did it for free letting them pick up the paint. We've great tenants in our own house and I've told them that as long as they're happy then we'll leave the rent as is.

We're probably just naive. Still a bad taste all the same. We would be out the door if there wasn't 2 young kids involved.

Claw Hammer

It isn't a question of comparing two houses. Your agent will have to give oral evidence that in his opinion a willing tenant not in occupation would not pay €950 and that such a person would pay less and try to argue that there were superior properties available for less than €950 using the one at €900 as one of his comparators.