Why do Landlords feel entitled to rent increases?

B_S

https://www.boards.ie/discussion/comment/118577597#Comment_118577597

Agreed! So the notion that the market dictates rents, and not the landlord who sets them, isn't persuasive.

B_S

https://www.boards.ie/discussion/comment/118577599#Comment_118577599

Get out while you can, I'm in way too deep

Pawwed Rig

https://www.boards.ie/discussion/comment/118577625#Comment_118577625

I am getting a headache

B_S

https://www.boards.ie/discussion/comment/118577634#Comment_118577634

Imagine how I feel

Flinty997

https://www.boards.ie/discussion/comment/118577555#Comment_118577555

If the tenants refused to rent places with high rents the landlords would have to drop the rents. So it's the tenants setting it really.

Flinty997

https://www.boards.ie/discussion/comment/118577603#Comment_118577603

It's a bit like choosing a place to rent. You can pick the rent you want to pay....

B_S

https://www.boards.ie/discussion/comment/118577711#Comment_118577711

Exactly. And deal with the consequences of your choice

Flinty997

https://www.boards.ie/discussion/comment/118577713#Comment_118577713

...so the demand (tenants) pushed rents up... :)

Topgear on Dave

https://www.boards.ie/discussion/comment/118577603#Comment_118577603

I agree. I own a property in a high demand RPZ area, it has many people looking for places to rent and low availability.

Now a true story. A neighbouring house was rented, the tenant stopped paying and it took near 2 years and a court case to get him out.

You could let me charge twice what the RPZ allows and I'd still be off my rocker to rent it out.

So. You could say I acknowledge the agency I have and do not rent it out.

B_S

https://www.boards.ie/discussion/comment/118578350#Comment_118578350

100%. You've made your calculations, looking at the same set of information that every landlord and prospective landlord does, Including market rates, and made your decision.

B_S

https://www.boards.ie/discussion/comment/118578157#Comment_118578157

I disagree.

Flinty997

https://www.boards.ie/discussion/comment/118578595#Comment_118578595

Its the same thing. A tenant can decide what they want to do exactly the same as a LL.

houseyhouse

https://www.boards.ie/discussion/comment/118577432#Comment_118577432

In my case, we needed to move for work but the value of our apartment was less than the outstanding mortgage. We couldn’t afford to sell. So when we moved we let it out while renting a home elsewhere for ourselves. It was never our plan to be landlords. We will most likely sell when our current tenants move out.

houseyhouse

Ah lads, this thread has given me a great laugh this evening! Thanks all 😁

Flinty997

Tbh Threshold did this better, calling for small landlords to leave the market for a decade or more. Then finally realizing this was the cheaper end of the market that was leaving. Now they are trying to stop them leaving.

The DayDream

https://www.boards.ie/discussion/comment/118571298#Comment_118571298

Very well said and it's an incredibly depressing state of affairs. Knowing I'll never own a house, and how bad rents will get due to the greed and corruption ruling the rental market has me very pessimistic and uneasy about the future.

I'm thinking about learning Spanish or Portuguese so that when I become homeless it's not in a country with such bad weather. Never thought that would be Plan B at any stage.

It is not just urban areas with problems. In my town there are zero rentals even available and I'm having to leave my gaff in 60 days. I might end up having to leave my job because I can't find anywhere close to it to live and I don't drive. Locals here can't believe what rent has gone up to.

Flinty997

If it makes outrageous money (with zero downsides) there wouldn't be a shortage of it. You can't make money on something if no one can can buy it. If landlords were making outrageous money why do most of them only have one rental.

Who is making more money the landlords with one property. Or the one with a hundred. Because people wanted the small landlords out and the big landlords in.

jo187

https://www.boards.ie/discussion/comment/118579342#Comment_118579342

I Don't think people wanted small LL for big LL. People wanted affordable rent with the chance to buy at some point.

Dav010

https://www.boards.ie/discussion/comment/118581181#Comment_118581181

I think you should look back over some of the threads on boards, a lot of posters called for “amateur” LLs to leave the rental sector to the professionals.

Flinty997

https://www.boards.ie/discussion/comment/118581181#Comment_118581181

You'd be wrong thats exactly what they wanted. There idea that a large company answerable to shareholders and investors wouldn't be more driven by profit doesn't seem to have occurred to them.

Hence you have threads like this.

growleaves

https://www.boards.ie/discussion/comment/118577599#Comment_118577599

Ted I'm going mad.

Lazyfox

As a landlord here is my recent experience. I had a tenant leave a small property in a large Munster town in an RPZ. My accountant, solicitor and Bank Manager all advised I should sell up and leave the market. I advertised it on a small local Facebook group received 142 responses in hours. I screened as best I could and offered viewing to the most likely candidates. None who viewed it actually cared what the rent was money was not the issue (most were high earning professionals sharing) I asked them why they all had the same story. Their current landlords were selling or had sold. They were desperate to find anything some were already living in hotels. These were mostly professionals Doctors, Pharmacists, IT etc. who in reality should have been looking for much better places, but they all said there is literally just nothing else available.

Building cost Inflation is 40% (in 2021 building costs went from €115 to €155 per/sq/ft). Actual real inflation is about 15%. Govt claims 5-&% which everyone knows is poppycock. Rent increases are locked at 2% and until this is changed It will just continue getting worse as supply disappears continually or everything moves to a black market.

Lazyfox

As a post script I should add I am a pensioner on a small pension and the rent is my pension. By locking my pension increases to 2% the Housing Minister Darragh O'Brien is depriving me of my standard of living, which my property should be affording me. It is probably unconstitutional, the Govt will probably eventually be liable for the difference to what the rent would be if the actual free market rent were legal.

Ray Palmer

https://www.boards.ie/discussion/comment/118586310#Comment_118586310

I have wondered about this too. Is there actually a case been brought against the government as it does appear to be unconstitutional?

jo187

The minister for housing is to suppose to call me in the next few days lol. I rang his office this morning and spoke to the lady manning the phones. I explained my situation and what I needed. She took my number and said he be in touch in next few days.

Should I hold my breath ha.

Manion

He's on the hunt for a penthouse Spencer docks apartment himself and is just wondering if you can pass on the details of your former gaff.

redarmyblues

Rents continue to rise as LLs continue to leave the market.

Quote from Report in today's IT

"The number of homes available to rent has fallen close to historic lows, while rents have increased sharply just as the economy emerges from the restrictions of the pandemic, according to figures from property website Daft.ie.

There were fewer than 1,400 properties to rent nationally on Daft at the beginning of February, according to the site’s latest rental price report for the final quarter of 2021.

In Dublin, there were just 712 properties available, the lowest level since Daft’s records began in 2006, and less than a quarter of the average rental stock available in February over the last 20 years.

The stock of properties was also at an all-time low in Munster, and barely above such lows in Connacht and Ulster, as well as outside of Dublin in Leinster.

Beyond the capital, there were just 685 properties listed for rent nationwide this month, less than a third of the available stock in February 2020, immediately before the pandemic."

redarmyblues

jo187

https://www.boards.ie/discussion/comment/118604607#Comment_118604607

What can really be done? Straight away?

There no fast track to getting property ready to rent and what ever will, would be snapped up at any price.

It's a bleak picture.

houseyhouse

https://www.boards.ie/discussion/comment/118604892#Comment_118604892

I think the single best thing the government could do to keep landlords from selling up would be to make it easier to evict bad tenants. The appeals processes in place at the moment mean that it can take years to evict legally even if the tenants are engaged in serious anti-social behaviour and/or paying no rent.

Editing to clarify: I’m talking about non paying and/or anti-social tenants only. I support protections for tenants in general.