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Rental property Ireland

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  • 16-05-2024 1:06pm
    #1
    ash1511
    Registered Users Posts: 191 ✭✭


    I bought an apartment for letting. When I put it on rent I got to know that I can't rent it off for 1300e. Reason being that the apartment was rented earlier for 800e (not by us) and since it is a rent pressure zone I can't increase the next rent more than 4%. Now I didn't know about it prior to buying the apartment. Is it right that we can't put it on rent for the amount now? We bought it at an inflated piece and 800/900e is ridiculous

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Answers

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    #2
    endacl
    Registered Users Posts: 22,275 ✭✭✭✭endacl


    investigate the exceptions to the limits.



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    #3
    Rows Grower
    Registered Users Posts: 7,946 ✭✭✭Rows Grower


    That 4% is only allowed every second year as well, so basically you're tied to a 2% annual increase.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #4
    holliehobbie
    Registered Users Posts: 400 ✭✭holliehobbie


    https://www.boards.ie/discussion/2058351909/rental-property-ireland

    what’s an inflated price? The property is only worth what people will pay for it!



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    #5
    FishOnABike
    Registered Users Posts: 4,453 ✭✭✭FishOnABike


    @ash1511 when was the rental amount last reviewed? Use the RTB's RPZ calculator https://www.rtb.ie/calculator/rpz to determine the allowable rent.



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    #6
    shimadzu
    Registered Users Posts: 50 ✭✭shimadzu


    If it hasn't been rented out in the last two years you can set the rent at market rates. If it has been rented out in the last two years best bet is to stick it on airbnb for 90 days for the next two years and then bring the rent upto market rents.



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    #7
    Kaisr Sose
    Registered Users Posts: 3,256 ✭✭✭Kaisr Sose


    Very late to find out you bought a rental property. Did you know it had been previously rented?

    If you did, finding out the rent would be key before you bought it. Also if any parties (previous tenants) had a legal right to reside there.

    The standard way to reset rent to market rent is to leave the property vacant for two full years.

    While vacant you could offer it to Ukranians for 800 tax free without impact on the future rent.

    With your lack of understanding of rental laws and restrictions on rent increases I am not sure getting into rental has been fully thought out.



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