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Can I increase rent on my rental apartment above the 4% cap with mutual concent of te

  • 31-01-2018 02:50PM
    #1
    Linto
    Registered Users, Registered Users 2 Posts: 171 ✭✭


    Hi,
    I have an apartment rented out for 6 years with no increase in rent over that period - same tenent.
    It's currently 750 under market rate (€900, mkt rate @ €1,650). Just never got round to increasing and now find myself in a very difficult situation.
    The apartment is in good condition so not something that can be rennovated to reset to market rate.
    If we can't get closer to market rate we will need to sell this year.
    Any advice would be greatly appreciated.
    Specifically, can I request a rent raise that goes beyond the 4% but keeps it's modestly below full market rate that benefits both - mutually agreed with tenant and myself. Otherwise tenant will be out anyway when I sell.

    I need to make a call v soon as I'm struggling with mortgage repayments.


Comments

  • #2
    amcalester
    Closed Accounts Posts: 4,097 ✭✭✭amcalester


    No, you can’t.

    But, put in the details into the RTB calculator to see how much you can increase the rent by.

    It will take into account that there’s been no increase for a number of years.

    You won’t get up to market rent but it may be enough to persuade you not to sell.


  • #3
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,016 ✭✭✭ct5amr2ig1nfhp


    Why have you not increased the rent in six years?

    Is the mortgage on the apartment or on another property?

    This query is best suited to the accommodation and property forum.


  • #4
    flexcon
    Registered Users, Registered Users 2 Posts: 1,636 ✭✭✭flexcon


    amcalester wrote: »
    No, you can’t.

    But, put in the details into the RTB calculator to see how much you can increase the rent by.

    It will take into account that there’s been no increase for a number of years.

    You won’t get up to market rent but it may be enough to persuade you not to sell.

    I'm not sure on that. AFAIK if it's mutually agreed - you can increase to whatever you like.

    Ours went up 10% last year, and when we mentioned this to the landlord, they said it's simple. He would terminate the contract with the right notice and "Sell" the house to his cousin, or, renovate the house and charge more.

    It was even on the radio recently where they were saying this 4% rule is being flaunted a bit. Apparently a lick of paint was being considered renovations and so you increase beyond 4%

    Could we have contested it? Yes. Was it worth it for the sake of 30 quid per person? Debatable. House is great, immaculate and we pick our fights. This wasn't one of them for us.

    To the OP. If you got mutual consent, you simply start a new contract instead of maintaining a part 4 continuation. Maybe offer to go over the house and see what needs to be done. I don't have any legal background mind you, so this is all subjective.


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