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New Rent Pressure Zone Limerick City East / Navan

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  • 28-03-2019 9:46pm
    #1
    necstandards
    Registered Users Posts: 190 ✭✭


    So today i read the minister has declared two new rent pressure zones with immediate effect. My house share falls into this. One of my rooms was due to for rent review as it is 26 months into it tenancy. To achieve current market rent, i would need to ask to ~25%.

    In-fact i had issued a rent increase and was in-front of the RTB only last week with a dispute where i felt i wasn't going to win and therefore recalled the notice. This was not due to asking for the incorrect amount, but not having specified a comparable equivalent (seem it needs to be identical).

    So i was confident i could rectify the notice with almost identical rents from daft.
    Seems its unfair a LL has to issue a 90 day notice and the rules can change over night.

    Is there anything i can do to get the room to market value? Id be happy with 4% increase thereafter as it would at market value at least.


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    #2
    rightmove
    Registered Users Posts: 993 ✭✭✭rightmove


    Welcome to the shafted club


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    #3
    Subutai
    Registered Users Posts: 293 ✭✭Subutai


    necstandards wrote: »
    So today i read the minister has declared two new rent pressure zones with immediate effect. My house share falls into this. One of my rooms was due to for rent review as it is 26 months into it tenancy. To achieve current market rent, i would need to ask to ~25%.

    In-fact i had issued a rent increase and was in-front of the RTB only last week with a dispute where i felt i wasn't going to win and therefore recalled the notice. This was not due to asking for the incorrect amount, but not having specified a comparable equivalent (seem it needs to be identical).

    So i was confident i could rectify the notice with almost identical rents from daft.
    Seems its unfair a LL has to issue a 90 day notice and the rules can change over night.

    Is there anything i can do to get the room to market value? Id be happy with 4% increase thereafter as it would at market value at least.

    They don't change overnight. The rent index is published quarterly, towards the end of each quarter for the previous one. It is easy to predict that you'll be added, as you need to be above the national average and increaaes of 7% or more in four of the last six quarters. The index is publicly available, and you can quote easily see how close your LEA is to bring designated. There was a post from someone here a while back correctly predicting they'd be added.

    You'd expect business people to be wise to the regulatory environment in which they operate.


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    #4
    rightmove
    Registered Users Posts: 993 ✭✭✭rightmove


    Subutai wrote: »

    You'd expect business people to be wise to the regulatory environment in which they operate.

    Don't kick him while down anyhow


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    #5
    zreba
    Registered Users Posts: 170 ✭✭zreba


    Tenant's perspective: RPZ created two parallel realities in this country. The reality of a lucky tenant who's on an old contract and happily paying a well below market rate. He's also living in a constant stres, checking his mailbox every morning looking for a notice letter and thanking GOD it hasn't come yet. And the second reality, the reality of a tenant who got kicked out already from his previous place as landlord decided to sell or renovate. He needed to find a new place, often paying near double what his lucky colleague is. No more stress thought, just struggle.
    Social Solidarity LEVEL -10. Whoever designed such system should get a NOBLE prize in a category 'HOW TO F..K UP THE HOUSING SYSTEM'


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    #6
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Expect supply problems to increase and rent to rise in those areas. That's what normally happens.

    As for the OP nothing you can do. Take it off the market for a couple of years or sell up. Or just slowly over years increase to market rate. Or do major refurbishment.

    Anyone not in rpz would be crazy not to raise their rent to market rate now.


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    #7
    necstandards
    Registered Users Posts: 190 ✭✭necstandards


    Subutai wrote: »
    They don't change overnight. The rent index is published quarterly, towards the end of each quarter for the previous one. It is easy to predict that you'll be added, as you need to be above the national average and increaaes of 7% or more in four of the last six quarters. The index is publicly available, and you can quote easily see how close your LEA is to bring designated. There was a post from someone here a while back correctly predicting they'd be added.

    You'd expect business people to be wise to the regulatory environment in which they operate.

    Never claimed to be a business person just an unlucky accidental landlord that is not worth the grief. But thanks for your insight, ya pay for education i always say.


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