Rent Freeze - the mechanics of

GreeBo · 19-03-2020 9:28am

Tacitus Kilgore wrote: »

If it's mortgage free the landlord should do what's right. Now is not the time for profiteering off assets, Many people are basically volunteering to be unemployed at the moment for the greater good. Losing out on a bit of free money because one owns an asset is barely a contribution but would make a huge difference.

If rent only covers 5% of payment on a property it should not be rented, that's terrible business.

Whether they freeze rent or not, some tenants won't be able to pay full rent, its up to the landlord how they deal with it then. Eviction won't be the answer though.

There is zero logic in your answer I'm afraid, all emotion and self interest.

Landlords are ordinary people too yunno.

GreeBo · 19-03-2020 9:29am

Eric_Noon wrote: »

It is not up to tenants to be flush with cash in case of a global epidemic, its up to the government to impliment measures.

This global epidemic is hitting people less than losing their jobs would.
What would they do in the lost job scenario? Continue to blame someone else?

Tacitus Kilgore · 19-03-2020 9:31am

GreeBo wrote: »

This global epidemic is hitting people less than losing their jobs would.
What would they do in the lost job scenario? Continue to blame someone else?

People are losing their jobs en masse due to the global pandemic...

many industries on the brink of collapse...

And it's only the beginning.. What rock are you hiding under?

LuckyLloyd · 19-03-2020 9:36am

GreeBo wrote: »

Are you going to use the same attitude when you do your shopping?
"Sorry Mr Lidl, you are not special so I'm not paying you for this food I'm bringing home"?

If it comes to it, food will be provided for free too. The state is not going to deprive citizens of a roof over their head; of food or any other basic needs during a public health crisis. You know this.

Who are you arguing with here really?

bucketybuck · 19-03-2020 9:41am

DubCount wrote: »

Its also next to impossible to separate the "cant pays" from the "wont pays" so I reckon the holiday will be across the board.

Surprised that this wasn't brought up a lot quicker.

A 3 month rent freeze and I don't have to pay the 3 months back later on? Renters are going to take advantage of that whether they can pay the rent or not, I know I would.

So as stated the devil is really in the detail here, how exactly do people organise this rent freeze? Do they need to prove need?

GreeBo · 19-03-2020 10:13am

Tacitus Kilgore wrote: »

People are losing their jobs en masse due to the global pandemic... many industries on the brink of collapse...

And it's only the beginning.. What rock are you hiding under?

Other people also losing their job has zero impact on you losing yours.

GreeBo · 19-03-2020 10:15am

LuckyLloyd wrote: »

If it comes to it, food will be provided for free too. The state is not going to deprive citizens of a roof over their head; of food or any other basic needs during a public health crisis. You know this.

Who are you arguing with here really?

Food *may* be provided by the state, it wont be free to takeaway from whatever shop you choose to go into.

Im arguing with the attitudes that landlords are some sort of demons who should suffer to save others from suffering. Landlords are people, they are not big, bad, faceless corporations.

Tacitus Kilgore · 19-03-2020 10:23am

GreeBo wrote: »

Other people also losing their job has zero impact on you losing yours.

What? What "market" will there be if noone (not literally noone) has any money to spend on rent?

GreeBo wrote: »

Food *may* be provided by the state, it wont be free to takeaway from whatever shop you choose to go into.

Im arguing with the attitudes that landlords are some sort of demons who should suffer to save others from suffering. Landlords are people, they are not big, bad, faceless corporations.

I'm arguing that being a landlord is about to get really shite, just like being an {insert anything here} is about to also.

GreeBo · 19-03-2020 10:26am

Tacitus Kilgore wrote: »

What? What "market" will there be if noone (not literally noone) has any money to spend on rent?

Other people losing their jobs because of a pandemic doesnt absolve you of having savings for a rainy day. THIS is a rainy day, it just happens to be raining on a lot of people at the same time. Its not a get out of jail free card.

I'm arguing that being a landlord is about to get really shite, just like being an {insert anything here} is about to also.

Ok....thanks for letting us know I guess?

Spencer Winterbotham · 19-03-2020 10:32am

I am a landlord with several properties.

I informed all of my tenants that no rent will be due until further notice.

They won't be able to pay and Landlords need to realize that. Everything is going to the wall and nothing will be the same.

There is just no point in getting into a confrontation with already stressed out tenants.

I am trying to engender as much goodwill as possible with my tenants so if and when society returns to some sort of normality they will not hate me but respect how I have treated them in these hard times and then cooperate with me moving forward.

Nobody is going to be evicted over the next 12 months...Nobody. Where you lie your head tonight is where you will remain for many months to come.

Landlords, (speaking as a fellow landlord)... you need to accept that things are going to change beyond your (and my) current capacity to comprehend.

Treat your tenants with dignity, you will be relying on this goodwill on the other side.

... and remember this... there will be Zero sympathy for landlords on the other side of this... Zero

Be kind... we are all in this together.

19-03-2020 10:36am

Tacitus Kilgore wrote: »

What? What "market" will there be if noone (not literally noone) has any money to spend on rent?

I'm arguing that being a landlord is about to get really shite, just like being an {insert anything here} is about to also.

I’d argue that it has been really ****e to be a landlord for a number of years, that is why so many have been leaving the sector despite historically high rents.

There is a obvious “time for your comeuppance” attitude in your posts, perhaps that time has arrived. But this time around there are far more “professional” landlords who are likely to make hard business decisions based on spreadsheets. I suppose that was what people wanted when they criticised small time amateur ones.

Also, where are all the tenants going to go? It’s not like emigration is an option at the moment.

19-03-2020 10:40am

Spencer Winterbotham wrote: »

I am a landlord with several properties.

I informed all of my tenants that no rent will be due until further notice.

They won't be able to pay and Landlords need to realize that. Everything is going to the wall and nothing will be the same.

There is just no point in getting into a confrontation with already stressed out tenants.

I am trying to engender goodwill with my tenants so if and when society returns to some sort of normality they will not hate me but respect how I have treated them in these hard times and then cooperate with me moving forward.

Nobody is going to be evicted over the next 12 months...Nobody. Where you lie your head tonight is where you will remain for many months to come.

Landlords, (speaking as a fellow landlord)... you need to accept that things are going to change beyond your (and my) current capacity to comprehend.

Treat your tenants with dignity, you will be relying on this goodwill on the other side.

... and remember this... there will be Zero sympathy for landlords on the other side of this...

Be kind... we are all in this together.

Many landlords will not be able to sustain long, or even short periods of no rent.

Spencer Winterbotham · 19-03-2020 10:42am

Dav010 wrote: »

Many landlords will not be able to sustain long, or even short periods of no rent.

Neither will I...

Just because I can't sustain it... doesn't mean it's not going to happen.

Accept everything is going to change.

Tacitus Kilgore · 19-03-2020 10:48am

Dav010 wrote: »

I’d argue that it has been really ****e to be a landlord for a number of years, that is why so many have been leaving the sector despite historically high rents.

There is a obvious “time for your comeuppance” attitude in your posts, perhaps that time has arrived. But this time around there are far more “professional” landlords who are likely to make hard business decisions based on spreadsheets. I suppose that was what people wanted when they criticised small time amateur ones.

Also, where are all the tenants going to go? It’s not like emigration is an option at the moment.

It's been even worse to be a tenant tbh, many paying more than 50% of their income on rent, having a ball so they are. Rent prices all down to the "market" - interest rates haven't gone up for property owners - so what actual costs have driven the massive rise of rents in recent years? Demand & shortage of supply? Neither of which are costs.

The tenants aren't going anywhere, noone is - that's been my point throughout the thread.

Zulu · 19-03-2020 11:00am

Spencer Winterbotham wrote: »

I am a landlord with several properties.

I informed all of my tenants that no rent will be due until further notice.
...
...

Be kind... we are all in this together.

Wow. That's incredible. Literally incredible.
To make such a significant decision,even for those tenants who haven't been impacted by job losses, is amazing. Somewhat foolish, but it's your money to flush.

By the way, can I get some free COVID cash?

Zulu · 19-03-2020 11:01am

Spencer Winterbotham wrote: »

Neither will I...

Just because I can't sustain it... doesn't mean it's not going to happen.

Accept everything is going to change.

Seems very foolish to fall on your sword so early in this crisis so.
But what do I know! You've several properties so you must be doing something right.

Tacitus Kilgore · 19-03-2020 11:04am

Zulu wrote: »

Wow. That's incredible. Literally incredible.
To make such a significant decision,even for those tenants who haven't been impacted by job losses, is amazing. Somewhat foolish, but it's your money to flush.

By the way, can I get some free COVID cash?

Not everyone is all about money, personally I've accepted I will be financially ruined by this - the deposit I have spent years saving up for a mortgage is now ready to be used to sustain me and anyone else around me who needs it.

Money will come and go, this is the biggest emergency since, well, the emergency.

19-03-2020 11:07am

Tacitus Kilgore wrote: »

It's been even worse to be a tenant tbh, many paying more than 50% of their income on rent, having a ball so they are. Rent prices all down to the "market" - interest rates haven't gone up for property owners - so what actual costs have driven the massive rise of rents in recent years? Demand & shortage of supply? Neither of which are costs.

The tenants aren't going anywhere, noone is - that's been my point throughout the thread.

I would suspect the main drivers are lack of supply, demand, the purchase cost and profit. Few landlords bought properties during the last recession, most bought before, when prices were very high, or after when prices were rising. And I hate to break it to ya kid, but profit is the reason for all businesses.

Look I understand what you are saying, but you can’t magically make thousands of houses appear, and house building is going to come to a halt. So the market will change, but it would be naive to think this is going to be a free-for-all. Negotiation will be necessary, government help will be necessary, but I can assure you the last thing the Government will want on top of this crisis is mass mortgage defaults and banks needing another bailout. So you might think you will be able to sit tight for a year without paying rent, and expecting the LL to sustain the loss and not attempt to evict. We all know there is a crisis, but there has to be some reality as well.

Irish_peppa · 19-03-2020 11:13am

bucketybuck wrote: »

Surprised that this wasn't brought up a lot quicker.

A 3 month rent freeze and I don't have to pay the 3 months back later on? Renters are going to take advantage of that whether they can pay the rent or not, I know I would.

So as stated the devil is really in the detail here, how exactly do people organise this rent freeze? Do they need to prove need?

Wheres the 3 month rent freeze you dont have to pay back? I was under the impression its allmost like a moratorium, call it a Corona Moratorium, dont they just stick the 3 months back onto the bill at the end or later on?

Spencer Winterbotham · 19-03-2020 11:14am

Zulu wrote: »

Seems very foolish to fall on your sword so early in this crisis so.
But what do I know! You've several properties so you must be doing something right.

The only foolish thing a person can do right now is thinking things will get back to normal. They won't.

This will go on for 6 - 18 months... the financial system as we currently know will not survive.

How could it?

A new reality will emerge and it will look nothing like the past.

There are two types of people in the world right now.

People who can see the seriousness of this situation and those with their heads in the sand.

Tacitus Kilgore · 19-03-2020 11:16am

Dav010 wrote: »

I would suspect the main drivers are lack of supply, demand, the purchase cost and profit. Few landlords bought properties during the last recession, most bought before, when prices were very high, or after when prices were rising. And I hate to break it to ya kid, but profit is the reason for all businesses.

Look I understand what you are saying, but you can’t magically make thousands of houses appear, and house building is going to come to a halt. So the market will change, but it would be naive to think this is going to be a free-for-all. Negotiation will be necessary, government help will be necessary, but I can assure you the last thing the Government will want on top of this crisis is mass mortgage defaults and banks needing another bailout. So you might think you will be able to sit tight for a year without paying rent, and expecting the LL to sustain the loss and not attempt to evict. We all know there is a crisis, but there has to be some reality as well.

What I'm trying to break to you is many businessess eg. health & beauty, certain retail elements - pennys/brown thomas etc - aren't viable right now, just like the mortgage business, and the renting business.

We are in the beginning of a major shift in how our society functions, hopefully it goes back to "normal" after, but right now no-one knows how long this goes on for or how it ends. What can be taken from this is that shelter, food & water are the main 3 items humans need. Once those are taken care of - we will figure out how the place rebuilds afterwards.

I'm not looking for a free lunch, I'm just saying that landlords/lenders are just as badly fucked as the rest of us right now.

bucketybuck · 19-03-2020 11:46am

Irish_peppa wrote: »

Wheres the 3 month rent freeze you dont have to pay back? I was under the impression its allmost like a moratorium, call it a Corona Moratorium, dont they just stick the 3 months back onto the bill at the end or later on?

How do you stick 3 months rent on the "end" of a rental period? You have some guy renting and he decides to leave, so you go to him and say that he now has to pay that 3 months rent he didn't have to pay during the corona crisis a few years back? Good luck getting that from him, most likely result is that he heads off into the sun laughing and you never see a penny of it.

argolis · 19-03-2020 11:57am

I want to put out some sketched out numbers from a landlord's POV on a basic rent freeze (for the record, I am a landlord). I hope there'll be a government policy on this to help those who need it, especially tenants, but I hope that it's going to be a considered and fair one.

So, let's say tenants are paying €1,500 pm rent and get a 3-month rent freeze.

-- For a landlord who owns a property outright --
That means €4,500 in missing income. Maybe there'll be some compensation but who knows. Some landlords can easily afford the hit, some might be dependent on it for their pension.

-- For a landlord with a mortgage given a 3-month payment holiday by the bank --
Mortgage interest accrues for the 3 months. Leave aside that there's going to be interest upon interest building up for the 3 months. Say €3,000 of the €4,500 was going towards interest, then that's €3,000 carried on the mortgage for the rest of the term and only paid off at the very end. At 4%, that's an extra €120 per year in costs. Fairly survivable but can add up to thousands.

The other separate issue is that if the landlord sells before the end of the mortgage term, they're crystalising their losses. They're losing the opportunity to earn the lost rent back at the end of the mortgage. Out of €4,500 lost rent, €1,500 was going to be capital payments then that's €1,500 that was lost to the landlord that they now have to pay back to the bank (on top of the €120 per year above).

I think for the majority of landlords that'll be survivable.

Tenancy
If tenants don't lose their jobs/income, there's no reason for a rent freeze.

If tenants lose their jobs, I think it'd be fair to split the losses so it's not just the landlord who takes the hit i.e. depending on circumstances the tenant pays some nominal rent based on their ability to pay.

One idea is that these tenants are instantly admitted to the HAP scheme. That'd offset losses to landlords and tenants would be in a scheme that determines some nominal rent for them to pay. Nominal rent + HAP may not reach the previous rent figures but that's a hit the landlords would take. Is that feasible?

I think of being a landlord as a business and I don't know if the government is going to be covering the losses of any businesses except for key national interest ones, like airlines, who are on the edge of going bust. That's fair enough but most businesses aren't earning anything because customers aren't getting a service and therefore shouldn't have to pay.

In this situation, tenants are getting a service i.e. accommodation, but people are arguing they shouldn't have to pay at all. I'd argue that they should pay something within their means. Maybe that's too complicated to work out but that'd be ideally fair.

Personally, I'm fine with taking losses if needs be but I dislike the idea of an unfair solution where all the losses are heaped on landlords just because it's the laziest solution. And that's not a reflection on tenants but on government.

dharma200 · 19-03-2020 11:59am

argolis wrote: »

I want to put out some sketched out numbers from a landlord's POV on a basic rent freeze (for the record, I am a landlord). I hope there'll be a government policy on this to help those who need it, especially tenants, but I hope that it's going to be a considered and fair one.

So, let's say tenants are paying €1,500 pm rent and get a 3-month rent freeze.

-- For a landlord who owns a property outright --
That means €4,500 in missing income. Maybe there'll be some compensation but who knows. Some landlords can easily afford the hit, some might be dependent on it for their pension.

-- For a landlord with a mortgage given a 3-month payment holiday by the bank --
Mortgage interest accrues for the 3 months. Leave aside that there's going to be interest upon interest building up for the 3 months. Say €3,000 of the €4,500 was going towards interest, then that's €3,000 carried on the mortgage for the rest of the term and only paid off at the very end. At 4%, that's an extra €120 per year in costs. Fairly survivable but can add up to thousands.

The other separate issue is that if the landlord sells before the end of the mortgage term, they're crystalising their losses. They're losing the opportunity to earn the lost rent back at the end of the mortgage. Out of €4,500 lost rent, €1,500 was going to be capital payments then that's €1,500 that was lost to the landlord that they now have to pay back to the bank (on top of the €120 per year above).

I think for the majority of landlords that'll be survivable.

Tenancy
If tenants don't lose their jobs/income, there's no reason for a rent freeze.

If tenants lose their jobs, I think it'd be fair to split the losses so it's not just the landlord who takes the hit i.e. depending on circumstances the tenant pays some nominal rent based on their ability to pay.

One idea is that these tenants are instantly admitted to the HAP scheme. That'd offset losses to landlords and tenants would be in a scheme that determines some nominal rent for them to pay. Nominal rent + HAP may not reach the previous rent figures but that's a hit the landlords would take. Is that feasible?

I think of being a landlord as a business and I don't know if the government is going to be covering the losses of any businesses except for key national interest ones, like airlines, who are on the edge of going bust. That's fair enough but most businesses aren't earning anything because customers aren't getting a service and therefore shouldn't have to pay.

In this situation, tenants are getting a service i.e. accommodation, but people are arguing they shouldn't have to pay at all. I'd argue that they should pay something within their means. Maybe that's too complicated to work out but that'd be ideally fair.

Personally, I'm fine with taking losses if needs be but I dislike the idea of an unfair solution where all the losses are heaped on landlords just because it's the laziest solution. And that's not a reflection on tenants but on government.

accommodation is no longer a service. I am not quite sure people are getting this.

19-03-2020 12:25pm

dharma200 wrote: »

accommodation is no longer a service. I am not quite sure people are getting this.

What is rental accommodation if it is not a service?

GGTrek · 19-03-2020 12:52pm

dharma200 wrote: »

accommodation is no longer a service. I am not quite sure people are getting this.

Unbelievable what I have to read in this forum! I guess the army of freeloaders is using the latest crisis to come out in arms.
The quality of the posting is unfortunately collapsing as quickly as the economy.

Gumbo · 19-03-2020 1:06pm

dharma200 wrote: »

accommodation is no longer a service. I am not quite sure people are getting this.

What is it then?

19-03-2020 1:19pm

Here's my numbers

Freelancer, contracts gone until minimum Sept. = Value 20,000.

Wife, child to feed.

203 a week given out by govt. for food, utilities, petrol, clothing for baby (they grow very quickly)

And you want the landlords to earn as much as they have been pre covid-19?

HAP comes out of the public purse, and we will need that money down the line.

We are ALL taking a hit. We're all in this together, and I'm real sorry, but life won't be returning to normal for at least 18 months until a cure is found.

Landlords have to wise up to this. Things are very, very different now.

argolis · 19-03-2020 1:19pm

dharma200 wrote: »

accommodation is no longer a service. I am not quite sure people are getting this.

IMO it is a service. I also recognise that housing is a right. However, those rights are guaranteed by the state so it's the state's responsibility to either 1) house people in state-owned accommodation or 2) pay the private sector to house people. It isn't the responsibility of a landlord to house someone for free.

As a comparison (and I know this is facile), let's say the government decided baked goods were now a basic human right. I would argue that it's not the bakery's job to pay for the ingredients, equipment and labour and then just give away their croissants. To me, that's insane. The state decided it, so the state should step up and either 1) provide the baked goods itself or 2) give money to bakeries to provide croissants.

sbsquarepants · 19-03-2020 1:20pm

Spencer Winterbotham wrote: »

The only foolish thing a person can do right now is thinking things will get back to normal. They won't.

This will go on for 6 - 18 months... the financial system as we currently know will not survive.

How could it?

A new reality will emerge and it will look nothing like the past.

There are two types of people in the world right now.

People who can see the seriousness of this situation and those with their heads in the sand.

I think you may be over reacting slightly.

Yes this is serious, yes it is probably going to effect and even kill a lot of people and it's definitely going to see a lot of businesses go to the wall, but it is not going to fundamentally alter the global financial system. A system that has survived world wars, global recessions, previous pandemics, countless natural disasters and so on. This will pass and it will be business as usual, it's just a matter of how long that's going to take.

Telling as yet completely unaffected tenants that you'll pick up their tabs till this is all over was very philanthropic of you:D

If the shít hits the fan, then the shít hits the fan and we'll all have to react accordingly, but right now all you really have is a fan and some shít. Settle down a bit!

19-03-2020 1:29pm

sbsquarepants wrote: »

If the shít hits the fan, then the shít hits the fan and we'll all have to react accordingly, but right now all you really have is a fan and some shít. Settle down a bit!

Lol.

I would love to know what level people work on. Does the sh*t only hit the fan when we're feasting on the goo?

The. Sh*t. HAS. Hit. The. Fan.

argolis · 19-03-2020 1:31pm

Deleted User wrote: »

Here's my numbers

Freelancer, contracts gone until minimum Sept. = Value 20,000.

Wife, child to feed.

203 a week given out by govt. for food, utilities, petrol, clothing for baby (they grow very quickly)

And you want the landlords to earn as much as they have been pre covid-19?

HAP comes out of the public purse, and we will need that money down the line.

We are ALL taking a hit. We're all in this together, and I'm real sorry, but life won't be returning to normal for at least 18 months until a cure is found.

Landlords have to wise up to this. Things are very, very different now.

I'm a freelancer and I sympathise with losing your contracts. I'm lucky in that I can work remotely and I'm fine.

I didn't say landlords should earn what they were earning pre COVID-19, I said a fair, means-tested solution would be ideal. I also acknowledged that that may not be possible. If you have a wife and kid to feed on €203 per week then sure, you shouldn't need to be paying rent if you can't afford it.

However, I think (and I'm open to correction) HAP is designed for this situation if it can be rapidly extended.

Are you saying that you don't think you should have to apply for HAP, even if you could and it wasn't going to cost you anything, and that your landlord should get nothing?

rob316 · 19-03-2020 1:32pm

Some gall of the landlords group saying the government must give greater access to HAP and increase it. Most won't touch a HAP tenant usually but now their income is threatened they will? You got your flexibility from the banks of 3 months if you have a mortgage, you will be getting tax relief if you don't have a mortgage on it.

19-03-2020 2:06pm

argolis wrote: »

IMO it is a service. I also recognise that housing is a right. However, those rights are guaranteed by the state so it's the state's responsibility to either 1) house people in state-owned accommodation or 2) pay the private sector to house people. It isn't the responsibility of a landlord to house someone for free.
.

Where do recognise housing being a right from? It might be a necessity, but it certainly is something you are entitled to.

19-03-2020 2:08pm

rob316 wrote: »

Some gall of the landlords group saying the government must give greater access to HAP and increase it. Most won't touch a HAP tenant usually but now their income is threatened they will? You got your flexibility from the banks of 3 months if you have a mortgage, you will be getting tax relief if you don't have a mortgage on it.

The problems with HAP will still be there, if the tenant is unable to pay their portion, especially now, HAP payment stops.

sbsquarepants · 19-03-2020 2:10pm

Deleted User wrote: »

Lol.

I would love to know what level people work on. Does the sh*t only hit the fan when we're feasting on the goo?

The. Sh*t. HAS. Hit. The. Fan.

It has not.

These are definitely weird times, unprecedented even and will involve a lot of temporary changes for a lot of people - but it is not armaggedon ffs.

The way some people are carrying on you'd think society itself was coming to an end. Life goes on, normality will return.

argolis · 19-03-2020 2:21pm

Dav010 wrote: »

Where do recognise housing being a right from? It might be a necessity, but it certainly is something you are entitled to.

Oh right! I didn't think about it too much and assumed it was a recognised right or something. It seems it's not but it's something some NGOs advocate for

http://www.housingrightswatch.org/country/ireland

19-03-2020 2:24pm

Great thread folks. Excellent reading as I draft an email to my landlord informing we may not be able to make rent at the end of the month, as unfortunately I live almost month to month. I suspect he is using our rent as a pension.

Grolschevik · 19-03-2020 2:33pm

Where do recognise housing being a right from? It might be a necessity, but it certainly is something you are entitled to.

argolis wrote: »

Oh right! I didn't think about it too much and assumed it was a recognised right or something. It seems it's not but it's something some NGOs advocate for

http://www.housingrightswatch.org/country/ireland

UN International Covenant on Economic, Social and Cultural Rights, which Ireland signed in 1989. The 'right to housing' is in article 11. The UN has criticised Ireland for failing to adequately implement the covenant.

Pkiernan · 19-03-2020 3:23pm

[Deleted User] wrote: »

... I suspect he is using our rent as a pension.

What's wrong with that?

19-03-2020 3:27pm

Pkiernan wrote: »

What's wrong with that?

Jesus nothing is wrong with that. Just something I learned on this thread which puts me in a more difficult situation. I'd prefer if he was paying a mortgage and that was frozen.

Sierra Oscar · 19-03-2020 3:29pm

Government have just announced a three month ban on evictions.

Pkiernan · 19-03-2020 3:34pm

Will landlords qualify for the 203 euro per week to make up for lost rent, or are we too evil?

Zulu · 19-03-2020 3:34pm

Spencer Winterbotham wrote: »

The only foolish thing a person can do right now is thinking things will get back to normal. They won't.

This will go on for 6 - 18 months... the financial system as we currently know will not survive.

So your plan is to cut your income off now and get in before the rush is it?

A new reality will emerge and it will look nothing like the past.

Are you expecting the breakdown of society?

There are two types of people in the world right now.

People who can see the seriousness of this situation and those with their heads in the sand.

Well there's a third type apparently - one that give ups their income voluntarily for the benefit of those who might or might not need it.
Fair play to you.

Samuel T. Cogley · 19-03-2020 3:41pm

Sierra Oscar wrote: »

Government have just announced a three month ban on evictions.

Of Ireland or the UK?

Fann Linn · 19-03-2020 3:44pm

3 month ban on evictions just passed plus freeze on rent increases in Ireland.

Sierra Oscar · 19-03-2020 3:45pm

Samuel T. Cogley wrote: »

Of Ireland or the UK?

Ireland. The Dáil are currently debating the emergency legislation, it'll be passed.

Antares35 · 19-03-2020 3:46pm

listermint wrote: »

How exactly would you be taking the hit if its still rented at the tail end ?

The renters would still be covering only later.

Im not sure you understand the mechanics of this at all..... :rolleyes:

Because the renters who owe 4 months rent can just walk away. Why would they stay?

Antares35 · 19-03-2020 3:50pm

sbsquarepants wrote: »

I have an apartment rented out, on which there is still a mortgage to be paid. If i get a 3 month holiday on the repayments, i'd give a 3 month break on the rent - it will leave me out of pocket which is a bit shít (and which i can ill afford) but i don't really see another option. The 3 months "free" rent will just have to be tacked on at the end of the mortgage, finish paying 3 months later than planned - boo hoo!

These are unusual times, we're all going to have to do unusual things!

Good point actually!

gibgodsman · 19-03-2020 3:53pm

Its like people can't grasp basic maths, if tenants cannot pay the rent for a month or 2, and your mortgage gets pushed down the road, then its not like your not going to get your rent ever. Your not being charged a mortgage for those months the rent is not being paid

Would you rather remove the tenants for that 1 or 2 months without rent being paid? Your not losing money at the end of the day as the Banks won't be taking it from you either right now.

No the tenant will never pay that rent back, but it will eventually make its way to your mortgage via another tenant

Rent Freeze - the mechanics of

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