Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all,
Vanilla are planning an update to the site on April 24th (next Wednesday). It is a major PHP8 update which is expected to boost performance across the site. The site will be down from 7pm and it is expected to take about an hour to complete. We appreciate your patience during the update.
Thanks all.

Setting market rate rent for rented property

  • 26-03-2019 6:04pm
    #1
    Rebel001
    Registered Users Posts: 9 ✭


    Hi,

    I have being renting a house to excellent tenants for the last 8 years. House is in rent pressure zone. Fully compliant with RTB and declaring rental income etc. Rent was increased by 4% 12 months ago but it is still 33% below market rate for the area.
    I was naïve when I originally set the rent but the tenants never gave a moments bother, I think they knew they were on a good deal so they always fixed or replaced items themselves.

    My tenants have notified me that they will be moving out as they have purchased their own house.

    What are my options here when I advertise the house for rental again. I do not want to be overly greedy but I want to increase the rent to an amount that will at least cover the mortgage. I understand that this will not comply with the 4% rent pressure zone legislation.

    Note: If I advertise at the current rent I will be swamped with calls as everyone will think that this is too good to be true....! I would be afraid of what potential tenants I might attract.

    1.) If I increase the rent to market rate? Can the new tenants find out previous rental amount from RTB and then pay 4% above the previous rental amount after moving in.

    2.) I have read about 'substantial refurbishment' but I think that this involves structural changes to qualify as exempt form the RPZ. This is not an option.

    3.) Do I just be up front with the prospective new tenants? previous rent was X, new rent is Y, quoting RPZ etc. are you happy to proceed with the rental contract?

    Any advice or opinions welcome?


Comments

  • #2
    Iscreamkone
    Registered Users Posts: 703 ✭✭✭Iscreamkone


    You must play by the rules here and can only increase rent by 4% per annum.
    However, there may be some leeway - you can charge for parking spaces, rubbish collection, gas & elec, regular cleaning etc etc on top of the rent.


  • #3
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    Advice on breaking the law cannot be given here


This discussion has been closed.
Advertisement