Ireland's Property News
 

Ireland's Property News

19 new Rent Pressure Zones across 11 counties

Rent Pressure Zones Meath Louth Limerick  - topcomhomes

19 new Rent Pressure Zones across 11 counties.

There are 19 new locations designated as Rent Pressure Zones following a change in the criteria.

The announcement of the additional RPZs takes effect from today, following reforms to the Residential Tenancies Act.

The areas are located across 11 counties and include all of Meath and Louth, as well as Limerick's metropolitan area.

It means rent increases are limited to a maximum of 4% each year, with around two-thirds of renters now covered by RPZs.

The data shows that between the start of January and the end of March, the average rent stood at €1,169 per month.

The move comes as new figures from the Residential Tenancies Board show that nationally rents were over 8% higher during the first three months of the year, compared with the same time in 2018.

The figure represents an increase of €90 or 8.3% on the same period a year earlier.

When compared with the previous quarter, rents rose by 2.1%, reversing the fall recorded between the start of October and the end of December.

It was also the highest rate of annual price inflation in the rental market since the second quarter of 2016.

The RTB has said there was "continued growth in rental inflation and affordability issues in the sector".

The report shows the average rent for new tenancies is €1,245 per month, compared to €984 for renewed tenancies.

The highest average rent is in Dublin at €1,662, while Leitrim is the county with the lowest average rent at €537.

Meanwhile, rents in Waterford city recorded the biggest annual increase between January and March, up by 13.7% to €826, compared to the same time the previous year.

The Residential Tenancies Board has also been given new powers to address improper conduct by landlords under the Residential Tenancies Act.

The RTB can now directly investigate and sanction in cases where there are specific breaches of Residential Tenancy Law in relation to Rent Pressure Zones, false or misleading notices of termination and the non-registration of a tenancy.

Anyone found in breach of the legislation could face sanctions that range from a warning to a fine of up to €15,000.

The new legislation also requires that all notices of termination where the tenancy has been ended are required to be notified and copied to the RTB within 28 days of the tenancy ending.

Director of the Residential Tenancies Board Rosalind Carroll welcomed the new powers for her organisation saying it finally gives the RTB "a regulatory toolkit" to deal with some cases that they have not been able to deal with until now.

She told RTÉ's Morning Ireland that the RTB will have strong investigatory powers and their objective is to achieve compliance.

"We have a full range of powers under this where we can ask people to provide us with their bank statements, tenancy agreements. We can even go in and search a property if we need to. So quite extensive powers that, I think, will give us what we need to get into that regulatory area."

Ms Carroll urged tenants who think there has been a breach to contact the RTB.

 

The full list of the 19 new LEAs across 11 counties are;

Meath:  Kells, Trim
Louth:  Ardee, Dundalk South, Dundalk - Carlingford
Wicklow:  Arklow
Galway:  Athenry/Ornamore, Gort/Kinvara
Wexford:  Gorey
Cork;  Midleton, Fermoy
Laois:  Portlaoise, Graiguecullen/Portarlington
Waterford:  Waterford City East, Waterford City South
Westmeath:  Athlone
Limerick:  Limerick City West, Limerick City North
Kilkenny:  Kilkenny

 

Source: RTE 02/07/2019

99 homes lost due to tracker controversy - Central...
First-time buyers feel 'pushed out' by bulk invest...
 

Comments

No comments made yet. Be the first to submit a comment
Guest
Monday, 16 September 2019

Captcha Image