I have a second property in Cork City that is not my principal private residence. I bought this property 10 years ago and rented it out to a couple. When the tenants left in 2016, I decided to let the property through Airbnb on a short-term basis.
I have decided to let out the entire property again on a long-term basis.
In deciding the rent for the new tenants can I go to market rent, am I restricted to rent control?
Yes, our understanding is you can set the rent at market rent if you so wish.
An exemption under the Residential Tenancies Act 2004 applies to the first rent setting of a tenancy of a dwelling where:
‘no tenancy existed in respect of the dwelling during the two years immediately prior to this current tenancy beginning.’
From the information provided no tenancy existed in the property since your previous tenants left in 2016, therefore you are not restricted to the rent pressure zone regulations for the first setting of the rent.