2nd September, 2021 The Government announced the “Housing for All” plan this afternoon. It is an extensive set of documents and contains items that affect the private rental market. The document contains the following plans: – Bring forward legislation with provisions to address long-term security of tenure expected (Q4 2021) Extend Rent Pressure Zone (RPZ) protections to end 2024 and link rent increases to Harmonised Index of Consumer Prices (Q3 2021) Implement Minimum BER standards, where feasible, for private rental properties, commencing in 2025 (Q1 2025) Examine the creation of a system of holding rental deposits, informed by international experience
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Minister O’Brien further limiting rent variation taking no account of level the rent is set. -All RPZs will be extended to end of 2024 -4% cap on rent increases in RPZs will be replaced by restriction of inflation under Harmonised Index of Consumer Prices- Key provisions are set to be inserted into the Residential Tenancies (No. 2) Bill 2021, published on 17 June, to reform the rent increase restrictions in RPZs. These reforms will take effect upon the passage of the Bill, expected by July 9th.   The current cap of 4% on annual rent increases will be replaced and
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18th June, 2021 The Residential Tenancies (No 2) Bill 2021 has been published, it includes:-   Upfront payment upon the commencement of a tenancy will be restricted to a total value that does not exceed two months’ rent i.e. a deposit and one month rent in advance. Applies to all tenancies including students residing in student specific accommodation. A student can make a larger upfront payment if they so wish, by way of an opt-out option, but they cannot be forced to do so. The Bill also provides that the notice period to be given by students in respect of
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IPOA has criticised the Government’s proposed measures for dealing with REITs and other funds that acquire residential properties for rental. Investment funds or Real Estate Investment Trusts (‘REITs’) benefit from tax treatment that allows rental income to be earned free of income tax and capital gains to be tax free. Private landlords currently pay income tax up to 51% on rental profits and 33% on capital gains. Tom O’Brien, Chairman of the Finance Committee of the Irish Property Owners’ Association said that the Government’s announcement last night, failed to address the imbalance that exists in the tax regime for REITs
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