Archives for Rent Increases

All About Rent Pressure Zones

Landlords must follow certain procedures if they want to review the rent. The rules are set out in the Residential Tenancies Act. Breaching Rent Pressure Zone legislation may lead to a criminal conviction. Regardless of the level of rent, even if it is substantially below market rent, you must comply with the legislation. Rent Pressure Zone rules also apply to a new purchaser buying a property. What is a Rent Pressure Zone (RPZ)? A Rent Pressure Zone (RPZ) is a designated area where rents cannot be increased by more than 4% per annum. This applies to new and existing tenancies
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Categories: First Time Landlord, Property Management, Rent Increases, and Rent Pressure Zone.

10 Things Landlords Should Know About Rent Pressure Zones

1. Rent Pressure Zones (RPZs) limit the amount of rent in exsiting tenancies as well as new tenancies. 2. RPZs use deisignated Local Electoral areas; to check if your property is in a RPZ input your property address into the RTB Calculator. 3. There is a prescript formula to calculate the rent. R x (1 +0.04 x t/m) R= The last rent set under a tenancy. t = The number of months between the date the current rent came into effect and the date the new rent will come into to effect. m = 12 or 24 4. RPZs commenced
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Categories: Property Management, Rent Increases, Rent Pressure Zone, and Uncategorized.

Landlord Query Of The Week: Substantial Refurbishment / Rent Increase

Question My rental property is in a Rent Pressure Zone. I served a valid notice of termination on the grounds of substantial refurbishment in January 2019, the tenants vacated the property on the 1st of April 2019 and works commenced on my property on the 9th of April 2019.  I would like to increase the rent to market rent once the works have been completed. As works are still ongoing, do I have to adhere to the new legislation brought in with the Residential Tenancies (Amendment) Bill 2019? Response Refurbishment/Change works that commenced on or after 4th June 2019, must
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Categories: Landlord Query of the Week, Rent Increases, Substantial Refurbishment Rules, and Uncategorized.

Rent Pressure Zones In Co. Meath And Co. Louth

Rent Pressure Zones were introduced in Ireland in 2016, There are currently 21 Local Electoral Areas which have been designated as Rent Pressure Zones. As of the 2nd of July 2019 more areas in Co. Meath and Co. Louth are now in a Rent Pressure Zone. In Rent Pressure Zones rents can only rise by up to 4% annually. This applies when rents are set at the start of a tenancy and when rents are reviewed during an ongoing tenancy. A landlord must tell the tenant what the amount of rent that was last set under the tenancy for the dwelling.
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Categories: News, Rent Increases, and Rent Pressure Zone.

Are You In A Rent Pressure Zone? Know How To Conduct A Rent Review.

Rent Pressure Zones were introduced in Ireland in 2016. In Rent Pressure Zones rents can only rise by up to 4% annually. This applies when rents are set at the start of a tenancy and when rents are reviewed during an ongoing tenancy. A landlord must tell the tenant what the amount of rent that was last set under the tenancy for the dwelling. A landlord must provide the date the rent was last set under a tenancy for the dwelling. A landlord must provide a statement as to how the rent set under the tenancy of the dwelling has been
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Categories: First Time Landlord, Landlord Legislation, Property Management, Rent Increases, and Rent Pressure Zone.

What Landlords Need To Know About Rent Increases And Substantial Refurbishment

Works can be carried out to your rental property but if they do not meet the definition of Substantial Change below –  a Landlord cannot increase the rent. Please take notice of these rent increase rules. Refurbishment/Change works that commenced on or after 4th June 2019 , must comply with the new legislation if there is an intention to increase the rent to market rate. The definition is as follows:  A substantial change in the nature of the accommodation provided under the tenancy shall only have taken place where— (a) the works carried out to the dwelling concerned— (i) consist
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Categories: Landlord Legislation, Property Management, and Rent Increases.