IPOA statement in response to Notice of Termination figures published by RTB
- The Irish Property Owners Association (IPOA) notes the publication of figures pertaining to Notices of Terminations received by the Residential Tenancies Board for Q4 of 2022.
- The figures published today [3rd April 2023] show that landlords intending to sell the rental property in question remained the reason for serving a Notice of Termination in the majority of cases (2,513 – 58.05%).
- It is clear that a combination of excessive regulatory and financial burdens is creating an environment in which many private landlords have no option but to sell their properties.
- Inflationary pressures, interest rate rises, increasing tax burdens and misguided policies mean there is little incentive to stay in the market.
- For many private landlords, continuing to rent their property is no longer viable.
- The data published by the RTB today is demonstrative of this – there is now an exodus of private landlords from the rental market.
- We are urging Government to work collaboratively with private landlords to implement policies which meaningfully encourage the retention of landlords in the sector, so that supply can be improved.
- The IPOA continues to propose solutions to enable landlords to stay in the market – to include; the introduction of a 25% tax rate to ensure equity of treatment in circumstances where institutional investors pay 0%; provision to allow for rollover relief and inheritance tax relief; and the introduction of low-interest loans to incentivise further investment in the sector.