Neighbours Mary Loftus and Anna Gallagher use the same word to describe their reaction to a rent review they both received last month – shock.
Anna said that, while she anticipated a rent review of up to €200, the €600 increase, which equates to a hike of more than 70 per cent, was far beyond her expectations. The northwest of the country has seen the biggest rent increases over the past year, with an average annual rise of around 20%, according to Daft. There are only 11 properties to rent in Co Sligo – and just three in Tubbercurry.
The percentage is even higher outside of cities, where large investors have yet to buy properties at scale. In contrast, REITS, or real estate investment trusts, which allow individual investors to join large-scale investment portfolios, pay zero tax on their rental income. If a property is sold, it isn’t subject to any Capital Gains Tax.
According to the Residential Tenancies Board, 544 notices of lease termination were issued to tenants in the last three months of 2019, with just over half, or 290, attributed to landlords selling the property. "So far in 2022, we are seeing an increase in termination cases, largely for sale – and the majority are valid, which means private renters can do little to hold onto the home," chief executive John-Mark McCafferty said.
One in 20 properties yielded an income of €10,000 or more. But, according to landlords, 14% of properties yielded a net income less than €1,000 and one in 10 properties actually"made a loss". "The private rental sector would not exist without landlords. If they are choosing to sell their properties, and alternative housing options are not coming on stream for renters, then measures are needed to retain landlords in the sector," Mr McCafferty said.
So sorry for those people. Banks Government need to stop this behaviour. Firstly Banks wanting people to have savings ie to prove they can pay back a mortgage scraped with a rent receipt.
Decades of FF and people still don’t learn. This is what you get from incompetent government. It’s been going on for years.
Burn the house down
This is an absolutely shocking indictment of modern greedy Ireland... its absolutely indefinsible... Tubbercurry, Jesus wept.. its not central London... not surprised he didnt respond to RTE. they should have named him... what have we become in this kip.of a country....
Rent increases like this are due to greed, not demand. If a landlord was able to rent their property for 1000 last year, there is no justification for asking for 1600 this year.
Homeless