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Tenancies board to investigate how rents can be brought under control

A major study has been announced by the the Private Residential Tenancies Board.

Image: lease via Shutterstock

A MAJOR STUDY into how the stability of the private rented sector can be ensured has been announced by the Private Residential Tenancies Board (PRTB).

It follows a request from Minister of State for Housing Jan O’Sullivan to conduct a study into the sector to gauge what policies would be appropriate.

Consideration to measures that could achieve a greater level of rent stability will be considered, the study’s authors said.

The latest figures from the PRTB show a year-on-year increase of 7.6 per cent for rents in Dublin, with an average increase of 3.3 per cent recorded last year since figures hit a low at the start of 2012.

Measures on the table for the PRTB study include tax reliefs for landlords and/or tenants, including indexation of rent supplement and possible incentives for landlords to rent to social rented tenants.

Affordable

It will also look to increase the supply of good quality and affordable accommodation, taking a guide from best practices in other countries.

“A key objective of the report will be to advise the PRTB on how the rental sector can be sustainable into the future and can play a vital role in accommodating a wide range of households in affordable and good quality accommodation”, Chief Executive Anne Marie Caulfield said.

Other areas to be explored include:

  • Buy-to-let properties (particularly those in mortgage arrears),
  • The increasing role of the sector in the provision of state supported accommodation (Rent Supplement and the Rental Accommodation Scheme),
  • The social rented sector,
  • The new Housing Assistance Payment (HAP) scheme,
  • The impact of changes in regulations regarding accommodation standards.

A consortium led by DKM Economic Consultants, and including the ESRI, Red C Research and Marketing, and law firm Ronan, Daly Jermyn were awarded a contract to carry out the study last month after a competitive tender.

Preliminary results are expected next month, with a full report in September.

Read: Why is this house so expensive? >

More: The average rent in Dublin is now €1,289 – in Waterford it’s €601 >

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Nicky Ryan

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