"In a presentation to investors, Ires Reit said the rental changes could lead to a "plus 25pc potential rental income uplift with minimal added costs". However, it could take up to 10 years for its rental stock to be fully reset to higher market rates."
"She claimed the property funds "are set for a bonanza". "This paints a frightening picture of the size of the rent increase coming down the tracks due to your decisions," she said. "This company is telling their investors that they stand to make an extra €21m in rents every year, once your legislation flows through.""
"New rules coming into force on Sunday will allow landlords to set rents at market rates for tenancies signed from that date. Landlords will be restricted on existing tenancies to rent rises of 2pc or the inflation rate, whichever is the lower."
New legislation effective Sunday permits landlords to set rents at market rates for new tenancies, while existing tenancies face restrictions limited to 2% or inflation rate increases, whichever is lower. Ires Reit, owning 3,627 properties primarily in Dublin, projects potential rental income increases of 25% with minimal added costs, though full market-rate reset could take a decade. With approximately 10% of Ires Reit's stock changing tenancies annually, the firm could generate an additional €21 million yearly in rents. Sinn Féin leader Mary Lou McDonald accused the government of enabling property funds for a "bonanza," while Tánaiste Simon Harris defended the legislation against accusations of scaremongering.
Read at Irish Independent
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