'Biggest rip-off of renters in a generation' - State's largest landlord says new rent rules could boost its income by 25pc

"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."

"This company is telling their investors that they stand to make an extra €21m in rents every year, once your legislation flows through. The Government has said its Residential Tenancies Bill will provide greater security for renters and boost supply, while the opposition has said it will dramatically increase rent costs by thousands of euro."

"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 coming into force allows landlords to set rents at market rates for new tenancies beginning Sunday, while restricting increases on existing tenancies to 2% or the inflation rate, whichever is lower. Ires Reit, which owns 3,627 properties primarily in Dublin, projects potential rental income increases of up to 25% with minimal added costs, though full market-rate reset could take 10 years. With approximately 10% of its housing stock changing tenancies annually, the firm could generate an extra €21 million in annual rents. Average monthly rents for Ires Reit tenants currently stand at €1,852. Opposition leaders argue the changes will dramatically increase rent costs, while the Government claims the legislation provides greater renter security and boosts housing supply.

Read at Irish Independent