The article discusses the need for Ireland to adjust its rent regulation policies, specifically allowing rents to be re-set to market rates between tenancies while adjusting for inflation during existing contracts. The Taoiseach has acknowledged the necessity of reviewing the current rent pressure zones, which have been due to expire soon. While the OECD indicates that current caps have stabilized rents, they underline potential supply issues and emphasize the importance of balancing tenant and landlord rights amidst soaring maintenance costs.
Hence, Ireland should allow rents to be re-set between tenancies and adjusted for inflation during a residency, but care should be taken that it does not lead to unfair termination of contracts.
Investors consulted advised that if rents could be re-set to market rates at the time of vacancy, this could have a material impact on their investment decisions.
The OECD notes that the cap seems to have stabilised rents, but the lack of data makes it difficult to measure what impact it has had on supply of rental property.
The rights of tenants, which were among the lowest in the OECD in 2021, have improved over time through reforms to registration systems and dispute mechanisms.
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