Housing Minister James Browne has announced plans to make the entire country a Rent Pressure Zone (RPZ) to prevent landlords from imposing excessive rent increases. This initiative is a response to growing concerns about rental affordability. Under the new law, annual rent hikes will be restricted to 2% or based on inflation rates, whichever is lower. While the government prioritizes this initiative, experts caution that the move may inadvertently encourage landlords to raise rents aggressively in anticipation of the new regulations.
Housing Minister James Browne stated, 'We will not be messing around when it comes to protecting renters from excessive rent increases.' He emphasized the urgency of implementing these protections.
Experts warn that while the Rent Pressure Zone initiative aims to cap rent increases, it also creates an overwhelming incentive for landlords to raise rents quickly before the regulations take effect.
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