As the housing crisis deepens, Minister for the Environment Alan Kelly has just unveiled a raft of reforms for the private rental sector, which he hopes will alleviate the housing situation.
Such measures include increasing the rent review period from one to two years. For instance, if you experienced a rent increase in 2015, another one will not come into effect until 2017.
Also, the Residential Tenancies Amendment Bill will bring about the creation of a deposit protection scheme. Effectively, the bill will mean that deposits given by tenants will be lodged with the Private Residential Tenancies Board, rather than with the landlord. Bilateral consent will be required at the end of the tenancy to recoup the deposit.
Furtheremore, the measures announced will force landlords to justify rent increases by proving that such increases are in line with the local market rate.
Speaking today, Minister for Finance Michael Noonan said: “I hope it works,”
“I presume (for) whoever is in Government for the next five years the supply of housing will be a constant theme.”
“Because as the economy grows and there’s more young people come back from abroad, there’s more young people coming into the cities and begin to work. There’s going to be a demand on rental accommodation and new builds.
“So this is a very strong start, but it’s not the end of the matter.”