Although the cost of living still remains high in Ireland it has been announced that the Rent Supplement is being reduced with maximum rent supplements limits being cut by up to 36% for tenants who are entering into new leases or renewing leases.
Minister for Social Protection Eamon Ó Cuiv said that the new reductions have been put in place to reflect the fall in current rental values and also to ensure that landlords are not charging artificially high rents. He also said that the new rates related to the next eighteen months and that they would be reviewed if rents increase during that period.
The new rates are now as follows:
Following recent reports that the rental market in the UK is starting to pick up it seems the bug has sailed across the waters to Irish shores. According to the Lettings wing of Sherry FitzGerald there are signs (albeit small) of stability emerging in the Lettings Market.
However the signs of stability are more concentrated in sought after locations in the Dublin city centre market and are not the talk of the entire country. This new found good news in Dublin’s city centre they say is due to a “combination of a tightening of supply and resilient demand resulting in more stabilised rents”. Not only that but because of the high level of quality apartments available in the city centre along with public transport facilities and a wide range of amenities, the rental market in the city is more attractive and highly sought after by potential tenants. Poorer located properties…
According to the latest residential lettings survey from the Royal Institution of Chartered Surveyors in the UK residential landlords there are likely to see the rental market pick up in the coming months.
The survey revealed that because of a fall in the supply of new properties coming onto the marketing for the second quarter in a row and a sizeable decline in supply of both apartments and houses to rent in the marketplace there is now an increased demand for rental property.
Because of these factors a rise in rent rates now seems inevitable, as supply cannot meet