Latest RTB figures indicate urgent need for rent certainty – Ó Broin
Commenting on the latest rental figures released by The Residential Tenancies Board (RTB), Sinn Féin Housing spokesperson Eoin Ó Broin TD said there is an “urgent need for rent certainty legislation as the figures indicate the rental market remains volatile”.
Deputy Ó Broin said:
“The RTB’s Quarterly Rent Index for the 3rd quarter of 2016 has showed that rents are continuing to rise, with a marginal 0.6% decline in quarterly Dublin house rents. However, rents for Dublin apartments increased by 1.5% over the same period. Outside the capital, rents are continuing in an upwards trajectory with monthly rent for houses outside Dublin increasing by 8.8% from €735 to €800, compared to the 3rd quarter of 2015.
“The fluctuations in the data indicate that the market remains volatile which isn’t good for tenants or landlords. If the rental market was functioning normally, there wouldn’t be an urgent need for index linked rent certainty measures. However, as we can see from this latest report and numerous other rental market reports, the rents market requires urgent government intervention.
“There is no evidence that indicates that linking rent increases and decreases to the consumer price index would negatively impact on supply in the current market. The government needs to dispense with this myth of a fleeing landlord. There is research that shows that rental market yields in this state are well above the EU average. In fact, rental market yields are well above the returns on other assets such as bonds and cash deposits. The yields from the current market are high enough to maintain a flow of investment into the sector, rent certainty, which also provides certainty to landlords, will not change this.
“Yet, faced with this reality, Fine Gael and Fianna Fáil will band together to ensure that the status quo remains and renters are left to the depredations of a turbulent rental market by voting against Sinn Féin proposals of rent certainty for a third time.”