Rental costs continue spiral- rent pressure zone legislation has failed- Eoin Ó Broin TD
Sinn Féin Housing spokesperson Eoin Ó Broin TD has commented on the figures in the latest Daft.ie quarterly rental report. The Dublin Mid-West TD stated that the 11.5% annual rise in asking rents across the State demonstrates that the rent pressure zone legislation is the latest policy failure from this government. The average rent across the country is now €1,261.
Deputy Ó Broin said:
“The Daft.ie Rental Price Report for quarter 1 of 2018 makes for depressing reading and highlights how the rent pressure zone legislation is a failure.
“In every single county in the State except Donegal the 4% rent pressure zone cap is being breached on new lets.
“For example, in Dublin the average rent is now at a record high of €1,875 a month. This is 12.4% higher than the same period last year, three times the 4% cap.
“Fourteen other counties are seeing double digit rent inflation, including counties around the commuter belt where the average rent in Meath, Kildare and Louth increased by over 10%.
In fact after Dublin City, Louth saw the highest increase in rental costs with asking prices increasing by 13.5% with the average rent now at €1,121 in the county.
“The rent pressure zone legislation is of benefit to some sitting tenants however the increase in asking prices for new lets circumventing the 4% cap is creating severe affordability issues for those trying to access the private rented market.
“The fact that tenants have to police the implementation of the rent pressure zone legislation means that increases are going unchallenged due to fear of not securing a rental property at all.
“We need to introduce real rent certainty and the Residential Tenancies Board needs the power and resources to begin policing RPZ breaches.
“It is extremely disappointing that this government has still not prioritised the roll out of affordable rental/cost rental scheme. The only way to take the heat of the market is to bring on new supply of genuinely affordable rental homes.
“Unfortunately Minister Murphy still doesn’t get it and until this government is ready to make a strong intervention the rental report for quarter 2 of 2018 will be even more depressing.”