Rents spiral in Louth - Gerry Adams TD
Sinn Féin Louth TD Gerry Adams has expressed his concern at the “continuing high rise in rents in Louth”.
Teachta Adams said:
“The report published this week by the Residential Tenancies Board and the Economic and Social Research Institute paints a bleak picture of the continuing rise in rents. Louth witnessed the second highest increase in rents across the state year-on-year with a 9.3% increase.
"Between the end of 2017 and the first quarter of this year Louth saw a 2.9% increase in the standardised average rent – the highest increase in the state.
"In the three years since the first quarter in 2015 the standardised average rent in Louth has jumped from €700 to €966 in the first quarter of this year. This means that Louth is the sixth most expensive county in the state for rents, and this despite the fact that Drogheda is in a rent control zone.
"The reality is that under this government average rents have soared to a new record high. Rents are rising while supply remains at an all-time low. The introduction of rent pressure zones was supposed to restrain rents and limit annual increases.
"This lacklustre attempt at cooling the rental market is not working. It is creating a two tier rental sector and struggling renters are caught in the middle. That is what the government, with the support of Fianna Fáil, has delivered.
"The cross party Dáil housing and homeless committee recommended real rent certainty, linking rents to an index such as the Consumer Pay Index. The government rejected this.
"This Fine Gael led government is placing the interests of landlords above those of renters and is failing to introduce the strategies needed to build new social and affordable homes.”