Slowing increase in rent prices an opportunity to reform the rental market

“Today’s news that rent inflation in Dublin is slowing presents an opportunity to reform the rental market and to stop treating tenants as second class citizens,” said Fine Gael Senator Catherine Noone today (Monday). A new Daft.ie report shows the rate of rent increases slowing in Dublin.

“Rent prices have increased at an alarming rate in the last three or four years, particularly in Dublin. These increases have created a stressful, uncertain environment for tenants and people seeking a home.

“Tenants and potential tenants in Dublin face two realities. For those seeking a home they face intense competition and prospective bidding wars in order to secure a place to live. For those who already have a place they are living in terror of their lease renewal date and a possible rent hike.

“News that the rate of rent increases is welcome but rents are still increasing significantly. This, along with the lack of security experienced by tenants, creates an unfair situation for many people.

“We need to make renting a viable alternative to ownership as it is in most comparable cities across the world, and not just a stop gap measure to bridge the gap between leaving the family home and buying a house. For some people renting is also a lifestyle choice and this needs to be recognised and supported.

“Tenants need more security including making long term tenancy attractive for landlords. They need rent certainty with the possibility of increases linked to a specific index or capped at a certain percentage of the original rent agreement over a number of years.

“We need to recognise that renting can be a long-term choice and an alternative to home ownership. Solutions from Government must take into account this fact and not just be a short term approach to the current shortage of housing supply.”

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