Changes to the Residential Tenancies Act and Introduction of the Deposit Protection Scheme

The new Residential Tenancies Act was signed into law in December 2015 and represents the biggest change to affect the rental sector and landlords in over a decade.

The legislation contains many changes that will be introduced throughout 2016. These changes will also bring into force the legislation required for the commencement of the Deposit Protection Scheme which will be operated by the PRTB. The other key points to note are:

• The notice period for a rent increase has increased to 90 days
• The rent can only be reviewed every two years

A new Goverment policy report proposes radical measures to put an end to accommodation crisis in Ireland. It recognises the need of providing tenants with more secure occupancy and creating supply support to increase the availability of affordable rental housing.

Among some of the propositions are:

• Significant tax reliefs for landlords,
• Longer leases for tenants,
• Removing sale of the property as a reason for vacant possession,
• Low-cost loans,
• Access to state land on favourable terms,
• Tax incentives and loan guarantees,
• Moderate level of subsidy in exchange for affordable rents

You can find more details in National Economic & Social Council Report available online.