Based on forecasts, 2020 is still a good year for the letting industry in Ireland. This is mainly because demand is going to continue to surpass supply. This means that finding tenants should not be too difficult for rental property owners.
So, if you have a property in Dublin or anywhere in Ireland that you want to rent out, pursuing this plan this year is a smart decision. Just make sure you make the necessary preparations to ensure that this endeavour becomes successful and hassle-free.
One of the things that you should do before putting out a “house for rent” sign or ad is to learn about what it means to be a landlord in Ireland. Many rental property owners encounter difficulties because they enter the industry unprepared.
Please do not be like them!
Read up on being a landlord in Ireland. To be more precise, know what your responsibilities and rights are. Doing this is highly recommended even if you intend to let a property management company handle your rental.
In our previous blog, we talked about the responsibilities of landlords in Ireland. In this article, we will be discussing your rights as rental property owners.
Set the Rent
As the landlord, you have the right to set the rental price of your property. But of course, you need to set a fair price. Moreover, the fee should be well within what the laws allow.
In the past years, legislations were introduced to control rental fees which skyrocketed in the early 2010s. Under the rent control law, properties in rent pressure zones (RPZs) can increase up to 4% for new tenancies and up to 2% for old tenancies.
Rent pressure zones refer to areas where the rental fees are the highest and are rising quickly. These include places like the cities of Dublin, Limerick and Cork.
Aside from the rental cap, special rent review rules also exist in RPZs. For new tenancies, the rent can be reviewed once every 12 months. For existing tenancies, the initial review may be done after 24 months.
Meanwhile, for non-RPZs, landlords are obliged to set a fee that is within the open market rate of rent. The first review should be set 24 months after the official start of the tenancy.
Keep in mind:
You need to set the right price – one that is fair for tenants and profitable for you. Check out rental prices in your area and read on existing laws about rental fees. Lastly, don’t forget to factor in letting-related expenses like taxes, property management fees, maintenance/repair costs, etc.
If you are working with a property manager, feel free to consult her. With her experience in the industry, you can count on her to help you come up with a price that is beneficial to you.
Ask Who the Occupants Are
You have the right to ask who the occupants of your properties would be. Here, “occupants” is defined as the people who are going to live in the house during the course of the tenancy. For example, if you are letting the house to a family of 5, you can request for all their names.
However, this right is just applicable to “regular occupants” of the rental place. It does not cover people who are staying overnight or for a short period of time, i.e., friends or relatives who are visiting.
Knowing the names of your tenants is necessary because these are going to be included in the contract. Furthermore, you would need these details (name and PPS number of each tenant) when you register the tenancy.
Setting the rent and knowing the name of each tenant are just some of the rights of landlords in Ireland. In our next blog, we would be talking about the other things you are legally allowed to do as a rental property owner.
Want to rent out your house in Ireland? Let us help you find good tenants and/or manage your property. Call us today on 01 495 9020!