Tommy Broughan (Dublin Bay North, Independent) | Oireachtas source

I am delighted to have a brief opportunity to express my full support for the Secure Rents and Tenancies Bill 2016. I commend Deputy Ó Broin and his Sinn Féin colleagues on their work on it. This Bill provides for the amendment of the Residential Tenancies Act 2004 to link rent reviews to the consumer price index. I have been calling for such a measure for many years in this House. Deputy Shortall correctly pointed out recently that the previous Government's pathetic attempt to introduce rent certainty measures will expire on 3 December next, leaving many tenants susceptible to substantial and unaffordable hikes in rent.

Reports on daft.ieconstantly highlight rental price increases throughout the country. Annual rent inflation in Dublin stood at almost 12% in the third quarter of this year. Rents are now 10% higher than they were at their previous peak in early 2008. Based on the daft.iefigures, average rents nationwide have increased by 45% since 2011 and are expected to increase by between 22% and 26% over the next two years. It is shocking that on 1 August last, just 3,500 properties were available to rent throughout this country. This compares with 11,000 four years ago. We have a perfect storm. This dire situation needs a fundamental response and the acceptance of this Bill would mark the start of such a response. The Government has set its face against it, however.

My colleague, Deputy Pringle, mentioned the position across Europe. Tenants in Germany, for example, have indefinite security of tenure. Rental prices are linked to the cost of living in Belgium, the Netherlands, Spain, France and Denmark, all of which have healthy rental markets. It is clear that the greedy madness that enveloped Dublin's rental market in the mid-2000s is again threatening our society. This would not be tolerated in many of our EU partners. We are told to look to those countries in many areas of fiscal policy and other policy, but we seem to avoid doing so in this context. I suggest that an alliance in this House between Fine Gael and Fianna Fáil is supporting the landlords.

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