Aengus Ó Snodaigh (Dublin South Central, Sinn Fein)
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605. To ask the Minister for Environment, Community and Local Government if his attention has been drawn to the fact that the sale by the National Assets Management Agency of occupied apartment complexes to investors, both national and international, is contributing to rent inflation as these profiteering companies seem to immediately inflate the rent on the day of the rent review, as in the case of rental properties (details supplied) in Dublin 12, which was sold recently by NAMA to a foreign investor, who have hiked rents by 23% from €1,100 to €1,600; and his views on the action being taken to address the effects this is having on the rental market in particular for low to middle income renters and those on rent allowance. [47954/14]

Paudie Coffey (Waterford, Fine Gael)
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The Residential Tenancies Act 2004 regulates the landlord-tenant relationship in the private rented sector and sets out the rights and obligations of landlords and tenants relating to, inter-alia, security of tenure, termination of tenancies, rent and rent reviews. The 2004 Act provides that rents may not be greater than the open market rate and may only be reviewed upward or downward once a year unless there has been a substantial change in the nature of the accommodation that warrants a review. Tenants must be given 28 days' notice of new rent and can make an application for dispute resolution to the Private Residential Tenancies Board (PRTB) where they feel the rent increase is in excess of the market rent. These provisions have effect notwithstanding any provision to the contrary in a lease or tenancy agreement.

In terms of the current market, apartment rents in Dublin in the third quarter 2014 were 11.6% higher than the same period last year, according to the most recent rent index from the PRTB. The average rent for an apartment in Dublin is €1,170.

The main cause of rising rents is a lack of supply in the market and the recently published Social Housing Strategy 2020sets out clear, measureable actions and targets to increase the supply of social housing, reform delivery arrangements and meet the housing needs of all households on the housing list. The total targeted provision of over 110,000 social housing units will address the needs of the 90,000 households on the housing waiting list in full, with flexibility to meet potential future demand.

My Department is working closely with NAMA, the Housing Agency, local authorities and approved housing bodies in relation to the delivery of social housing. Detailed information in relation to the delivery of NAMA sourced units, including a full breakdown by county, by local authority and by approved housing b ody, of units delivered on a quarterly basis, is available on the Housing Agency's website: .