Finian McGrath (Dublin North Central, Independent)
Link to this: Individually | In context | Oireachtas source

144. To ask the Minister for Finance his views on correspondence (details supplied) regarding renting; if the National Asset Management Agency is currently in the housing rental sector; and if he will make a statement on the matter. [49638/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy will be aware, upward movement in rents ultimately reflect the fact that there has been limited new residential supply coming to the market since 2007. Within the NAMA portfolio currently, approximately 9,000 properties are rented in the private residential rental market.  All completed residential stock within the portfolio is either currently occupied or is on the market for rent or sale.  As existing properties within the portfolio or new builds are completed they are offered to the market by NAMA debtors and receivers. 

NAMA is not directly involved in the letting or sale of residential properties but, as a secured lender, is making a very substantial contribution to the creation of additional supply in the residential market through its funding to debtors and receivers to complete existing residential development schemes and for the construction of new residential schemes.  This includes NAMA funding for the construction of 4,500 new residential units in the Dublin area in the three years to end-2016, over 1,000 of which were delivered in 2014.

I can assure you that this issue is being taken seriously.  The Construction 2020 initiative sets out a focussed programme of action  to deliver a strong, sustainable, well-financed, competitive and innovative approach to construction and housing.  This initiative is examining a number of aspects of the Irish property market with the aim of uncovering the source of any current market dysfunction and making recommendations to address these.  It will develop an overall strategic approach to housing supply one that is evidence based, and that equips local and national authorities with the tools they need to detect emerging imbalances and to take the steps necessary to correct them.  We intend to ensure that renting is a secure, stable, and viable option for those who choose it.

I note that this question was also asked of the Department of Environment, Community and Local Government who will be able to set out the tenants rights under the Residential Tenancies Act 2009.