Darragh O'Brien (Dublin Fingal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The Government’s Housing for All plan is focused on tackling supply and affordability issues, including those in the rental market. The plan contains targets, actions and guaranteed State investment in housing aimed at increasing supply, which in turn will help increase access to affordable rental housing. Under Housing for All, over €5bn is available for capital investment in housing in 2024. Budget 2024 introduced further supports for those taxpayers who are paying rent on their principal private residence, with an increase of the Rent Tax Credit to €750.

The Residential Tenancies Board (RTB) Rent Index is designed to measure developments in rental prices faced by those taking up new tenancies in the private rental sector and from Q2 2023 utilising Annual Registration data, existing tenancy rent price developments. The Rent Index report is the most accurate and authoritative rent report of its kind on the private rental sector in Ireland. Compared to other market monitoring reports produced for the Irish rental sector, the RTB/ESRI Rent Index has the considerable benefit of being based on regulatory data covering all new tenancy registrations regardless of how the property was advertised for rent.

The Planning and Development (Housing) and Residential Tenancies Act 2016 taking account of the constitutionally protected property rights of landlords, introduced a targeted Rent Predictability Measure to moderate rent increases in those parts of the country where rents are highest and rising fastest. Rent controls are applied on the basis of the objective evidence available via the RTB Quarterly Rent Index Report. Currently, 77% of tenancies across the country are subject to rent controls.

The Housing for All Action Plan Update in November 2022 included an action to review the operation of the private rental sector and report on policy. My Department has commenced this review which will take into account the significant regulatory changes over the past several years and the Government will consider and act on its recommendations. The review will draw conclusions on how the private rental market can provide an efficient, viable, affordable, safe and secure framework for both landlords and tenants and will be finalised as early as possible.