Minister Harris has today confirmed that Greystones will be designated as a ‘rent pressure zone’ from midnight tonight.
Confirming the news, Minister Harris said:
“I am really pleased to confirm that the Greystones Electoral Area will be officially designated a Rent Pressure Zone from 12pm tonight. There was some disappointment locally when Greystones was not included in the original announcement as the area was just short of the criteria. I was glad when the Department of Housing, Planning and Local Government agreed to review the decision. Rental costs are a significant issue in the Greystones area as demand continues to far outreach supply.
“Today’s declaration of Rent Pressure Zone status for the Greystones Electoral Area will come as very good news for renters. This is an issue that is often raised with my at my clinics as people are coming under increasing financial strain as a result of rising rents. From midnight tonight, landlords in the Greystones electoral area will be limited to a maximum increase of 4%”
Rent Pressure Zones are areas where rents are above average national rent level and have experienced rental inflation of in excess of 7% in 4 of the last 6 quarters. The legislation prescribes that annual rent increases in Rent Pressure Zones will be limited to 4%. This limitation remains in place for a maximum period of three years (which cannot be extended) and will apply both when rents are set at the start of a tenancy and when rents are reviewed during an ongoing tenancy.
Minister Harris confirmed:
“This is really positive news for people in the Greystones Electoral Area as it provides a level of stability that has previously been missing for renters. This is just one of many measures to address the ongoing housing supply crisis. I will continue to work with my cabinet colleagues to develop additional supports for the housing sector.”