RTB report shows rents continuing to spiral out of control – John Brady TD

Wicklow Sinn Féin TD John Brady has said that the latest Residential Tenancies Board (RTB) report shows private sector rents continuing to spiral out of control.

He stated that the report also provides growing evidence of landlords within Rent Pressure Zones (RPZ) breaking the 2% annual rent increase cap.

Brady said: “The Residential Tenancies Board rent report released this week shows private sector rents continuing out of control. State wide, new rents are up 11% while existing rents are up 5%. In Dublin, new rents are rising sharply at 10% while existing rents are up 4%.

Across the state, 22 counties have recorded new rents above 10% with Clare seeing a rise of 19% and Wexford hitting 24%.

Meanwhile, existing rents are up more than 5% in 19 counties. In Wicklow the average rent in existing tenancies is €1,307.64, this represents a year-on-year increase of 4.6% for existing tenants.

The cost of new tenancies according to the RTB report is now an average of €1,596, representing a year-on-year increase of 13.1% for new tenants. The spiralling costs across the state are witnessing a substantial fall in the number of new tenancies, with the number in Wicklow falling by 22.3% for Q3 2023.  

The high level of increase among existing tenants provides growing evidence of landlords within Rent Pressure Zones breaking the 2% annual rent increase cap. While it is not possible to determine the extent of noncompliance with the RPZ cap, it is clear that it is happening.

The RTB must set out what they are doing to enforce the rule for existing tenants and for existing properties between tenancies. To date, enforcement of the RPZ caps has been almost non-existent.

With each passing report, the situation for renters gets more dire. There is too little stock available and rents for new and existing tenancies are rising at unacceptable levels.

Meanwhile the Government is not meeting their cost rental targets, which were too low to begin with. And increasingly AHB and LDA cost rental is unaffordable.

Government must urgently ban rent increases for all existing and new tenants and in new rentals. They must also increase the renters tax credit and put a full month’s rent back into every private renter’s pocket.

Most importantly, they must dramatically increase and accelerate the delivery of genuinely affordable cost rental homes and of social homes as this is the only real solution to the crisis in the private rental sector.

The failure of the government to address the crisis in housing continues to punish workers and families across Wicklow. The solutions brought forward by Sinn Féin offer a pathway out of the mess created by the government.” 

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