A Co Cavan auctioneer says he has "mixed feelings" on Rent Pressure Zones being extended to cover the whole country.
James Spring of REA Donohoe Spring auctioneers was reacting to the news that all tenancies will now be part of Rent Pressure Zones.
This change to the rental market has been approved by Government, and means that tenants cannot have their rent raised more than inflation or by 2% annually, whichever one is higher.
The changes also mean landlords will have the right to reset rents at the end of a six-year tenancy
Speaking to Northern Sound News, Mr. Spring voiced concerns about old legacy rents in Cavan and Monaghan. "I know there would still be a lot of old legacy rents, sort of what would now be deemed to be very low rents, and my fear is that you'll see a lot of landlords rushing to issue rent increase notices before this comes into effect"
The Ballyconnell auctioneer said "I suppose, in the long run, it will lead to more stabilised rents. They have been jumping up dramatically over the last 18 months to two years, and as soon as somebody gets a very high rent, everybody else chases after that. It's not easy for tenants, and obviously, there's a lot of people that have to rent and don't have a choice. So I think I would actually be in agreement with it, ultimately, as long as it's implemented in the correct manner."
