The Dáil has heard that one of the largest landlords in the State, investment fund I-RES REIT, has told investors that changed rental laws mean it can increase new rents by 25%.
Sinn Féin leader Mary Lou McDonald revealed that, in a presentation for investors, the fund set out that the value of their 3,627 homes is going up with minimal added cost.
She said that a 25% increase means a hike of €5,556 annually for tenants.
Ms McDonald called again on the Government not to press ahead with the new rental laws which will be implemented on 1 March.
“Corporate landlords and vulture funds are rubbing their hands in glee,” she said.
The Taoiseach said all renters in existing tenancies can only have their rents raised by 2%.
Micheál Martin stated that there is now certainty in the market for investors but this is balanced by greater security of tenure for tenants.
More housing is needed to moderate rents and that requires investment to get 50,000 homes built every year, the Taoiseach said.
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