Opposition parties have been slamming the Government for the reforms that will come into effect from March 1
Sinn Féin leader Mary Lou McDonald said vulture funds are “rubbing their hands in glee” over the “rip off rent Bill”.(Image: Getty)
The Taoiseach has defended the Government’s controversial rent reforms, despite Ireland’s largest residential landlord predicting a 25% increase in rental income.
Opposition parties have been slamming the Government for the reforms that will come into effect from March 1. For any new tenancies on or after this date landlords will be able to reset rents every six years to ‘market value’- or any time there is a new tenancy.
Tenancies before this date can only see their rent be increased by 2% every year. Ires Reit, Ireland’s largest residential landlord, owns 3,627 properties with an average rent of €1,852.
In its preliminary results for 2025, it notes that “positive” changes announced by the Government recently could see a 25% increase in rental income. Sinn Féin leader Mary Lou McDonald said vulture funds are “rubbing their hands in glee” over the “rip off rent Bill”.
Speaking during Leaders’ Questions, she said: “(They’re) popping champagne corks at the thought of the huge profits they stand to make as a direct result of your legislation.
“They’re not even hiding it. In a presentation to their investors by I-RES REIT – the largest landlord in the country with thousands of properties, the presentation sets out what they can now do as a result of your rent hikes Bill. They’ve told their investors that they will be able to increase new rents by a staggering 25%.
“What does this mean for someone paying the average rent? It means having to find more than €5,000 extra a year.” Responding to this, Taoiseach Micheál Martin defended the new Bill, saying the changes were based on analysis from the Housing Commission and the ESRI.
He said: “The minister has balanced that with security of tenure for tenants of six years, essentially ending no-fault evictions, where landlords could end the tenancy without a tenant having done anything wrong.
“This bill will give far more legal protection to renters than they’ve ever had in the history of the state, that is the bottom line.” Ms McDonald said this is “the biggest rip off of renters in a generation”.
She added: “This sends a shiver down the spine of every renter right across the land, and it is directly because of your decisions, your choices, Fianna Fáil and Fine Gael. Your legislation is causing this to happen.”
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