According to a report, When the rent pressure zone rules were introduced, the idea was to cap rent hikes at 4pc a year.
But some exceptions were made.
One was for properties that had been substantially refurbished – though, of course, that leaves the definition of substantial to be interpreted. The Residential Tenancies Board has issued guidance on this area, saying that adding a room to a property would probably count, but painting a room wouldn’t.
At issue here, though, is an exception applying to properties that were new to the rental market – meaning they had not been let out in the previous two years.
The Residential Tenancies Board website says this was designed to encourage additional investment into the market.
The idea would be that exempting property owners from these rental restrictions would give them more encouragement to put their property on the rental market.
The New Bancroft Centre in Tallaght, the property at issue here, was let out last year.
That is why the landlord says it is entitled to hike the rents by more than 4pc.
Irish Independent 26 July 2018