The Government has been told by one of its key policy advisers to consider tax breaks for landlords who offer more secure tenancies for renters.
The National Economic and Social Council report entitled ‘Private Rental in Ireland’ has recommended that improved tax treatment of rental income for private landlords could be introduced.
It added: “There is a case for linking this to more secure occupancy for tenants.”
It outlines that there has been a “major shift towards rental and away from home ownership”, with renters growing as a cohort from 8% in 1991 to about 18% in 2016. The council suggested that significant actions were needed to improve the lot of renters and the structure of the rental sector.
The report says there is a “continuing rationale” for ownership but highlights that there is a “potential to reduce the need for individuals to become homeowners by continuing reforms of the rental sector and efforts to drastically grow the alternative non-market rental sector.”
It says vacant properties could add significantly to the rental stock if brought back into use.