MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Rising rental costs could cause problems
Uncategorized
Jan 18, 2013 - 10:14

Rising rental costs could cause problems

The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Rising rental costs could cause problems

With the number of suitable family homes on the market at a real low at present and mortgages still hard to come by, it appears as though the rental market will continue to see a lot of activity in the coming years.


With property prices plummeting since 2007, many people have turned to the rental market to find a home for themselves. A fear of ever falling prices and a lack of suitable and affordable stock are just some of the elements that have driven them towards renting.
What that has meant though is that demand for good rental accommodation has also risen and with that demand, rents have gone up.
That trend is likely to continue this year, which in one sense makes it difficult for tenants but also for the landlord.
A rise in costs are forcing some landlords to get out of the business at present. In recent years they have had to pay the non-principal private residence tax (NPPR), the household charge, personal tax and Private Residential Tenancy Board charges of €90 per registration. Landlords who have houses let in flats have also suffered more because they are charged NPPR tax per flat rather than per house.
This year they will also have to pay the property tax and while it will replace the household charge, it will also be more expensive.
To add to their ever growing list of responsibilities, landlords will also have to provide Building Energy Rating (BER) certs for their properties if they want to advertise them for rent. That will apply if they are advertising on a site such as MyHome.ie or in their local newspaper or advertising notices board.
On top of this, tax relief on interest has been reduced to 75% of mortgage interest so now landlords are paying tax on income they have not earned.
Further new regulations this year will see some landlords having to upgrade bedsits to flats in order to make them fully self-contained.
This in turn could lead many to scale back on their number of tenants and turn houses back into family homes.
All of these extra costs are likely to drive rental costs up. The property tax, for one, is almost certainly going to be passed on in increased rental charges.
This creates greater problems for tenants but also for landlords who may not be able to service mortgages or attract tenants to their properties as a result.
All of this comes at a time when a reported 1.5 million people claim to have €50 or less to spend each month after essential bills are paid.
If house prices continue to fall and rental costs rise, it could attract more people back to the residential sales market. For many people that is a luxury they simply cannot afford though and that is where the real problem could lie.
With all that in mind we’d like to ask you:
  •  Could you afford an increase in your rent?
  • Would you be willing to pay €50-€100 a month extra to stay in your current accommodation?
  • If you’re a landlord would you consider getting out of the business?

Have your say in the comments section below…

Advertisement

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • accommodation
  • BER
  • building energy rating
  • demand
  • family home
  • Friday Feedback
  • household charge
  • mortgages
  • MyHome
  • MyHome.ie
  • non-principal private residence tax
  • NPPR
  • prices
  • Private Residential Tenancy Board
  • property tax
  • rental
  • rental market
  • rents
The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
  • Buy
  • Rent
  • Featured
  • Property
  • Homes
  • Apartments
  • Property Dublin
  • Property Waterford
  • Property Galway
  • Property Limerick
  • Property Cork
  • Property Kildare
  • Property Meath
  • Houses Dublin
  • Houses Waterford
  • Houses Galway
  • Houses Limerick
  • Houses Cork
  • Houses Kildare
  • Houses Meath
  • Houses Clonmel
  • Houses Wexford
  • Houses Wicklow
  • Apartments Dublin
  • Apartments Waterford
  • Apartments Galway
  • Apartments Limerick
  • Apartments Cork
  • Apartments Kildare
  • Apartments Meath
  • Country Houses
  • Cottages
  • Farms
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement