Maximum of 2 months rent in advance for renters under new legislation

KPM Group - Property Management Blog - Ireland - Maximum of 2 months rent in advance for renters under new legislation

Earlier this week the government signed off on proposals that ensure nobody renting a property in Ireland will have to hand over any more than 2 times their monthly rent when entering into a rental agreement.

Under the new legislation, which will be made law this year, tenants will only be required to supply a deposit and one month’s rent in advance. The total value of which will not be allowed to exceed the value of two months’ rent. These changes will also apply to students and their accommodation. 

In a statement, Minister O’Brien said that the measures are “the beginning of a suite of rental protections which I hope to bring forward in the autumn to protect all tenants”.

“Having met previously with members of the Union of Students in Ireland, I know they were particularly concerned about students being asked to pay up to a year’s rent in advance and having to provide lengthy termination notices. The measures Cabinet have approved today will go some way towards alleviating the concerns raised,” O’Brien said.

However there was concern from opposition parties as Sinn Fein minister Eoin Ó Broin made the point that the option for students to ‘pay more up front if they wish’ should be removed, as this  is a loophole that could be exploited. 

Although these measures are being introduced with students in mind, the changes will apply to all renters. This sees the pledge to tackle the varying and demanding amounts charged by landlords across the country by the government back in 2017, finally coming to fruition. 

As well as these changes, Covid-19 renters protections have been extended until January of 2022. Any tenant financially negatively impacted by the pandemic and finding themselves in rent arrears will be protected from eviction, as well as any rent increases up until the legislation end date. 

You can find more information about the upcoming changes at the following link www.gov.ie

As usual if there is anything at all we here at KPM Group can help you with, please don’t hesitate to get in touch and a member of staff will be happy to help in any way we can.

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