Call for Government to tackle cuckoo funds and close rent pressure zone loopholes

Image: Eamonn Farrell Image: Eamonn Farrell THERE ARE CALLS for the Government to take further action on cuckoo funds amid reports of impending rent hikes on tenants.

It comes amid reports that US property giant Greystar, who own large swathes of property in Ireland, are seeking to push up rent costs in line with inflation, which is currently running above 8%.However the rules do allow landlords to add on backdated rent increases if rent has not risen for several years.Moynihan called on the Government to close this loophole, saying it could lead to double digit rent increases.

“Until government grasps the nettle and stands up to these funds, we will see this continue. These funds are profit driven, and with rents starting at over €2,000, it’s clear that they are not employing a moral compass. #Open journalism No news is bad news Support The Journal Your contributions will help us continue to deliver the stories that are important to youFinance Minister Paschal Donohoe, Cllr Ray McAdam, Housing Minister Darragh O’Brien TD and Senator Mary Fitzpatrick Source: Sam Boal“I am also very conscious that we are continuing to see a decreased supply in relation to the private rental market and the continued flight of individual landlords is of a concern as well, but we do need rental...

Source: Real Estate Daily Report (realestatedailyreport.net)

As if…….

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