New rent laws

Holiday homeowners must now have planning permission to rent out their property to tourists or stays ip to two weeks. This new rule are in effect as the start of July, 2019. The new rental law only applies to properties in a rent-pressure zone (RPZ). An RPZ is a zone where rent is typically above the national average.

This summer could mark the last summer that holiday home owners in the RPZs will be able to rent out their properties to tourists. Property owners will be breaking the rules if they continue to rent their homes out to tourists unless they are granted the planning permission to do so. Failing to get planning permission for renting to tourist can result in fines up to  €5,000 or six months of imprisonment – or both.

Homes that are not effected by the rental restrictions can be defined as homes which were purposely designed, constructed and approved to be dedicated to tourism accommodation.

According to Jacinta Doolan, the founder of Trident Holiday Homes, about 80% of holiday homes throughout Ireland do not have planning …

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Today FM: Some thoughts on what PRTB rental report means

We spoke to TodayFM about the PRTB rental report and how it can be seen as a forward view on the property market. For the most part people don’t think of changes in rents as a leading indicator in property prices, but if there is any stability in a yield relationship that is effectively what they are.

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Rent or Buy Report: 2010 Towards a modest conclusion, by Peter Stafford, Frank Quinn and Karl Deeter

The ‘Rent or Buy?’ report was featured on RTE1 ‘Drive Time with Mary Wilson‘ yesterday, it was prepared by Dr. Peter Stafford (Independent economist recently taken on by the Society of Chartered Surveyors), Karl Deeter (of Irish Mortgage Brokers) and Frank Quinn (of Senior College Dun Laoghaire). In the report we ran six different future scenarios with a view to determining whether it made better sense to rent or buy a property.

The findings are in the report, you can download it by clicking on the image to the left.

Our findings were fairly consistent, showing that in almost every future scenario that renting makes better sense from a cost perspective than buying does. The times that buying is better is in an upward only market and a flat market.

That may help to put numbers …

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