Rent prices, something that seems to always be steadily increasing. In 2016, the Irish government began to take note of a fast moving, upward trend in certain zones and put a price ceiling on rent prices in an effort to regulate these changes. Areas that have a high likelihood to increase rent, specifically because of location and competition, are called Rent Pressure Zones (RPZ).
These zones are primarily located in the larger cities, such as Dublin, Galway or Cork and have specifications that help to protect renters from exorbitant hikes in monthly prices. Any property within a Rent Pressure Zone are legally not allowed to increase their prices by more than 4pc each year.
This ceiling in rent increases are intended to create a more affordable market for landlords and tenants so that they can have a good idea of how prices could rise; this is ideal for planning housing opportunities and finances in the future. This program worked for the most part, with many tenants seeing an increase of between 2.4 and 3pc a year from 2016 to 2018.