David Grin’s Lotus Investment Group is breathing new life into the Irish property
With 191 loans already granted, and 2,842 homes completed, there is no way but up for David Grin’s visionary Lotus Investment Group.
Since 2013, Lotus Investment Group has been a leading property investment firm in Ireland, with Chairman David Grin proudly at the helm. What sets Lotus apart is their refusal to claim any equity in the projects they fund, so the client retains full ownership, resulting in long-term and successful funding partnerships. To date, Lotus has invested €318 million in the Irish property market.
The future is Ireland
Ireland’s economy expanded by an estimated 7.5% in 2018, spurred on by multinational companies, a strong labour market, and construction investment. House prices in Ireland are likewise forecast to continue rising the Lotus Investment Group next three years until supply catches up with demand, which is expected around 2021, according to the ratings agency Standard & Poor’s. Irish house prices are anticipated to rise by 8% this year, 7% in 2020, and 6% in 2021, particularly in Dublin.
Demand has been continuously rising. In 2017, the value of residential property transactions across Ireland rose by an astonishing 19.7%. Over the first half of 2018, the value of property transactions was up 5% from the previous year, while mortgage interest rates continue to remain ridiculously low – as little as 2,39%. The Irish housing boom is being fueled by strong economic growth, immigration, and generous tax incentives from the government, creating a virtuous cycle of economic growth and house price increases.
Living City Initiative (LCI)
In an effort to address the surge in Ireland’s rental prices, which have increased strongly for the past seven consecutive years, the Irish government launched ‘Project Ireland 2040’ in 2018 – an ambitious strategic plan to promote and support sustainable property development where there is currently short supply. To address the demand for housing alongside the projected population growth, the government is incentivising developers to expand existing areas and increase the height of existing buildings, to which the state has committed €2 billion. The hope is to complete an additional 112,000 houses over the next decade.
Thus, enters the Living City Initiative (LCI), announced by the Minister of Finance in May 2015, a tax incentive scheme for areas the state has deemed to be ‘Special Regeneration Areas’ (SRAs), namely in Cork, Dublin, Kilkenny, Limerick, Galway, and Waterford. Briefly, developers and owners may claim tax relief for money spent on refurbishing or converting properties, residential or commercial, with the aim to encourage people to live in historic and underused city areas.
The LCI will offer three specific types of tax aid:
Owner-Occupier Residential Relief: Tax deductions over ten years for refurbishment or building adaptation expenses intended to be used by the owner (excludes landlords).
Rented Residential (landlord) Relief: Extended to landlords as of January 2017, accelerated capital allowance for costs to refurbish or convert residential property intended for rental.
Commercial Relief: Capital allowance for expenditure on refurbishment or conversion of commercial properties.
The capital allowance for Rented Residential and Commercial Relief is 15% of expenditure that qualifies for each of the first six years, and 10% in the seventh year.
To refurb or convert?
For the purposes of the LCI, property refurbishment is defined as work or maintenance carried out to repair or restore a property, such as repairing water supply, sewerage problems, or fixing electrical facilities.
For conversions, there are different classifications that Grin David apply to Residential and Commercial Relief: For Owner-Occupied or Rented Residential Relief, conversion is from a non-residential property to a house or apartment; For Commercial Relief, the conversion is creating a property suitable for retailing goods, providing services within Ireland, or for sole/main residence. The scheme for all reliefs will end on 4 May 2020 and only work carried out during that time will qualify.
In with the old
The concept behind the LCI is quite genius: Instead of urban sprawl, the government is promoting the quicker and more affordable improvement of David Grin Click here to find out more what already exists, thereby expediting development while David Grin Additional reading preserving natural areas and green spaces. A derelict building can be turned into something fabulous at a fraction of the cost of scratch development, with a 10 David Grin Great post to read to 15% tax return.
All this progress within the Irish property market is why Lotus Investment Group is a much-needed ally. Not from the traditional banking model and financed solely from private equity sources, Lotus is different from all its competitors, being faster than any other at making funds available when needed, with a turnaround time as short as three weeks. The Irish government’s new mixed-use development projects and push to expand on four to six-story residential buildings means the innovative and fast funding provided by Lotus will be in high demand, and their development focus is perfectly aligned with the government’s strategic plans. Projects of this nature also bring with them follow-on benefits, such as increased commerce, property value, even tourism. Investing in area improvement uplifts the whole region, making the motives behind the LCI insightful and forward-thinking. Attractive areas likewise attract further investment. With all this market boom, the services and quick turnarounds offered by Lotus group will be needed and welcomed.
Things have been very much on the up and up for Ireland. Between property and economic growth, and the government’s innovative strategy plans, the future for the country looks set.
Article Source:
David Grin examines the balance between protecting tenant and landlord rights and the new Airbnb restrictions in Ireland
With the amended regulations to the Residential Tenancies Bill recently coming into effect, the chairman of property financing firm Lotus Investment Group, David Grin, examines the challenges of achieving a balance between protecting tenants’ rights, supporting landlords and new short-term letting rules intended to curb Ireland’s growing rental crisis.
According to David Grin, the new regulations that recently came into effect in Ireland are an attempt by the government to deliver a tangible solution to the continued rental crisis and housing shortage that has beset the country. Homebuilding across Ireland has been unable to keep up with the growing population and rising demand for housing. As a consequence, housing and rental prices have risen and homelessness levels are at a dramatic high. According to Focus Ireland, 10,253 people were reported to be homeless in May of this year – that figure includes 3,749 children.
Irish government hopes to ease rental crisis with new legislation
Under revisions to the Residential Tenancies Bill, the government has bolstered tenant protections by extending notice periods for ending a tenancy. The new revisions are also set to expand the investigative power of the Residential Tenancies Board, which will allow the board to proactively investigate landlords without a complaint first being filed.
The amendments to the bill also extended all existing rent pressure zone (RPZ) designations to the end of 2021. An RPZ is a designated area where rental rates cannot be increased by more than 4% per year. The government also closed loopholes that were used by landlords to exempt property from this 4% rental increase cap.
The Department of Housing also expanded RPZs this month by adding 19 new locations across the country. This is the largest expansion of the designated areas since they were introduced at the end of 2016. According to the government agency, the latest expansion means that 65% of rented accommodations within Ireland are now covered by these protections against escalating rental rates.
David Grin, whose company, Lotus Investment Group, has become a leader in providing financing to property developers, acknowledges that these types of protections, robust regulations and a more professional approach to property investing is a positive development for the long-term health of the rental sector. However, he says it could cause some Grin David landlords to exit the rental market and put their properties up for sale. “This could, in fact, open up some opportunities for buyers of second-hand residential properties,” he added.
New rules target short-term letting
A contentious debate has arisen regarding the new short-term letting restrictions aimed at curbing the rise of Airbnb-style apartments being taken off the private rental market. Under the new rules, homeowners and landlords with properties located in rent pressure zones must register with local authorities or apply for change-of-use planning permissions if they wish to rent their properties on a short-term letting basis.
Only those owners who rent out a room in their home or their entire home for 90 days or less out of a calendar year can register their property. Those wishing to rent out their property for more than 90 days or landlords renting out a second property on a short-term letting basis must apply for planning permission to do so. Failure to comply with the David Grin Have a peek at this website new rules carries a maximum penalty of €5,000 or six months in prison or both.
Airbnb cites ‘no clear rationale’ for new restrictions by the Irish government
These restrictions on short-term letting mirror similar actions taken by major cities attempting to regulate the popular practice. Airbnb has criticized the Irish government’s actions saying that “banning the use of secondary homes is also unlikely to significantly boost Ireland’s housing stock. This appears to be a cut DAVID GRIN and paste from regulations in other cities, without properly adapting them to the needs of Ireland’s residents and communities.”
The company claims to have been worth €700 million to the Irish economy in 2018 – through a combination of host income and guest spending. The company has stated that the new restrictions go beyond boosting housing stock and instead “place new limits on those families who rely on Ireland’s tourism economy, which is already severely restricted in terms of capacity.”
According to Grin, “The new short-term letting restrictions could have a mixed impact on the property market and overall economy. Click here David Grin to find out more The Department of Housing hopes that the new rules will increase the number of available long-term rental properties, which certainly could happen. Conversely, some landlords have stated that they would rather sell their secondary properties than deal with the hassle of the new restrictions and the challenges of long-term rental in the private rented sector. It could also adversely impact the tourism industry and push up hotel costs.”
Minister for Housing Eoghan Murphy has stated that he hopes that 1,000 and 3,000 homes in the Dublin area currently used for holiday lettings, could come back into the long-term rental market because of the measure. He said the goal of the new restrictions is to “unlock stock.”
Finding a balance between tenant and landlord protections
While most of the new amendments to the Residential Tenancies Bill have come into effect, some remaining aspects of the legislation have yet to commence. This includes the initiation of the sanctions and investigative functions of the Residential Tenancies Board, the expansion of the bill to cover student accommodations, and the requirement that all landlords register their tenancies on an annual basis with the Residential Tenancies Board.
Landlords, feeling burdened by increasingly onerous and arguably pro-tenant rules, argue that these new regulations simply do not offer landlords enough protection. Speaking with the Irish Independent, the chairperson of the Irish Property Owners Association (IPOA) said that, “Legislation around rental property is continually changing, complex and difficult with more changes expected this year, in a market where 70pc of landlords own one property.”
There needs to be a balance between protecting landlords and offering tenants fairness. According to David Grin, “Putting further obligations on residential landlords could lead to the exodus of more private landlords from the private rental market, the opposite intent of the measures. It is without question that Ireland needs to establish a regulated, professional rental system, but it should be a system where both parties – tenants and landlords – are held accountable for all respective rights and responsibilities. The current rental crisis will only be aggravated and prolonged if more private landlords leave the marketplace.”
Article Source:
David Grin examines the balance between protecting tenant and landlord rights and the new Airbnb restrictions in Ireland
With the amended regulations to the Residential Tenancies Bill recently coming into effect, the chairman of property financing firm Lotus Investment Group, David Grin, examines the challenges of achieving a balance between protecting tenants’ rights, supporting landlords and new short-term letting rules intended to curb Ireland’s growing rental crisis.
According to David Grin, the new regulations that recently came into effect in Ireland are an attempt by the government to deliver a tangible solution to the continued rental crisis and housing shortage that has beset the country. Homebuilding across Ireland has been unable to keep up with the growing population and rising demand for housing. As a consequence, housing and rental prices books.google.com/books?id=_elvDwAAQBAJ&pg=PA206&lpg=PA206&dq=david+grin&source=bl&ots=NKfd6cKbCh&sig=ACfU3U3vUUzpir0d03QfTxxmFu3dgD-IqQ&sa=X&ved=2ahUKEwi_kNmH1JPgAhXHpFkKHVYnCBY4HhDoATAFegQIBhAB have risen and homelessness levels are at a dramatic high. According to Focus Ireland, 10,253 people were reported to be homeless in May of this year – that figure includes 3,749 children.
Irish government hopes to ease rental crisis with new legislation
Under revisions to the Residential Tenancies Bill, the government has bolstered tenant protections by extending notice periods for ending a tenancy. The new revisions are also set to expand the investigative power of the Residential Tenancies Board, which will allow the board to proactively investigate landlords without a complaint first being filed.
The amendments to the David Grin Additional info bill also extended all existing rent pressure zone (RPZ) designations to the end of 2021. An RPZ is a designated area where rental rates cannot be increased by more than 4% per year. The government also closed loopholes that were used by landlords to exempt property from this 4% rental increase cap.
The Department of Housing also expanded RPZs this month by adding 19 new locations across the country. This is the largest expansion of the designated areas since they were introduced at the end of 2016. According to the government agency, the latest expansion means that 65% of rented accommodations within Ireland are now covered by these protections against escalating rental rates.
David Grin, whose company, Lotus Investment Group, has become a leader in providing financing to property developers, acknowledges that these types of protections, robust regulations and a more professional approach to property investing is a positive development for the long-term health of the rental sector. However, he says it could cause some landlords to exit the rental market and put their properties up for sale. “This could, in fact, open up some opportunities for buyers of second-hand residential properties,” he added.
New rules target short-term letting
A contentious debate has arisen regarding the new short-term letting restrictions aimed at curbing the rise of Airbnb-style apartments being taken off the private rental market. Under the new rules, homeowners and landlords with properties located in rent pressure zones must register with local authorities or apply for change-of-use planning permissions if they wish to rent their properties on a short-term letting basis.
Only those owners who rent out a room in their home or their entire home for 90 days or less out of a calendar year can register their property. Those wishing to rent out their property for more than 90 days or landlords renting out a second property on a short-term letting basis must apply for planning permission to do so. Failure to comply with the new rules carries a maximum penalty of €5,000 or six months in prison or both.
Airbnb cites ‘no clear rationale’ for new restrictions by the Irish government
These restrictions on short-term letting mirror similar actions taken by major cities attempting to regulate the popular practice. Airbnb has criticized the Irish government’s actions saying that “banning the use of secondary homes is also unlikely to significantly boost Ireland’s housing stock. This appears to be a cut and paste from regulations in other cities, without properly adapting them to the needs of Ireland’s residents and communities.”
The company claims to have been worth €700 million to the Irish economy in 2018 – through a combination of host income and guest spending. The company has stated that the new restrictions go beyond boosting housing stock and instead “place david grin new limits on those families who rely on Ireland’s tourism economy, which is already severely restricted in terms of capacity.”
According to Grin, “The new short-term letting restrictions could have a mixed impact on the property market and overall economy. The Department of Housing hopes that the new rules will increase the number of available long-term rental properties, en.wikipedia.org/wiki/Chelsea_Grin which certainly could happen. Conversely, some landlords have stated that they would rather sell their secondary properties than deal with the hassle of the new restrictions and the challenges of long-term rental in the private rented sector. It could also adversely impact the tourism industry and push up hotel costs.”
Minister for Housing Eoghan Murphy has stated that he hopes that 1,000 and 3,000 homes in the Dublin area currently used for holiday lettings, could come back into the long-term rental market because of the measure. He said the goal of the new restrictions is to “unlock stock.”
Finding a balance between tenant and landlord protections
While most of the More helpful hints new amendments to the Residential Tenancies Bill have come into effect, some remaining aspects of the legislation have yet to commence. This includes the initiation of the sanctions and investigative functions of the Residential Tenancies Board, the expansion of the bill to cover student accommodations, and the requirement that all landlords register their tenancies on an annual basis with the Residential Tenancies Board.
Landlords, feeling burdened by increasingly onerous and arguably pro-tenant rules, argue that these new regulations simply do not offer landlords enough protection. Speaking with the Irish Independent, the chairperson of the Irish Property Owners Association (IPOA) said that, “Legislation around rental property is continually changing, complex and difficult with more changes expected this year, in a market where 70pc of landlords own one property.”
There needs to be a balance between protecting landlords and offering tenants fairness. According to David Grin, “Putting further obligations on residential landlords could lead to the exodus of more private landlords from the private rental market, the opposite intent of the measures. It is without question that Ireland needs to establish a regulated, professional rental system, but it should be a system where both parties – tenants and landlords – are held accountable for all respective rights and responsibilities. The current rental crisis will only be aggravated and prolonged if more private landlords leave the marketplace.”
Article Source:
The Irish rental property crisis: next steps
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections
New legislation recently passed by Real Estate the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.
The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.
Tenant Rights and Protections
Increased Regulation of Rent Pressure Zones
According David Grin Browse around this site to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure Discover more will offer relief to tenants and help to mitigate rising costs.”
As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.
Tenant Rights and Protections
New Measures to Protect Tenants
In an attempt to curb rising costs, the new bill makes it an actionable offence https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.
The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.
The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.
The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.
New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.
Tenant Rights and Protections
The Bill Introduces New Enforcement Powers
The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, David Grin Discover more here neglect to update tenancy details orare uncooperative with Board investigators.
At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.
Potential Impact of the Legislation
According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”
Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.
Article Source:
The Irish rental property crisis: next steps
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections
New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.
The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.
Tenant Rights and Protections
Increased Regulation of Rent Pressure Zones
According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being david grin taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”
As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.
Tenant Rights and Protections
New Measures to Protect Tenants
In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.
The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than DAVID GRIN six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.
The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.
The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been David Grin Hop over to this website able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.
New regulations David Grin Additional reading contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.
Tenant Rights and Protections
The Bill Introduces New Enforcement Powers
The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board Grin David to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.
At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.
Potential Impact of the Legislation
According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”
Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.
Article Source:
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections
New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.
The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.
Tenant Rights and Protections
Increased Regulation of Rent Pressure Zones
According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”
As Grin mentioned, the new bill targets regulation of https://axcessnews.com Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.
Tenant Rights and Protections
New Measures to Protect Tenants
In an attempt to curb rising costs, the new bill makes it an actionable David Grin Click here for info offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.
The legislation has also thehouseshop.com/property-blog/david-grins-lotus-investment-group-is-breathing-new-life-into-the-irish-property/20127/ extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.
The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.
The new https://www.e-architect.co.uk legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.
New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.
Tenant Rights and Protections
The Bill Introduces New Enforcement Powers
The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.
At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.
Potential Impact of the Legislation
According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”
Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations DAVID GRIN of two or more rental properties.
Article Source:
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections
New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.
The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.
Tenant Rights and Protections
Increased Regulation of Rent Pressure Zones
According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”
As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.
Tenant Rights and Protections
New Measures to Protect Tenants
In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.
The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of David Grin Website link 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.
The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.
The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.
New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of david grin this new code could incur up to a €5000 fine.
Tenant Rights and Protections
The Bill Introduces New Enforcement Powers
The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The Go to this site new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.
At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections to accelerate the early enactment of the legislation DAVID GRIN is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.
Potential Impact of the Legislation
According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”
Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.
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