Pinforming the Rental Sector, To Do List

In one/two line points (as many as you like) but try keep it concise.

What areas would you target or focus on for immediate maximum effect with a very longterm view to stabilising the situation?

Please list what actions would you take to arrest the spiralling rents and ultra low supply?

I’ll start things off…

Area: Tenant presence in the market, in legislation, in economics, in politics.
Action: Form a union or some similar entity to redress the balance asap and push mighty hard.

The Govt needs to immediate reverse the ban on bedsits…this half witted move by the FF/Green govt has been fueling this problem since it was introduced.
You do not take that amt of accommodation out of the rental sector without causing a serious tightening of supply .Basic 1st year economics.

Allow swift eviction and/or proper penalties for anti-social behavior. Enforced by the police and not the Department of the Environment. Yes, this would require an increase in police numbers but not materially unless there’s a large % of rented properties with issues. The next suggestion should pay for it.

Scrap the PRTB - Replace with a Garda managed & publicly published registry of tenancies - to include details of tenant, landlord, rent, tenor, deposit, whether deposit was returned on expiry etc. Make it illegal to rent out a property for longer than 3 months without a lease (<3 month tenancies must still be registered). The benefit of this would be the ability to check out the history of tenants & landlords. The fee goes to the police so it will cover the cost of increased police numbers. I’m sure it would cost more than the fee brings in, but it is meant to improve people’s quality of life so incremental expenses are acceptable. Garda can resolve disputes - limited appeals.

Shoe horn legislation through the oireachtas and update to defeat any appeals.

Online website with tutorials on how to change light bulbs, how to change light switches & fuses, how to defrost fridge/freezers, how to change washers in taps. From my limited experience with tenants, people would be amazed at how helpless some people under the age of 30 are. We had a claim for a new freezer - it needed to be defrosted XX

Why is corporation tax 12.5% but rental income is subject to full income tax, USC, PRSI etc? Level the playing field or set up some sort of scheme to help small landlords put their intentional or “accidental” BTLs into a corporate structure. Filing accounts for a single property company would not be difficult.


How does discouraging landlords arrest spiralling rents and ultra low supply? Not that i’m against the principle of escrow, just who’s going to run it? The prtb? More cost and delay!

Off topic, yes, but why would it discourage landlords?

Of course the solution to low supply is increasing rents :slight_smile:

Apart from limited liability the idea of companies is to facilitate reinvestment of profits. A rental property can sit in a corporate wrapper but same as any other company if you want to get them money out you have to pay yourself a salary or a dividend which is, subject to income tax.

2 of 3 key Bitcoin escrow :smiley:

Tenant holds key,
Landlord holds key,
Escrow agent holds key

any 2 of these can agree and come together to sign a transaction and release funds*

** Warning: The value of your deposit may go down as well as up (Escrow agent can charge a fee of 1-3% and guarantee against bitcoin rate volatility ).

aside: To future historians reading this thread in the interwebs archives, you heard of this Deposit Protection Agency business idea here first :slight_smile:

Maybe invoice your Bermuda subsidiary for intellectual property involved in a super duper secret algorithm used to rent your rental :smiley:

I am sure some creative accountants have ways around your problem, just ask Googles and Apples and Microsofts of this island for pointers

If you make me have to deal with a state run body every time someone moves out i will be discouraged. If they make it hard for me to pay for damages i will be more than discouraged.

Yes, but
you get full 100% interest deduction,
you can keep the cash within the business for 12.5% which helps with the full P&I repayments.
Most accidental landlords only want the BTL to wash its face.

Most BTLs do in fact wash their face, it’s only the requirement to increase their equity (via principal repayments) which puts pressure on borrowers’ cash flows.

I like your thinking!

I like that idea, apart from the bitcoin aspect.

Tax property and land more, to create higher incentive in providing landlord services.

Move out all state controlled universities from cities with high property prices - this would provide better access to education to less affluent students and more property supply.

Perhaps moving out certain type of hospitals would make sense as well.

Make commuting expenses tax deductible.

Exempt remote works from employers PRSI.

Where would the students live? True there is a shortage of accommodation in Dublin and Galway but at least there is accommodation for most of the student population.

UCD has 32k students and 3k staff. What would happen if you forced them all to move to Kilkenny City (population 24k) or Longford town (population 8k)? Who would play to rebuild at of the buildings, labs, lecture theatres currently located in Belfield in Longford?

A far more realistic idea is to build more accommodation on the UCD campus. There seems to be plenty of room there.

Wind up Nama. Ensure the gov has no incentive to keep rents/yields/prices high.

Interest-bearing escrow accounts for rental deposits are standard in most European countries. Banks often offer them for free in return for a crappy rate of interest.

The money cannot be touched until both sides sign off at end of tenancy. This means that if there is damage the tenant pays the landlord and when landlord is happy the funds get released. You do not need to set up an extra quango to hold deposits.

There always has to be a dispute resolution mechanism? Right now in ireland it’s the prtb, who are rubbish. Give them the decision over dividing deposit money and landlords will be waiting and waiting.

I can’t think of how that would arrest spiraling rents and increase supply. The only thing i can think of to fulfill OW’s original demand is lots of new incentives for builders and investors (including landlords). And as already suggested a reversal of the ban on bedsits would help. They might as well have voted to ban hunger.

Land and real estate in central areas of larger cities it quite expensive, and selling it would raise enough money to create new campus, including accommodation in more remote areas of Ireland. I’m pretty sure if executed correctly this could leave state with some extra money in pocket. State could make a tender process where in exchange of all land and building belonging to UCD in Dublin area they would get as for twice as big campus including accommodation, providing it is within Ireland. Then various companies could bid on amount of cashback provided to government.