Laura Slattery, in The Irish Times, reports:
Ireland’s biggest private landlord is asking tenants for two months’ rent as a deposit.
The move by Irish Residential Properties Reit (Ires Reit), which owns 2,400 apartments in greater Dublin, adds to the rapidly growing financial pressure on people looking to rent in the private sector.
Ires Reit charged an average of around €1,500 a month in rent on its property portfolio, according to figures published last year.
For tenants, that means finding over €3,000 to pay up-front as a deposit along with about €1,500 in rent for the first month before moving into their home.
…“Most traditional landlords still look for one month’s rent as a deposit, but institutional landlords have introduced two months’ rent or more as a new standard and that is spreading,” said IPOA chairman Stephen Faughnan.
“It is creeping up gradually,” he said. “It went from a month to six weeks to two months, and now, in some cases, three months. Certainly, it is something we have seen in the last few years and particularly in the last 12 months.”
Preivously: REIT It And Weep