Tag Archives: Landlord

Pat Davitt, chief executive of the Institute of Professional Auctioneers & Valuers

This morning.

A total of 6,824 private landlords left the market between 2018 and 2020.

Why are they leaving during ‘good times’?

Via Pat, Davitt, of the Institute of Professional Auctioneers & Valuers:

Other organisations have documented in budget submissions and elsewhere how poor an investment proposition it is now to invest in residential property, given that one pays over 50 per cent of rental income in tax and with capital gains of 33 per cent on the sale of such property. Commercial property investment is treated much more favourably by comparison, with some very attractive tax breaks.

Exacerbating the issue is the unequal treatment between private landlords within Rent Pressure Zones. Where properties are on a first rental and in cases where properties have not been rented for a two-year period, landlords are free to charge market rent – or in other words, the rent the market will bear.

Other private landlords in the same areas are confined by the RPZ legislation to minimal increases. Those worst-hit, ironically, are those who didn’t rush, as many did, to increase their rents to market level before the RPZ rules took effect in December 2015.

What is not often understood is how this differential impacts the value of one’s property when selling on. A tenanted property rented at 50 per cent of market rent, will achieve only 50 per cent of the market value of that property as an investment property.

This forces affected landlords to end tenancies and gain vacant possession so that they can achieve market value by selling the property to an owner-occupier. The tenant has to find another property at much higher rent or face becoming homeless, adding to the problems for the State.

Private landlords would be willing to sell tenanted properties if they could get market value. Other investors would buy them, just like in several other countries were it not for the unfair restriction imposed via the current RPZ legislation…

Anyone?

Why are private landlords selling up despite record rents? (Pat Davitt, Irish Times)

Pic: via IPAV

Meanwhile…

This afternoon.

Further to yesterday’s eviction in Phibsborough, Dublin 7.

Nine tenants have returned to the property after being thrown out on Wednesday morning with all their possessions left on the pavement.

Some had been living in the house for years.

Following the government’s lifting of the ban on evictions during the pandemic, several men wearing all black – with small Irish tricolours stitched on to their tops – face coverings, caps and sunglasses’ entered the house, told the residents to leave and boarded up the front door and windows.

Uniformed Gardai were present throughout.

Via Irish Times:

The landlord, Gerry Ward, said he had been involved with the property since around 2004. He has been involved in a legal dispute over it since 2017 with a property fund, Beltany Property Finance.

“That has not been finally resolved, that has not been fully resolved,” he said, adding he had not been aware of the property’s repossession until he was contacted by the tenants.

A spokesman for Goldman Sachs, which controls Beltany, said the fund sold the property on June 2nd to an individual…

Anyone?

Nine tenants evicted from north Dublin property by men in masks and dark clothing (Jack Power, Irish Times)

Yesterday: Kicking Out Time

Screen Shot 2015-07-06 at 00

Barbara writes:

Hi there, maybe your savvy readers would know…. Why – like this landlord – are landlords, letting agents and estate agents asking for bank details? An Employer reference would be enough to assure of income, previous landlord reference to assure you’re not awful. Bank details or a bank reference a bit too much I think and nowhere is it legally required….

(Screengrab: daft.ie)

Sir, – Today, I came across a new type of discrimination in Ireland. As a landlord, I was refused insurance on the contents of a property that I have let, because my tenant is “not in full-time employment or a stay-at-home parent looking after a child”.

…I replied that this was terrible discrimination against the unemployed, part-time workers, disabled people, pensioners and students and that it would lead to landlords refusing to let to these people and increase homelessness etc. I was told [by the insurance agent]: “We are regulated by the Central Bank”.

I could understand if I had been told that the policy excess would be greater, but to refuse contents insurance on these grounds surely contravenes the Status Equality Act of 2000 and also contravenes the UN Convention on Human Rights, as it could adversely affect a person’s right to a home.

 

Anyone?

Refused Insurance Over Tenant (Marion Dunne, Irish Times)