Both Waterford and Limerick should be declared as Rent Pressure Zones (RPZ) according to national housing charity, Threshold. Responding to the Q3 2018 Residential Tenancies Board’s Rent Index, Threshold feels the Government must amend the RPZ’s definition given that rents in both Waterford and Limerick have increased by 10 and 11.8 per cent respectively. “We are disappointed at the continued rise in rents and the results from this report show that implementation of the new Residential Tenancies Bill is urgently required,” said Threshold CEO John-Mark McCafferty.
“Neither Limerick nor Waterford are RPZs at the moment, but the rent increase in excess of 10 per cent in both cities is evidence that they require to be designated as such.” The current RPZ designation is limited to areas where rents are above average national rent level and have experienced rental inflation in excess of seven per cent in four of the previous six quarters. The designation provides that annual rent increases cannot exceed four per cent.
Mr McCafferty added: “The (average national) rise in rents of new tenancies of eight per cent also highlights a serious concern about affordability and accessibility for renters on low and middle incomes. The rate of these increases leaves prospective renters with very few options when looking to enter the market and this is having a devastating impact on their ability to secure a home, which in turn has a substantial impact on their standard of living.”
Renters concerned about losing their home can call Threshold’s Tenancy Protection Service on 1800-454-454 for further information