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Reassessing rent rates?

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  • 22-12-2008 3:49pm
    #1
    shrapnel222
    Registered Users Posts: 3,120 ✭✭✭


    how can i go about finding out the open market lending rate of a property? When we signed our lease, we signed a 3 year lease where there would be an increase in rent of 5% per annum, however, considering the current conditions, letting prices have significantly gone down so i'm just thinking upping the rent would go against the residential tenancies act 2004 (rent reviews sections 19 to 24 of part 3). i'm not considering lowering the rent, just not increasing it.

    Any advice or opinions?


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    #2
    DJDC
    Closed Accounts Posts: 365 ✭✭DJDC


    When did you sign this lease? Please don't tell me any later than mid 2007.


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    #3
    shrapnel222
    Registered Users Posts: 3,120 ✭✭✭shrapnel222


    DJDC wrote: »
    When did you sign this lease? Please don't tell me any later than mid 2007.

    later than mid 2007:D


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    #4
    shrapnel222
    Registered Users Posts: 3,120 ✭✭✭shrapnel222


    does noone have any advice on this?


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    #5
    TestTransmission
    Registered Users Posts: 19,106 ✭✭✭✭TestTransmission


    Doesnt rent have to be in line with what the rest of the market is paying?


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    #6
    shrapnel222
    Registered Users Posts: 3,120 ✭✭✭shrapnel222


    jackncoke wrote: »
    Doesnt rent have to be in line with what the rest of the market is paying?

    exactly. that's why i was trying to source open market lending rates, because i'm pretty sure they've gone down rather than up over the period, so i don't think a 5% increase is very fair.


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    #7
    TestTransmission
    Registered Users Posts: 19,106 ✭✭✭✭TestTransmission


    Try daft.ie for similar properties in your area..ask your neighbours,try a few letting agencies.?


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    #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    shrapnel222 wrote: »
    exactly. that's why i was trying to source open market lending rates, because i'm pretty sure they've gone down rather than up over the period, so i don't think a 5% increase is very fair.

    Depending on the property and the area, its entirely conceivable that a decrease of 20-25% may actually be the case.......

    The only leases I've seen in the past that were structured with a set predetermined % increase all tended to be commercial leases, not residential. I've seen one with a 20 year period to run- and it cost First National almost 150k to break the lease in that case.


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