Notice today of over 20% increase in rent?!

D12resident

Hi everybody,

On coming come from work today I noticed envelopes sticking out from a number of the post boxes for the apartments in my block, including mine. It was notice of a rent increase of over 20%! This is after rent had already been increased the previous year by 4%. Has anyone else been hit with an increase like this? The apartments are nice but such a sudden increase to me is crazy.

I've been a tenant here for 3 years with no complaints

These apartments interestingly enough were recently sold by NAMA to foreign investors. I'm seriously considering writing to my TD, as this is a smack in the face as I feel as if they sold us out.

Any feedback you have is appreciated guys!

Penny Tration

They are allowed increase the rent once in each 12 month period, once it is in line with market rent. If it's in line with market rent, and it's been 12 months since the last increase, you can accept, move out or lodge a dispute with the prtb.

If you lodge a dispute, you continue to live there at the current rate until the dispute is sorted. If the landlord wins, you have to back-pay the increase.

Arbiter of Good Taste

D12resident wrote: »

Hi everybody,

On coming come from work today I noticed envelopes sticking out from a number of the post boxes for the apartments in my block, including mine. It was notice of a rent increase of over 20%! This is after rent had already been increased the previous year by 4%. Has anyone else been hit with an increase like this? The apartments are nice but such a sudden increase to me is crazy.

I've been a tenant here for 3 years with no complaints

These apartments interestingly enough were recently sold by NAMA to foreign investors. I'm seriously considering writing to my TD, as this is a smack in the face as I feel as if they sold us out.

Any feedback you have is appreciated guys!

Similar happened to a friend of mine. Block sold to developers who gave notice of massive increase. The tenants took a case en masse to PRTB. managed to reach a compromise

D12resident

Correct. But determining that market rent has increased by 23% is what's mad. If you go to the PRTB index as they advise to find the market rent, it comes out less than what we're paying.

And if you go to daft, the rents for other apartments around have not increased anywhere near that amount.

D12resident

Arbiter of Good Taste wrote: »

Similar happened to a friend of mine. Block sold to developers who gave notice of massive increase. The tenants took a case en masse to PRTB. managed to reach a compromise

Since a lot of the residents here were hit with the same rise that is very likely soething that could happen here! Thanks for the response.

Icepick

Tell em how much you are willing to pay and lodge a complaint with prtb if they don't accept.
You can also talk to neighbours.

worded

It's a shame there is no rent control in ireland.

It's particularly difficult for families with kids

Good luck with the rent review

D12resident

worded wrote: »

It's a shame there is no rent control in ireland.

It's particularly difficult for families with kids

Good luck with the rent review

Thanks. That's exactly what I was thinking. It's easy for us in this apartment, we're all young and no particular ties. But most of the residents here are families.

murphaph

I broadly favour rent control for sitting tenants BUT if it's introduced in Ireland it will be a blunt force instrument that takes no account of the fit and finish or even size differences of properties, so there will be absolutely no incentive for a LL to do ANYTHING beyond the bare legal minimum and properties will soon begin reflecting that in any areas with more demand than supply.

Before you consider rent controls you need to be able to accurately compare units. Most people in Ireland son#t even know how many square metres they own/rent!

hfallada

worded wrote: »

It's a shame there is no rent control in ireland.

It's particularly difficult for families with kids

Good luck with the rent review

If there was rent control in Ireland, supply be far smaller. Not a single economist believes rent control is beneficial in the long term. It only further reduces supply, as its not as profitable to be a LL. LLs also have no incentive to make repairs/renovations as it will not result in higher rents. The higher rents will result in more building(as its happening in Dublin at the moment). In the long run rents may fall, as supply increases

OP we live in a capitalist country. If you think you can find cheaper elsewhere, move out.

Rents have gone up a lot in the last six months in Dublin. Its all to do with supply and demand. Landlord have to be careful not to get ahead of the market. If tenants leave because of the rent increase, a single months vacancy plus the additional clean up needed when putting up for rent, would easily outweigh the additional rent demanded.

hfallada

Deleted User wrote: »

Rents have gone up a lot in the last six months in Dublin. Its all to do with supply and demand. Landlord have to be careful not to get ahead of the market. If tenants leave because of the rent increase, a single months vacancy plus the additional clean up needed when putting up for rent, would easily outweigh the additional rent demanded.

But no LL has a place empty for a month. If you plan it right, you can have a new tenant move in same day as the previous one moved out. Its a LLs market. Even if a LL got a 10% increase in rent, its still more than even if the place was vacant for a month. Although it wont be

worded

Ain't nothing going on but the rent ....

Spent many years scraping by

What's difficult to stomach is a massive rent home year on year.

This is partly to do with lack of evictions for non paying mortgage holders which in turn leads to lack of supply

Don't pay your rent - your out on your ear in a few weeks

Don't pay your mortgage - you have approx 4 years if you play it right

Either way a sad situation to be in

Dum_Dum

Have you considered a rent strike? En masse this can be a very effective way of focusing the minds of rentiers into a compromise.

p___

D12resident wrote: »

Hi everybody,

On coming come from work today I noticed envelopes sticking out from a number of the post boxes for the apartments in my block, including mine. It was notice of a rent increase of over 20%! This is after rent had already been increased the previous year by 4%. Has anyone else been hit with an increase like this? The apartments are nice but such a sudden increase to me is crazy.

I've been a tenant here for 3 years with no complaints

These apartments interestingly enough were recently sold by NAMA to foreign investors. I'm seriously considering writing to my TD, as this is a smack in the face as I feel as if they sold us out.

Any feedback you have is appreciated guys!

Definitely contact your TD- Also contact the other tennants. Start getting organised as this is going to happen across the city. Really makes the blood boil that nama sold these off below market value to foreign investors when so many people who lived here through the recession can't afford houses

kandoola

worded wrote: »

Ain't nothing going on but the rent ....

Spent many years scraping by

What's difficult to stomach is a massive rent home year on year.

This is partly to do with lack of evictions for non paying mortgage holders which in turn leads to lack of supply

Don't pay your rent - your out on your ear in a few weeks

Don't pay your mortgage - you have approx 4 years if you play it right

Either way a sad situation to be in

If there are any people left in negative equity and not paying their mortgages id think things will be changing for them.
Not that the bank can make back the money thats owed by selling the house they will be moving to do so.
For many years they could not make the money back by repossessing and selling, now they can.

borderlinemeath

worded wrote: »

Ain't nothing going on but the rent ....

Spent many years scraping by

What's difficult to stomach is a massive rent home year on year.

This is partly to do with lack of evictions for non paying mortgage holders which in turn leads to lack of supply

Don't pay your rent - your out on your ear in a few weeks

Don't pay your mortgage - you have approx 4 years if you play it right

Either way a sad situation to be in

What logic is this based on?

If somebody is evicted from their home for non payment of mortgage, they still have to rent somewhere else no matter how long they've not been paying their mortgage.

And if you don't pay your rent, you're in fantasy land if you think you're booted out in a few weeks, the landlord has to go through the PRTB which takes almost a year. The odd landlord will take matters into his own hands but leave himself open prosecution by the PRTB for not following proper legislation and carrying out an illegal eviction.

worded

borderlinemeath wrote: »

What logic is this based on?

If somebody is evicted from their home for non payment of mortgage, they still have to rent somewhere else no matter how long they've not been paying their mortgage.

And if you don't pay your rent, you're in fantasy land if you think you're booted out in a few weeks, the landlord has to go through the PRTB which takes almost a year. The odd landlord will take matters into his own hands but leave himself open prosecution by the PRTB for not following proper legislation and carrying out an illegal eviction.

If 10000 properties were reprocessed and put on the market for sale some renters could buy at a reduced price, due to extra supply on properties for sale

That's one piece of logic

p___

borderlinemeath wrote: »

What logic is this based on?

If somebody is evicted from their home for non payment of mortgage, they still have to rent somewhere else no matter how long they've not been paying their mortgage.

And if you don't pay your rent, you're in fantasy land if you think you're booted out in a few weeks, the landlord has to go through the PRTB which takes almost a year. The odd landlord will take matters into his own hands but leave himself open prosecution by the PRTB for not following proper legislation and carrying out an illegal eviction.

Nama is the biggest landlord in the state at the moment, if these homes were put on the market along with those that are not being paid for by people who can't afford them we would soon see the real value of the houses. The only reason the prices are going up is because supply is being constricted.
To your point that the people moving out would still need to live somewhere I would suggest that they find somewhere they can afford, so not necessarily in the area that they are selling in.

worded

p___ wrote: »

Nama is the biggest landlord in the state at the moment, if these homes were put on the market along with those that are not being paid for by people who can't afford them we would soon see the real value of the houses. The only reason the prices are going up is because supply is being constricted.
To your point that the people moving out would still need to live somewhere I would suggest that they find somewhere they can afford, so not necessarily in the area that they are selling in.

Agreed

If you are not servicing a mortgage in Dublin then someone else can.

I know this is an emotive issue.

Live and let live - but in a gaff you can afford

gaius c

p___ wrote: »

Definitely contact your TD- Also contact the other tennants. Start getting organised as this is going to happen across the city. Really makes the blood boil that nama sold these off below market value to foreign investors when so many people who lived here through the recession can't afford houses

Waste of time. Elected officials won't be interested in "transient" constituents like renters.

gaius c

worded wrote: »

Agreed

If you are not servicing a mortgage in Dublin then someone else can.

I know this is an emotive issue.

Live and let live - but in a gaff you can afford

It's an emotive topic but renters are being bled dry while non-payers of mortgages get six month stays from the courts when they don't want the bloody house!

The_Morrigan

Folks, you're getting off topic - can you please get back to discussing the OP and their issue.

jhegarty

worded wrote: »

If 10000 properties were reprocessed and put on the market for sale some renters could buy at a reduced price, due to extra supply on properties for sale

That's one piece of logic

And the people who live in those 10000 proprieties would now be looking to rent.

ted1

worded wrote: »

It's a shame there is no rent control in ireland.

It's particularly difficult for families with kids

Good luck with the rent review

For rent control ( market manipulation in an open market?) they would need to bring in fair fixed rate long term mortgages.

p___

ted1 wrote: »

For rent control ( market manipulation in an open market?) they would need to bring in fair fixed rate long term mortgages.

it's a manipulated market, houses that should be available for rent or for sale are being kept off the market by Nama and not enforcing the rules

The_Morrigan

ted1 wrote: »

For rent control ( market manipulation in an open market?) they would need to bring in fair fixed rate long term mortgages.

p___ wrote: »

it's a manipulated market, houses that should be available for rent or for sale are being kept off the market by Nama and not enforcing the rules

There is already a mod warning on thread - get back on topic.

JoeCole26

I've been hearing a lot of similar stories the past few weeks also, and have a feeling we are going to be in the same boat when our lease is up end of Jan. went up from €1,200 to €1,300 last year for 2 bedroom apartment in D18 and fearing the worse think they are going to look for €1,500 now. If this happens going to have to look elsewhere unfortunately, I love the apartment but that is just too much.

It's ridiculous really, understand its supply-demand and all that, but for young couples in Dublin it's tough now. Too expensive to buy and getting beyond a joke for renting.

Sala

JoeCole26 wrote: »

I've been hearing a lot of similar stories the past few weeks also, and have a feeling we are going to be in the same boat when our lease is up end of Jan. went up from €1,200 to €1,300 last year for 2 bedroom apartment in D18 and fearing the worse think they are going to look for €1,500 now. If this happens going to have to look elsewhere unfortunately, I love the apartment but that is just too much.

It's ridiculous really, understand its supply-demand and all that, but for young couples in Dublin it's tough now. Too expensive to buy and getting beyond a joke for renting.

I can't add to the advice on the thread but was just about to post that these threads are becoming increasingly common. Our went up 6% last year which was fine but I just heard from our departing neighbours their landlord is going to advertise their apartment at over 50% more than what we are paying for our :eek:

The Spider

Seriously, people are talking about rents being high? They've been higher the problem is that rents were so low for so long, I rented a 2 bed basement flat in Rathmines in 2002 for 1270 a month and I remember at the time thinking that was cheap as 2 bed apartments were going for 1400 a month.

Now I've used this inflation calculator to find out the price from 2002 versus 2014 and 1270 in 2002 is the equivalent of 1631 in 2014, so today's rents are still cheaper than they were in 2002.

http://fxtop.com/en/inflation-calculator.php?A=1270&C1=EUR&INDICE=EUCPI2005&DD1=31&MM1=01&YYYY1=2002&DD2=01&MM2=12&YYYY2=2014&btnOK=Compute+actual+value


When complaining about rents look at the historical price versus today.

D12resident

The Spider wrote: »

Seriously, people are talking about rents being high? They've been higher the problem is that rents were so low for so long, I rented a 2 bed basement flat in Rathmines in 2002 for 1270 a month and I remember at the time thinking that was cheap as 2 bed apartments were going for 1400 a month.

Now I've used this inflation calculator to find out the price from 2002 versus 2014 and 1270 in 2002 is the equivalent of 1631 in 2014, so today's rents are still cheaper than they were in 2002.

When complaining about rents look at the historical price versus today.

Valid point but hasn't really added anything to your argument. I don't mean to nitpick, but before you edited your post you showed a search on daft.ie to back up your point of current rents in Ranelagh, but the rents for the properties matched closely enough to the rise in inflation, with apartments shown now for up to €2,800 a month for a 2-bed. I believe that the official figure is that rents are about 10% lower currently than they were at their 2007 peak. So that is the current situation for comparison I use. But correct me if I'm wrong.

Rathmines/Ranelagh have always been like that as they are a sought after area, but I am in Drimnagh because I can't afford those crazy prices. I can't recall what rents were like here over ten years ago, all I know is that the landlord (who isn't a person, it's a foreign investor who recently bought most of the complex a month ago) is trying to push an increase of 3 times the rate of inflation. Even the PRTB rent index shows the increase we're being asked for as completely out of line with local increases. I agree it's a Capitalist society and all that, but there is a difference between asking for a fair increase to a loyal tenant, and pure greed that will force us out of our home.

I don't mean to make it sound like a sob story. I am not raising a family and if needs be would move if required. But in general terms of fairness, to all of a sudden push a rise of hundreds of euros a month, which is not relative to an actual cost incurred by the landord, seems a little unfair. I am all for a landlord charging whatever he can on the open market, but there should be something in place to protect incumbent tenants. Something as simple as a maximum year-on-year increase. I'm not asking for another quango to be set up to manage rents or anything! How is someone meant to budget when a landlord can pick a number out of the air every year.

Or maybe I'll just start looking at apartments in communist China if I want a truly fair system .