Notified of 55% hike in rent 2 bed apt = 600 euro pm

alberttatlock

Letter received from property agency acting on be half of receivers for our apart block located D1. (previous owners subject to receivership) .

90 day notice of rent increase - up 600 euro pm from 1, 100 to 1, 700 for 2 bed D1. (55% up)
3 examples of other apartments in the area with same market value.

We are a single salary family with 2 young children aged 4 and 2. Just sorted out infant and preschool for both. We've lived in the building the last 5 years and consider ourselves exceptional tenants and have paid over 60k in rent for building to date.

I understand that the agency has followed regulation, but 600 euro......We are sickened as this has turned our lives upside down......Any one else suffered similar increase ?

Straight Edge Punk

€1700 per month for a 2 bedroom apartment? Is this really the state of the rental market right now?

handlemaster

OP what do you want ? Its the market rate. Would you sell your car for 5000 when the market value is 8000.. why should the landlord sub your family ?

ongarite

How long have you been paying 1100 (below the market rate for 2 bd in D1)?

bren2002

It's a huge increase alright. I've kids a similar age and can imagine the upheaval it will cause if you have to move. Realistically you need to consider your options -
1. Pay the increase
2. Move somewhere close by, probably smaller or worse condition. Which isn't a great option with kids.
3. Move further out into the burbs. City centre rents are not going to level off for some time.

Try not to get to hooked on the €60,000 you've paid. You received the service (of a home) for that money. Thinking of it any other way will only eat away at you inside and ultimatley only harm yourself and your family.

I don't envy you but hope you can sort something out

leonards

bren2002 wrote: »

It's a huge increase alright. I've kids a similar age and can imagine the upheaval it will cause if you have to move. Realistically you need to consider your options -
1. Pay the increase
2. Move somewhere close by, probably smaller or worse condition. Which isn't a great option with kids.
3. Move further out into the burbs. City centre rents are not going to level off for some time.

I don't envy you but hope you can sort something out

4. Buy somewhere....

bren2002

leonards wrote: »

4. Buy somewhere....

Sure buy somewhere, but that's not easy either. I agree though for long term stability buying is an option. But it does trade one set of uncertainies for another.

myshirt

Another side of it is you've had the benefit of the cheaper rent for some time.

Presumably in the time you have been there you'll have seen your capacity to pay more rent increase along with Dublin's economy, albeit not to 1,700.

Consider the 1,700 a 'catchup' and move on with it if you can. If you can't, then negotiate, negotiate, negotiate, or move the family.

MouseTail

5. Appeal. Is €1700 the market rate, can you get 3 examples to counter his of similar 2 beds nearby going for less? But ultimately, with 2 kids, buying is the better option in terms of security of tenure.

FortySeven

handlemaster wrote: »

OP what do you want ? Its the market rate. Would you sell your car for 5000 when the market value is 8000.. why should the landlord sub your family ?

At what point do we say that market value is too much? When the hotels are cheaper? When people live in their cars?

Sorry to hear your trouble op. Not much you can do really. Shocking state of affairs and I hope you get through it without too much upheaval.

Unfortunately being a good tenant that has paid tens of thousands means nothing. There is money to be made and your family doesn't matter to those making it.

It is incredible that a 2 bed flat costs more than my monthly full time net pay. This won't end well.

Sundew

handlemaster wrote: »

OP what do you want ? Its the market rate. Would you sell your car for 5000 when the market value is 8000.. why should the landlord sub your family ?

We are renting out our apartment for less then market value. We have excellent tenants and wouldn't dream of upping the rent so steeply even though rents are rising sharply!

O.P: I feel for you. We were forced to rent out our apartment and have ended up moving in with other family members, as we couldn't afford to rent a larger property and we have two decent jobs.
It sounds like they want you out and that's why it has increased so much.
Dublin has become a sh1t place to live if you have a family. The only way you can survive is on the dole or have very well paid professional careers. Anything in between and you are screwed. My advise pack up and move down West ....complete different lifestyle!

bren2002

In just looked on daft.ie and €1,700 is looking cheap. It gives me no pleasure to write that. Plenty of standard enough places all north of 2K per month. That's scary.

April 73

First thing to do is see what other 2-beds are going for in the area. Are there comparable ones at less than €1700? If so, move or take a case to the RTB if you can show the increase is excessive.

hidinginthebush

But does the 2 year fixed rent rule not kick in? I thought from the end of last year your rent couldn't be raised for two years, unless there's some sort of market rate condition.

Bobeagleburger

Tenants rights in Ireland are shocking.

No way should a 55% increase be allowed

Gumbo

I feels prey for you OP. Even as a landlord is find this hard to stomach but ultimately it's the market rate for a city Centre apartment.

For €1100 you would get a house in some areas of the suburbs, or a bigger apartment maybe in Finglas or similar location.

I think you really need to think about location not to try keep your rent down.

Or, you could write back to them explaining that you are there so long, causing no trouble with rent up to date so effectively a good hassle free tennant and if you want to stay, try negotiate a figure between you.

athtrasna

RoboKlopp wrote: »

Tenants rights in Ireland are shocking.

No way should a 55% increase be allowed

Only allowed if rent is 55% or more below market rate

percy212

Could very well be owned by a US vulture fund now. They will not give a crap about your situation. You could stop paying rent completely and save that money to move somewhere else. It will take ages for them to evict you. Two can play hard ball.

athtrasna

Mod note

Withholding rent is illegal. Suggestions of doing so are not permitted on this forum.

Freddiestar

I was paying €900 p/m for a 2 bed in D8 for 3 years, rent went up to €1200 overnight so I hi-tailed it to the midlands, rented for a year then bought a grand gaff for a steal..Dublins grand for a monthly visit but living there's a joke

JTPB

alberttatlock wrote: »

90 day notice of rent increase - up 600 euro pm from 1, 100 to 1, 700 for 2 bed D1. (55% up)
3 examples of other apartments in the area with same market value.

I can't give any better advice than has already been given, this is just Free Capitalist Market stuff.

Other than that, maybe Threshold might help?

If they can't help you, maybe talk to all of your TD's / Councillors - IF you are registered to vote. (A TD /Councillor won't see much point in listening to you if they afterwards find out you are not on the Electoral Register).

The cost of housing is a major issue, and one that cannot be laid mainly or entirely at the feet of Private Landlords to solve, (I say this despite my Socialist / Communist tendencies).

MarkAnthony

alberttatlock wrote: »

Letter received from property agency acting on be half of receivers for our apart block located D1. (previous owners subject to receivership) .

While I understand and sympathise, and also charge (slightly) under market rate for my own place as I've excellent tenants, receivers are under a legal duty to obtain market rates.

Even if the receiver was a saint they have to charge market rate.

ED E

NB: Napkin maths

Put it this way OP, if you're 55% below the market now (or more TBH, a 2bed in Tallaghtfornia is 1200 nevermind D1) then its safe to say on average you've been at least 40% under for the last two years. Thats €10,560 you've saved, more if you were below for longer than the mandatory 2yr review minimum.

handlemaster

RoboKlopp wrote: »

Tenants rights in Ireland are shocking.

No way should a 55% increase be allowed

OP stated he has enjoyed below market rate for some time.

Zulu

The illuminati? Who do you the next controls the market?
In the boom new starters were advised to "get on the ladder". They bought the max they could afford (1 and 2 beds for crazy prices). These people now have families but are unable to move to a 3/4bed due to massive negative equity and/or 20% deposit rules.

These people are competing with those traditionally renting these apartments, or simply unable to move along freeing up these apartments. They are trapped, unable to move, and as a consequence the market is somewhat dysfunctional.

So huge competition drives up the prices.

Frankly I'm amazed that people can afford such rent. I would have expected a top out around the €800 per person per month.

thierry14

Feel for you OP

Every renter in Dublin is a similar situation now, it's gone mental.

Mine has gone from 700 to 1275 in the last 3 years in D15.

In the process of buying a 4 bed house in Co.Limerick for 115k, plenty of work in Limerick now, wages not much lower than in Dublin and way cheaper cost of living.

1700pm is my wife's take home pay, it's ridiculous. To afford that and have a good standard of living you want to be earning 70k net pay as a family of 4 imo.

Dublin was fine when we were a working couple, now that we have a kid it's unsustainable, unless you want to be living week to week.

When I got the big increase in rent I reluctantly paid it ( it was market rate) and then looked outside of Dublin.

alberttatlock

ongarite wrote: »

How long have you been paying 1100 (below the market rate for 2 bd in D1)?

2.5 years. Move from 1 bed to 2bed same block. Previous 1 bed price 850 now 1300

Straight Edge Punk

Dublin is insane! I had planned on a move up there about 7 years ago, I am delighted now that i didn't go through with it.

I am currently renting a 3 bed house for €615 p/m.

thierry14

Also OP

Have you looked at fis?

http://www.welfare.ie/en/Pages/3884_How-do-I-qualify.aspx

I don't know what your salary is now, but if it's not big eg below 50k per year

It would make more sense to move your family somewhere cheap to rent in the country eg 3 bed house for 500pm and fis will insure your income is near 31k net

As you have 2 kids.

30k, 500 pm rent with 2 kids sounds OK to me

alberttatlock

April 73 wrote: »

First thing to do is see what other 2-beds are going for in the area. Are there comparable ones at less than €1700? If so, move or take a case to the RTB if you can show the increase is excessive.

Thanks and that's the plan.. But ive not heard of anyone being successful based on claim incease beyond tenent ability to pay but within market value. Let's see what happens ...

alberttatlock

hidinginthebush wrote: »

But does the 2 year fixed rent rule not kick in? I thought from the end of last year your rent couldn't be raised for two years, unless there's some sort of market rate condition.

The current lease was renewed 2.5 years ago. So rent review is due.