Fixed Lease ending- Can I raise the rent

BernieMcS

My tenants fixed term lease of 3 years is ending Oct. They have indicated they wish to stay. I have never raised the rent in the 3 years. Can I raise the rent on the date of the new lease or do I have to give the standard 90 days notice to raise rent. AS this is a fixed term rental, I am aware I don't have to renew the agreement but they are eager and are ok tenants so I am happy to do so but I want to raise rent slightly

Thanks

TheChizler

90 days notice is a requirement I'm afraid.

There are a few other requirements you may not be aware of:

https://www.rtb.ie/rent-pressure-zones/rent-reviews

mrslancaster

From the RTB website:

What makes a Rent Review Notice valid?
1.It must state the amount of new rent and the date from which is to have effect.
2.It must include a statement that a dispute must be referred to the Board on the expiry of 28 days from the receipt by the tenant of that notice or the date the new rent takes effect.
3.It must include a statement by the landlord that it is their opinion that the new rent is not greater than market rent having regard to the other terms of the tenancy, letting values of dwellings of a similar size, type and character and situated in a comparable area.
4.It must specify the rent amount for three comparable dwellings of a similar size, type and character and situated in a comparable area.
5.It must include the date on which the notice is signed.
6.It must be signed by the landlord or his/her authorised agent.
7.A landlord is also required to notify the RTB of the revised rent so that the registrations details can be updated.
8.If the dwelling is located within a Rent Pressure Zone, the Formula must be included. See further information on this below.



re item 4.

Does including the rent amount & details of 3 properties in the letter cover this item or are printouts of the ads needed?

What happens if the property is in an area where there is nothing else to let?

If there is nothing comparable advertised, would a letter from 3 local estate agents do?

TheChizler

mrslancaster wrote: »

What happens if the property is in an area where there is nothing else to let?

If there is nothing comparable advertised, would a letter from 3 local estate agents do

It's a comparable area, not the same area, so should be possible to find something similar. It's all pretty subjective.

BernieMcS

Thanks guys, yep I am aware of the rent review guidelines was just wondering really about the notice as lease expiring. Finding 3 properties is a pain but I rent myself and rent was raised by agency and they included 3 properties in other areas- that are far nicer but are I guess similar rental descriptions (detached houses) so I will do same.

dennyk

BernieMcS wrote: »

AS this is a fixed term rental, I am aware I don't have to renew the agreement

Just FYI, while you are under no obligation to offer your tenants another fixed term lease, they do have security of tenure under Part 4 of the Residential Tenancies Act, so you can only end their tenancy for a valid reason under that section. Since their current Part 4 tenancy started before December 2016, it does end four years after the date it began, and a new six-year Further Part 4 tenancy begins on that date with the same rules for termination.

If you wish to end your tenants' tenancy for a non-Part 4 reason, you must give them the legally required notice in the required format before their current Part 4 tenancy ends, with the end date falling on or after the end of their current Part 4 tenancy.