Landlords with below market rent

Tasfasdf

If you have a property in a Rent Pressure Zone but you never increased the rent and now your property is around say €400-600 below current market. How could you go about increasing it legally to get it to current market levels even if that means removing current tenants. Also if you removed the current tenant and get new ones and increased the rent, if they contacted RTB to find out previous rent would you then be forced to revert it back to previous level and if so how could you get around something like that.

Gumbo

There’s a calculator on the RTB website I believe.
But I think you are restricted to the 4% per year max.

ted1

Tasfasdf wrote: »

If you have a property in a Rent Pressure Zone but you never increased the rent and now your property is around say €400-600 below current market. How could you go about increasing it legally to get it to current market levels even if that means removing current tenants. Also if you removed the current tenant and get new ones and increased the rent, if they contacted RTB to find out previous rent would you then be forced to revert it back to previous level and if so how could you get around something like that.

When was the last increase?

Zulu

You'd need to legitimately do renovations - which if you're well below the market rate, could easily be worth it.

For example, if you're €500 below rate, you evict the current tenants explaining the work to be done etc.. In our case it was a new bathroom, kitchen and bedroom windows (x3).
Cheapest kitchen for a small 3 bed from Ikea/B&Q say €1500.
Newly tiled bathroom €500.
And windows €1500.
Total cost €3500 and say €500 for good measure = €4000. Tax deductible, so approx €2000 to your pocket. Which you will recoup in 4 months at your new rent.

Unfortunately we fell foul of this, but there you go.

PS: the above maths are beer-mat based and indicative.

Mod edit: this user has requested that it is pointed that they were the tenant in this situation

Tasfasdf

Zulu wrote: »

You'd need to legitimately do renovations - which if you're well below the market rate, could easily be worth it.

For example, if you're €500 below rate, you evict the current tenants explaining the work to be done etc.. In our case it was a new bathroom, kitchen and bedroom windows (x3).
Cheapest kitchen for a small 3 bed from Ikea/B&Q say €1500.
Newly tiled bathroom €500.
And windows €1500.
Total cost €3500 and say €500 for good measure = €4000. Tax deductible, so approx €2000 to your pocket. Which you will recoup in 4 months at your new rent.

Unfortunately we fell foul of this, but there you go.

PS: the above maths are beer-mat based and indicative.

Ok I that makes sense.

Is there any loop hole such as a family member moves in for a month for example and at a way higher rent. Obviously they wont make a claim so then when registered with RTB the rent would show increased and put it on the rent market again after that month?.

L1011

You are asking for advice on how to break the law. This is not allowed.