All Above Room and Board
As you will no doubt be aware, there have been a great many changes in the rental sector in recent months as the Residential Tenancies Board (RTB) seek to revamp their system. With such an atmosphere of confusion and uncertainty surrounding so much of the business world of late, we thought that we would break down the most important changes that now apply to landlords and tenants.
As of June 4th, 2019, the following changes apply.
There have been changes to the required notice periods for the termination of a tenancy by the landlord, the new notice periods that apply are:
Period of time tenant has lived at the property:
- Less than 6 Months – New Notice Period: 28 Days
- More than 6 Months, less than 1 – New Notice Period: 90 Days
- More than 1 Year, less than 3 – New Notice Period: 120 Days
- More than 3 Years, less than 7 – New Notice Period: 180 Days
- More than 7 Years, less than 8 – New Notice Period: 196 Days
- More than 8 Years – New Notice Period: 224 Days
There have been further changes to notice period requirements in that there are a number of scenarios in which the property must be offered back to the tenant after a period of time. These scenarios are as follows:
- If the tenancy is terminated for sale of the property, but sale does not occur, or the landlord intends to re-let the property.
- If the tenancy is terminated for substantial refurbishments, the landlord must offer the property to the tenant on completion of the works.
- If the tenancy is terminated so that the landlord or their family members can move in, it must be offered to the tenant if it becomes available again within 12 months of the termination.
Landlords must also now send the termination notices to the RTB if the tenancy has lasted more than 6 months.
Rent Pressure Zones:
All existing rent pressure zones have been extended to 31st December 2021, and with new criteria in place it is advisable to check the status of your property. There will naturally be some exemptions to the rent pressure zone rules, should you wish to claim an exemption it is essential to notify the RTB within a month of setting the rent.
Outside of these pressure zones, landlords can only set and change the rent 24 months after commencement or rent review.
It is important to note that as well as these changes, the RTB will be revamping their investigative measures and clamping down on any issues so it is vital to ensure that you are following the new regulations. All information will be available through the RTB website.
As always, we are available to answer any queries on all business and financial matters and we look forward to speaking to you soon.