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Generation Rent: The Future of the Private Rented Sector in Ireland

This conference explores the changing role of the private rented sector in Ireland and addresses issues such as rent arrears, rent increases, security of tenure, and the need to increase supply of rental accommodation. It also discusses possible policy changes and initiatives to professionalize the sector.

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Generation Rent: The Future of the Private Rented Sector in Ireland

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  1. Threshold Conference, 16th of June“Generation Rent: the Future of the Private Rented Sector in Ireland”Anne Marie Caulfield, DirectorPrivate Residential Tenancies Board (PRTB)

  2. Role of the PRTB The Private Residential Tenancies Board (PRTB) is a statutory, self -financing body responsible for : • maintaining a national register for all private residential tenancies; • providing a dispute resolution service; and • the provision of information; carrying out of research & the provision of policy advice to the Minister regarding the private rented sector

  3. Changing Role of the Sector • The sector has doubled in size between Census 2006 and 2011, with one in five households now living there (eg Local Authorities housed 9% of Irish Households) • Over 100,000 socially supported Tenants live in the PRS • Social Housing Strategy: 35,000 units by LAs and 75,000 leveraged from the Private Rented Sector.

  4. Changing Role of the Sector RED C Survey in 2014 • 66% of Tenants had been renting for 4+ years • 32% Rent pending Mortgage Approval (pre Central Bank changes in Deposits) • 30% because it suited their requirements • Only 64% awareness of the PRTB / their rights, thus advertising and awareness campaign launched

  5. Changing Role of the Sector • 303,574 Tenancies Registered • 86% of Landlords own one or two properties • Over 33,000 Buy to Let properties in serious mortgage arrears (C.B. report) • 29% of Landlord intend to sell as soon as possible, as prices increase • 36% of Landlords are “accidential”, (19% both a Tenant / Landlord)

  6. Dispute Resolution Services • 3,374 formal Disputes in 2014, relating to 6,071 separate breaches of the Act, including • Rent Arrears (including overholding) - 1,134 cases • Invalid Notices of Termination - 830 • Deposit Retention - 801 • Standard and maintenance of dwelling – 433 • Unlawful Termination – 263 • Anti-Social Behaviour - 215 • Rent More than Market Rate – 185 • 447 Appeals to Tribunal in 2014

  7. Issues affecting the Sector • Rent Arrears – a growing problem • Rent increases in Dublin and now also strong in the surrounding counties • Security of Tenure • Receivership • Deposits

  8. Dispute Processing Times

  9. Other Areas of Activity in PRTB (2014) • 29,256 unregistered Landlords detected and notified • 17 Criminal Prosecutions taken • 535 Request for DO Enforcement • 96,001 calls, 42,355 E Mails and 4,707 letters ( call centre is now outsourced) • Quarterly Rent Index with ESRI • Two major pieces of research last year

  10. DKM / ESRI / RDJ – Oct ‘14 Future of Private Rented Sector • Report stressed need to increase supply of Rental Accommodation to meet strong growth in demand • Did not recommend rent control – supply impacts • “Rent Certainty” leases, longer tenure, linked to CPI but with tax incentives for landlords • Three month notice of rent increases, three comparable properties to justify, refer to PRTB Rent Index • Review Rent Supplement, extend Tenancy Sustainment Protocol. • Tax Incentives for HAP participation

  11. DKM / ESRI / RDJ – Oct 14Future of Private Rented Sector • Extend security of Tenure for Further Part 4 • Increase Notice periods pro-rata for longer Tenancies • PRTB timeline to be improved, resources & Determination Orders enforcement • Extend the Home Renovation Scheme • Minimum Standards “NCT” for all rented properties • Code of Conduct for Buy to Let properties in receivership • Living City initiative – better use of empty buildings • Professionalise the sector eg CPD for Agents • Importance of the Approved Housing Bodies

  12. Residential Tenancies Amendment Bill • Deposit Protection Scheme • Free Mediation Service • New sliding scales for Registration fees • Free Further Part 4 registrations • Board Policy and operational functions split • Approved Housing Bodies under the remit of the Residential Tenancies Board (RTB) • Rumours in media of other possible changes, but Bill not yet published.

  13. Thank You!

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