Government think-tank calls for rent regulation and security
The government think-tank NESC is warning that job creation and competitiveness in Ireland is under threat if residential rents are not regulated.
The National Economic and Social Council said tenants need rent certainty, and security of tenure.
The Council said that reforming the sector must focus on a number of key elements - including tax relief for landlords who provide secure occupancy.
"We need to move to a system of what we call secure occupancy - that is, a situation where a household can make a home and stay in it in rental accommodation," said Rory O'Donnell, Director of the NESC.
"For that, we need to learn a bit from our European neighbours, [and] have greater rent certainty through a system of market-sensitive rent regulation."
Currently, tenants can have security of tenure on rolling four-year cycles except under specific criteria, such as the landlord wishing to sell the home or using it for himself or family members. However, such tenancy agreements do not regulate rent, which can rise in line with the market.
O'Donnell said that in order for rental accommodation to be considered a long-term option, both security of tenure and "predictable" increases in rent were required.
