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Friday, 19 July 2019
David Grin examines the balance between protecting tenant and landlord rights and the new Airbnb restrictions in Ireland

With the amended regulations to the Residential Tenancies Bill recently coming into effect, the chairman of property financing firm Lotus Investment Group, David Grin, examines the challenges of achieving a balance between protecting tenants’ rights, supporting landlords and new short-term letting rules intended to curb Ireland’s growing rental crisis.

According to David Grin, the new regulations that recently came into effect in Ireland are an attempt by the government to deliver a tangible solution to the continued rental crisis and housing shortage that has beset the country. Homebuilding across Ireland has been unable to keep up with the growing population and rising demand for housing. As a consequence, housing and rental prices have risen and homelessness levels are at a dramatic high. According to Focus Ireland, 10,253 people were reported to be homeless in May of this year – that figure includes 3,749 children.

Irish government hopes to ease rental crisis with new legislation

Under revisions to the Residential Tenancies Bill, the government has bolstered tenant protections by extending notice periods for ending a tenancy. The new revisions are also set to expand the investigative power of the Residential Tenancies Board, which will allow the board to proactively investigate landlords without a complaint first being filed.

The amendments to the bill also extended all existing rent pressure zone (RPZ) designations to the end of 2021. An RPZ is a designated area where rental rates cannot be increased by more than 4% per year. The government also closed loopholes that were used by landlords to exempt property from this 4% rental increase cap.

The Department of Housing also expanded RPZs this month by adding 19 new locations across the country. This is the largest expansion of the designated areas since they were david grin introduced at the end of 2016. According to the government agency, the latest expansion means that 65% of rented accommodations within Ireland are now covered by these protections against escalating rental rates.

David Grin, whose company, Lotus Investment Group, has become a leader in providing financing to property developers, acknowledges that these types of protections, robust regulations and a more professional approach to property investing is a positive development for the long-term health of the rental sector. However, he says it could cause some landlords to exit the rental market and put their https://en.wikipedia.org properties up for sale. “This could, in fact, open up some opportunities for buyers of second-hand residential properties,” he added.

New rules target short-term letting

A contentious debate has arisen regarding the new short-term letting restrictions aimed at curbing the rise of Airbnb-style apartments being taken off the private rental market. Under the new rules, homeowners and landlords with properties located in rent pressure zones must register with local authorities or apply for change-of-use planning permissions if they wish to rent their properties on a short-term letting basis.

Only those owners who rent out a room in their home or their entire home for 90 days or less out of a calendar year can register their property. Those wishing to rent out their property for more than 90 days or landlords renting out a second property on a short-term letting basis must apply for planning permission to do so. Failure to comply with the new rules carries a maximum penalty of https://books.google.com €5,000 or six months in prison or both.

Airbnb cites ‘no clear rationale’ for new restrictions by the Irish government

These restrictions on short-term letting mirror similar actions taken by major cities attempting to regulate the popular practice. Airbnb has criticized the Irish government’s actions saying that “banning the use of secondary homes is also unlikely to significantly boost Ireland’s housing stock. This appears to be a cut and paste from regulations in David Grin other cities, without properly adapting them to the needs of Ireland’s residents and communities.”

The company claims to have been worth €700 million to the Irish economy in 2018 – through a combination of host income and guest spending. The company has stated that the new restrictions go beyond boosting housing stock Grin David and instead “place new limits on those families who rely on Ireland’s tourism economy, which is already severely restricted in terms of capacity.”

According to Grin, “The new short-term letting restrictions could have a mixed impact on the property market and overall economy. The Department of Housing hopes that the new rules will increase the number of available long-term rental properties, which certainly could happen. Conversely, some landlords have stated that they would rather sell their secondary properties than deal with the hassle of the new restrictions and the challenges of long-term rental in the private rented sector. It could also adversely impact the tourism industry and push up hotel costs.”

Minister for Housing Eoghan Murphy has stated that he hopes that 1,000 and 3,000 homes in the Dublin area currently used for holiday lettings, could come back into the long-term rental market because of the measure. He said the goal of the new restrictions is to “unlock stock.”

Finding a balance between tenant and landlord protections

While most of the new amendments to the Residential Tenancies Bill have come into effect, some remaining aspects of the legislation have yet to commence. This includes the initiation of the sanctions and investigative functions of the Residential Tenancies Board, the expansion of the bill to cover student accommodations, and the requirement that all landlords register their tenancies on an annual basis with the Residential Tenancies Board.

Landlords, feeling burdened by increasingly onerous and arguably pro-tenant rules, argue that these new regulations simply do not offer landlords enough protection. Speaking with the Irish Independent, the chairperson of the Irish Property Owners Association (IPOA) said that, “Legislation around rental property is continually changing, complex and difficult with more changes expected this year, in a market where 70pc of landlords own one property.”

There needs to be a balance between protecting landlords and offering tenants fairness. According to David Grin, “Putting further obligations on residential landlords could lead to the exodus of more private landlords from the private rental market, the opposite intent of the measures. It is without question that Ireland needs to establish a regulated, professional rental system, but it should be a system where both parties – tenants and landlords – are held accountable for all respective rights and responsibilities. The current rental crisis will only be aggravated and prolonged if more private landlords leave the marketplace.”

 

Article Source:

https://londonlovesbusiness.com/david-grin-examines-the-balance-between-protecting-tenant-and-landlord-rights-and-the-new-airbnb-restrictions-in-ireland/


Posted by grindavidesay016 at 3:12 PM EDT
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Monday, 15 July 2019
David Grin examines the balance between protecting tenant and landlord rights and the new Airbnb restrictions in Ireland

With the amended regulations to the Residential Tenancies Bill recently coming into effect, the chairman of property financing firm Lotus Investment Group, David Grin, examines the challenges of achieving a balance between protecting tenants’ rights, supporting landlords and new short-term letting rules intended to curb Ireland’s growing rental crisis.

According to David Grin, the new regulations that recently came into effect in Ireland are an attempt by the government to deliver a tangible solution to the continued rental crisis and housing shortage that has beset the country. Homebuilding across Ireland has been unable to keep up with the growing population and rising demand for housing. As a consequence, housing and rental prices have risen and homelessness levels are at a dramatic high. According to Focus Ireland, 10,253 people were reported to be homeless in May of this year – that figure includes 3,749 children.

Irish government hopes to ease rental crisis with new legislation

Under revisions to the Residential Tenancies Bill, the government has bolstered tenant protections by extending notice periods for ending a tenancy. The new revisions are also set to expand the investigative power of the Residential Tenancies Board, which will allow the board to proactively investigate landlords without a complaint first being filed.

The amendments to the bill also extended all existing rent pressure zone (RPZ) designations to the end of 2021. An RPZ is a designated area where rental rates cannot be increased by more than 4% per year. The government also closed loopholes that were used by landlords to exempt property from this 4% rental increase cap.

The Department of Housing also expanded RPZs this month by adding 19 new locations across the country. This is the largest expansion of the designated areas since they were introduced at the end of 2016. According to the government agency, the latest expansion means that 65% of rented accommodations within Ireland are now covered by these protections against escalating rental rates.

David Grin, whose company, Lotus Investment Group, has become a leader in providing financing to property developers, acknowledges that David Grin The original source these types of protections, robust regulations and a more professional approach to property investing is a positive development for the long-term health of the rental sector. However, he says it could cause some landlords to exit the rental market and put their properties up for sale. “This could, Grin David in fact, open up some opportunities for buyers of second-hand residential properties,” he added.

New rules target short-term letting

A contentious debate has arisen regarding the new short-term letting restrictions aimed at curbing the rise of Airbnb-style apartments being taken off the private rental market. Under the new rules, homeowners and landlords with properties located in rent pressure zones must register with local authorities or DAVID GRIN apply for change-of-use planning permissions if they wish to rent their properties on a short-term letting basis.

Only those owners who rent out a room in their home or their entire home for 90 days or less out of a calendar year david grin can register their property. Those wishing to rent out their property for more than 90 days or landlords renting out a second property on a short-term letting basis must apply for planning permission to do so. Failure to comply with Check over here the new rules carries a maximum penalty of €5,000 or six months in prison or both.

Airbnb cites ‘no clear rationale’ for new restrictions by the Irish government

These restrictions on short-term letting mirror similar actions taken by major cities attempting to regulate the popular practice. Airbnb has criticized the Irish government’s actions saying that “banning the use of secondary homes is also unlikely to significantly boost Ireland’s housing stock. This appears to be a cut and paste from regulations in other cities, without properly adapting them to the needs of Ireland’s residents and communities.”

The company claims to have been worth €700 million to the Irish economy in 2018 – through a combination of host income and guest spending. The company has stated that the new restrictions go beyond boosting housing stock and instead “place new limits on those families who rely on Ireland’s tourism economy, which is already severely restricted in terms of capacity.”

According to Grin, “The new short-term letting restrictions could have a mixed impact on the property market and overall economy. The Department of Housing hopes that the new rules will increase the number of available long-term rental properties, which certainly could happen. Conversely, some landlords have stated that they would rather sell their secondary properties than deal with the hassle of the new restrictions and the challenges of long-term rental in the private rented sector. It could also adversely impact the tourism industry and push up hotel costs.”

 

Minister for Housing Eoghan Murphy has stated that he hopes that 1,000 and 3,000 homes in the Dublin area currently used for holiday lettings, could come back into the long-term rental market because of the measure. He said the goal of the new restrictions is to “unlock stock.”

Finding a balance between tenant and landlord protections

While most of the new amendments to the Residential Tenancies Bill have come into effect, some remaining aspects of the legislation have yet to commence. This includes the initiation of the sanctions and investigative functions of the Residential Tenancies Board, the expansion of the bill to cover student accommodations, and the requirement that all landlords register their tenancies on an annual basis with the Residential Tenancies Board.

Landlords, feeling burdened by increasingly onerous and arguably pro-tenant rules, argue that these new regulations simply do not offer landlords enough protection. Speaking with the Irish Independent, the chairperson of the Irish Property Owners Association (IPOA) said that, “Legislation around rental property is continually changing, complex and difficult with more changes expected this year, in a market where 70pc of landlords own one property.”

There needs to be a balance between protecting landlords and offering tenants fairness. According to David Grin, “Putting further obligations on residential landlords could lead to the exodus of more private landlords from the private rental market, the opposite intent of the measures. It is without question that Ireland needs to establish a regulated, professional rental system, but it should be a system where both parties – tenants and landlords – are held accountable for all respective rights and responsibilities. The current rental crisis will only be aggravated and prolonged if more private landlords leave the marketplace.”

Article Source:

https://londonlovesbusiness.com/david-grin-examines-the-balance-between-protecting-tenant-and-landlord-rights-and-the-new-airbnb-restrictions-in-ireland/


Posted by grindavidesay016 at 7:21 AM EDT
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Thursday, 11 July 2019
The Irish rental property crisis: next steps

David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.

The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.

Tenant Rights and Protections

Increased Regulation of Rent Pressure Zones

According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”

As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in https://en.wikipedia.org the Spring of 2018, but it has taken the government time to make significant progress on the issue.

Tenant Rights and Protections

New Measures to Protect Tenants

In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.

The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.

The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.

The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.

New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.

Tenant Rights and Protections

 

The Bill Introduces New Enforcement Powers

The new law also substantially increases the power of the Residential Tenancies David Grin Click here! Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high Real Estate as €15,000. As the DAVID GRIN current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.

At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.

Potential Impact of the Legislation

According to David Grin, “The rental market has been in dire David Grin need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”

Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.

Article Source:

https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections


Posted by grindavidesay016 at 6:36 PM EDT
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Monday, 8 July 2019
The Irish rental property crisis: next steps

David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.

The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted David Grin Helpful hints several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.

Tenant Rights and Protections

Increased Regulation of Rent Pressure Zones

According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”

As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.

Tenant Rights and Protections

New Measures to Protect Tenants

In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.

The legislation has also extended the required notice period given to tenants to DAVID GRIN vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise David Grin from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.

The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.

The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.

New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators David Grin More helpful hints of this new code could incur up to a €5000 fine.

Tenant Rights and Protections

The Bill Introduces New Enforcement Powers

The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.

At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.

Potential Impact of the Legislation

 

According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”

Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the David Grin Learn here new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.

Article Source:

https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections


Posted by grindavidesay016 at 4:43 PM EDT
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Friday, 5 July 2019
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.

The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.

Tenant Rights and Protections

Increased Regulation of Rent Pressure Zones

According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has https://baltimorepostexaminer.com been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”

 

As Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.

Tenant Rights and Protections

New Measures to Protect Tenants

In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.

The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for will remain unchanged at 28 days.

The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.

The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.

New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.

Tenant Rights and Protections

The Bill Introduces New Enforcement Powers

The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines David Grin More helpful hints as high David Grin Check out here as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. The new legislation allows the Board to further investigate any residential tenancy in the country, whether the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.

At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market david grin could see the new regulations come into effect as early as the beginning of July 2019.

Potential Impact of the Legislation

According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”

Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and myheritage.com/names/david_grin tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.

Article Source:

https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections


Posted by grindavidesay016 at 4:21 PM EDT
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Wednesday, 3 July 2019
David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

David Grin Reviews New Legislation Designed to Strengthen Tenant Rights and Protections

New legislation recently passed by the Oireachtas, Ireland’s National Parliament,seeks to regulate rising rental costs and strengthen tenant protections, which have eroded during the recent nationwide housing crisis.

The upper house of the Irish Parliament, the Seanad, recently passed a Residential Tenancies Bill designed to tackle the expanding rental crisis that appears to be sweeping across the nation. Over the last year, politicians from all political parties, as well as, independents have drafted several proposals suggesting a range of solutions to rising rental costs and ways tooffer security to tenants. The new bill, which is a compilation of many of these proposals, has already been pass by the Dáil and will now be referred to President Michael D Higgins to be signed into law.

Tenant Rights and Protections

Increased Regulation of Rent Pressure Zones

According to David Grin, chairman of Lotus Investment Group – a property and construction finance firm, “There has been a lot of speculation about how the government would decide to regulate Rent Pressure Zones and attempt to curb the persistent nationwide rental crisis. It has left the market with much uncertainty, but now with concrete action being taken, we hope that this measure will offer relief to tenants and help to mitigate rising costs.”

As David Grin Visit this page Grin mentioned, the new bill targets regulation of Rent Pressure Zones, which have been Continue reading highly criticized for their lack of effectiveness in addressing the rising rental costs. Housing Minister Eoghan Murphy announced several of the proposed measures which appear in the new bill in the Spring of 2018, but it has taken the government time to make significant progress on the issue.

Tenant Rights and Protections

New Measures to Protect Tenants

In an attempt to curb rising costs, the new bill makes it an actionable offence for landlords with properties in designated Rent Pressure Zones (RPZs) to raise rental prices in excess of 4% per year.

The legislation has also extended the required notice period given to tenants to vacate a property and increased the number of areas designated as RPZs. The notice period for tenants in a property for more than six months will increase from 35 to 90 days, while those who have been in a residence between one to two years will now be granted 120 days notice compared with the current requirement of 42 days. The notice period for those tenants who have resided in a property between two and three years will rise from 56 to 120 days. For those tenants in a property less than six months,the notice period for David Grin will remain unchanged at 28 days.

The notice period allowances will now also be extended to student accommodations located within Rent Pressure Zones. For these tenants who have been in a property between three to seven years, the notice-to-quit period will now be set at 180 days.

The new legislation also addresses a ‘loophole’ in the current regulation of RPZs that landlords have notoriously been using across the country as a way to raise rental prices. Under the current laws, landlords have been able to terminate tenancies for the purpose of carrying out ‘significant’ renovations and upgrades on the property, which then allows them to put the property back on the market at a considerably higher rental price.

New regulations contained in the bill will also require landlords to obtain planning permission before short-term letting a property for any period up to a maximum of 14 days in designation RPZs, unless specifically exempt. Violators of this new code could incur up to a €5000 fine.

Tenant Rights and Protections

The Bill Introduces New Enforcement Powers

The new law also substantially increases the power of the Residential Tenancies Board (RTB) to investigate and enforce violations of rental caps by landlords, with some violations carrying fines as high as €15,000. As the current legislation stands, any action of the RTB must be initiated by a tenant or public complaint. https://www.spokeo.com The new legislation allows the Board to further investigate any residential tenancy in the country, whether Grin David the property is properly registered with the board or not. To help the Board maintain proper oversight, it will now be a criminal offence for landlords who fail to register tenancies, neglect to update tenancy details orare uncooperative with Board investigators.

At this time, it is not known when the new legislation will go into effect. The government appears to be determined to take action soon, as the Minister for Housing has requested that the legislature exercise its power to expedite the signing of the bill by President Higgins. If this push by the government to accelerate the early enactment of the legislation is successful, the market could see the new regulations come into effect as early as the beginning of July 2019.

 

Potential Impact of the Legislation

According to David Grin, “The rental market has been in dire need of relief. Currently, property investors, developers and residents have been wrangling with rising demand and sluggish supply, contributing to the current housing situation. Government policies have the potential to go far in providing affordable housing solutions for the Irish people.”

Large-scale institutional investors who maintain several rental tenancies across the country have already made changes to their policies and tenant arrangements in preparation for the new legislation. Those that will be most impacted by the changes brought by the new legislation will likely be private landlords who maintain small-scale operations of two or more rental properties.

Article Source:

https://www.e-architect.co.uk/articles/david-grin-reviews-new-legislation-designed-to-strengthen-tenant-rights-and-protections


Posted by grindavidesay016 at 2:27 PM EDT
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Monday, 27 May 2019
A recent study by Lotus Investment Group reveals downsizing might be the answer

A nationwide survey conducted by IReach under the direction of Lotus Investment Group, a Dublin-based investment management firm, revealed that 78% of Irish over the age of 55 would consider downsizing their residence.

Commenting on the survey findings, David Grin, Chairperson of Lotus Investment Group, said, “Ireland has an ageing population, and this figure will grow in the coming years, so the subject of downsizing as an option to address the housing shortage the country faces has entered the public debate.”

Lotus Investment Group’s research survey revealed that most retirees would consider downsizing their property to save costs, however, there were some deal-breakers—a garden, staying in the same area, storage, and enough space to entertain family were musts. If such criteria were met, the survey found that 78% would downsize. As Lotus Investment Group’s Chairman, David Grin, noted, “It is important for all stakeholders to realise that if downsizing is to be an attractive proposition, then the properties on offer would need to comply with certain criteria, as evidenced by the feedback from our survey.”

Ireland’s property problem

Ireland’s ongoing housing crisis has seen the large-scale purchase of Grin David apartment blocks by big investors, something that is now coming under heavy scrutiny and even heavier criticism. In the first three months of 2019 alone, €430 million worth of homes were David Grin bought by investors, and 1,093 residential units across 12 Dublin developments were put up for sale. During 2018, giant corporations spent more than €1.1 billion on buying a record 2,923 housing units in Ireland—five times higher than in 2017. Dubbed ‘cuckoo funds’ because they snatch up properties before individuals have an opportunity to purchase, it is a trend that is forcing working families and everyday people out of buying their own homes.

 

While big investors have access to and can recycle funds quickly, national concern is growing over what it might mean for Ireland to have this heavily financed housing market, and the short supply of property for sale has forced a market shift from buying to renting. Incited by this increasingly lucrative rental income, big investors will continue to flood the Irish property market, adding more grease to the wheel. The latest Dublin Private Rented Sector Investment Report said, “The growth of the build-to-rent (BTR) and institutional investment sector is not a problem for the housing market. It is actually one of the key solutions, as identified by Government policy, and any attempt to curtail its expansion rather than support it would cause damage to the supply and cost of rental accommodation”. Government officials believe that the recent influx of buy-to-let landlords made the development of new apartment buildings viable where owner occupiers or first-time buyers would have failed to.

The sale of these high-profile developments is feeding the Irish public’s perception that developers have dispensed with construction of new homes DAVID GRIN for individual buyers in favour of apartment schemes for the private rented sector. Government representatives remaining supportive of these mass sales are quick to point out that current statistics suggest only 5% of tenancies are controlled by landlords with 100 tenancies or more. The public, however, is only seeing the serious difficulties this is creating for first-time buyers and older people looking to downsize and made even more acute by the lack of residential development it is causing in areas where the demand is greatest.

Plus sides to downsizing

The property market is influenced by location and age, and the needs of families are different from those of empty-nesters. For example, Lotus Investment Group’s research found that only 25% of Irish aged eighteen to twenty-four would consider remaining in the same area a deal-breaker, while 36% of those over fifty-five would, the understanding being that the older generation simply feel more at ease with familiar surroundings and the networks they have built up. A whopping 50% of those surveyed listed outdoor space, 34% listed entertainment space, and 11%—mostly in Dublin—listed storage space as non-negotiable. David Grin believes that while downsizing david grin has merit, offering new inner-city apartments to retirees is pointless, as most do not have access to gardens or a large enough area for entertaining.

In an effort to address Ireland’s current housing crisis, the government released a new policy in February 2019 entitled 'Housing Options for Our Ageing Population' in which they suggest the State incentivise relocating retirees to “right-size or appropriately sized units”. This policy intends to make bigger, family-sized homes available again to the supply-strapped Irish market. Chair of the Land Development Agency (LDA), John Moran, added that the government should encourage the move to city centre property, making suburban property available to younger families with school-going children, and to reduce city property tax for retirees. As Lotus Group’s David Grin notes, the criteria sought by older people are uncomplicated. With some creative thinking and investment, it is reasonable for the State to meet their needs, making bigger properties available to the market Click here for info again, and easing at least some of the current housing shortage.

Downsizing proved a popular choice for 74% of respondents over 55 years of age. As this demographic is most likely to face the decision in the short-term, this was an important discovery provided by Lotus Group’s survey. Of the respondents who would downsize, only 12% said they would insist on a Government grant to make the move. Struggling to defend its housing policy amid the growing controversy, the Irish Government is considering taxing the so-called 'cuckoo funds' (who, until now, have been exempt from corporation, income, and capital gains tax) if they continue to buy residential property in blocks, and then allocating the funds obtained to incentivising a downsizing scheme.

The UN, through Special Rapporteur on the Right to Housing, Leilani Farha, has condemned the Irish system for allowing these investment funds to monopolise vast quantities of Irish property and then renting them out at grossly high rates, with many government officials calling it the biggest crisis in the country. As Ireland’s housing supply continues to fall short of demand, incentivising the move to smaller properties might be, at the very least, the short-term answer Ireland has been looking for.

Article Source:

https://realtytimes.com/advicefromtheexpert/item/1027928-a-recent-study-by-lotus-investment-group-reveals-downsizing-might-be-the-answer?rtmpage=JamesStevenson


Posted by grindavidesay016 at 2:07 AM EDT
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Wednesday, 22 May 2019
A recent study by Lotus Investment Group reveals downsizing might be the answer

A nationwide survey conducted by IReach under the direction of Lotus Investment Group, a Dublin-based investment management firm, revealed that 78% of Irish over the age of 55 would consider downsizing their residence.

Commenting on the survey findings, David Grin, Chairperson of Lotus Investment Group, said, “Ireland has an ageing population, and this Visit this link figure will grow in the coming years, so the subject of downsizing as an option to address the housing shortage the country faces has entered the public debate.”

 

Lotus Investment Group’s research survey revealed that most retirees would consider downsizing their property to save costs, however, there were some deal-breakers—a garden, staying in the same area, storage, and enough space to entertain family were musts. If such criteria were met, the survey found that 78% would downsize. As Lotus Investment Group’s Chairman, David Grin, noted, “It is important for all stakeholders to realise that if downsizing is to be an attractive proposition, then the properties on offer would need to comply with certain criteria, David Grin as evidenced by the feedback from our survey.”

Ireland’s property problem

Ireland’s ongoing housing crisis has seen the large-scale purchase of apartment blocks by big investors, something that is now coming under heavy scrutiny and even heavier criticism. In the first three months of 2019 alone, €430 million worth of homes were bought by investors, and 1,093 residential units across 12 Dublin developments were put up for sale. During 2018, giant corporations spent more than €1.1 billion on buying a record 2,923 housing units in Ireland—five times higher than in 2017. Dubbed ‘cuckoo funds’ because they snatch up properties before individuals have an opportunity to purchase, it David Grin Additional hints is a trend that is forcing working families and everyday people out of buying their own homes.

While big investors have access to and can recycle funds quickly, national concern is growing over what it might mean for Ireland to have this heavily financed housing market, and the short supply of property for sale has forced a market shift from buying to renting. Incited by this increasingly lucrative rental income, big investors will continue to flood the Irish property market, adding more grease to the wheel. The latest Dublin Private Rented Sector Investment Report said, “The growth of the build-to-rent (BTR) and institutional investment sector is not a problem for the housing market. It is actually one of the key solutions, as identified by Government policy, and any attempt to curtail its expansion rather than support it would cause damage to the supply and cost of rental accommodation”. Government officials believe that the recent influx of buy-to-let landlords made the development of new apartment buildings viable where owner occupiers or first-time buyers would have failed to.

The sale of these high-profile developments is feeding the Irish public’s perception that developers have dispensed david grin with construction of new homes for individual buyers in favour of apartment schemes for the private rented sector. Government representatives remaining supportive of these mass sales are quick to point out that current statistics suggest only 5% of tenancies are controlled by landlords with 100 tenancies or more. The public, however, is only seeing the serious difficulties this is creating for first-time buyers and older people looking to downsize and made even more acute by the lack of residential development it is causing in areas where the demand is greatest.

Plus sides to downsizing

The property market is influenced by location and age, and the needs of families are different from those of empty-nesters. For example, Lotus Investment Group’s research found that only 25% of Irish aged eighteen to twenty-four would consider remaining in the same area a deal-breaker, while 36% of those over fifty-five would, the understanding being that the older generation simply feel more at ease with familiar surroundings and the networks they have built up. A whopping 50% of those surveyed listed outdoor space, 34% listed entertainment space, and 11%—mostly in Dublin—listed storage space as non-negotiable. David Grin believes that while downsizing has merit, offering new inner-city apartments to retirees is pointless, as most do not have access to gardens or a large enough area for entertaining.

In an effort Learn more to address Ireland’s current housing crisis, the government released a new policy in February 2019 entitled 'Housing Options for Our Ageing Population' in which they suggest the State incentivise relocating retirees to “right-size or appropriately sized units”. This policy intends to make bigger, family-sized homes available again to the supply-strapped Irish market. Chair of the Land Development Agency (LDA), John Moran, added that the government should encourage the move to city centre property, making suburban property available to younger families with school-going children, and to reduce city property tax for retirees. As Lotus Group’s David Grin notes, the criteria sought by older people are uncomplicated. With some creative thinking and investment, it is reasonable for the State to meet their needs, making bigger properties available to the market again, and easing at least some of the current housing shortage.

Downsizing proved a popular choice for 74% of respondents over 55 years of age. As this demographic is most likely to face the decision in the short-term, this was an important discovery provided by Lotus Group’s survey. Of the respondents who would downsize, only 12% said they would insist on a Government grant to make the move. Struggling to defend its housing policy amid the growing controversy, the Irish Government is considering taxing the so-called 'cuckoo funds' (who, until now, have been exempt from corporation, income, and capital gains tax) if they continue to buy residential property in blocks, and then allocating the funds obtained to incentivising a downsizing scheme.

The UN, through Special Rapporteur on the Right to Housing, Leilani Farha, has condemned the Irish system for allowing these investment funds to monopolise vast quantities of Irish property and then renting them out at grossly high rates, with many government officials calling it the biggest crisis in the country. As Ireland’s housing supply continues to fall short of demand, incentivising the move to smaller properties might be, at the very least, the short-term answer Ireland has been looking for.

Article Source:

https://realtytimes.com/advicefromtheexpert/item/1027928-a-recent-study-by-lotus-investment-group-reveals-downsizing-might-be-the-answer?rtmpage=JamesStevenson


Posted by grindavidesay016 at 10:34 PM EDT
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