President Micheal D Higgins signs new rent increase cap into law

President Michael D Higgins has signed into law the Residential Tenancies (No. 2) Bill 2021 brought forward by Minister for Housing Darragh O’Brien in June. The bill will link caps on annualised rent increases to general inflation.

The bill will scrap the previous annual cap of 4% on rent increases in Rent Pressure Zones (RPZs) and bring in a new cap that will align with the Harmonised Index of Consumer Prices (HICP).

‘Over the past year Government has put affordability and the chance to own a home at the very heart of our housing policy,’ Mr O’Brien said upon the bill’s passage in the Dail.

Mr O’Brien has also said that the new law will restrict the level of upfront payments required by tenants so that they don’t exceed the two months’ rent to cover any deposit and one month’s rent in advance.

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