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I am considering renting out two or three bedrooms in my house to students. I will continue to live in my home. Please advise me of the taxation implications. Can I rent a room in my house and receive tax-free rental income?
Galway Simon Community says the private rental sector is still in crisis, and that this is highlighted by the latest Simon Community study.
Rents in Westmeath were on average 14.7 per cent higher in the first three months of 2017 than a year previously, according to the latest quarterly Rental Price Report by Daft.ie. The average advertised rent is now €770, up 46 per cent from its lowest point.
The Institute of Professional Auctioneers & Valuers says the Government must heed warnings from the European Commission that rent controls are having unintended consequences on the property market.
Rents may be increasing sharply in Dublin but that is not the situation in the Mayo private rental market.
Rent controls are "urgently needed" in Galway" to deal with the shortage in the housing supply that is causing "worry and stress" for families across the city and is impacting on both the private and social housing sectors.
The average rent for all dwellings let in County Westmeath in Q4 2014, and which were registered with the Private Residential Tenancies Board (PRTB), was €537. That was down €2 when compared to the prevailing average rent in Q4 2013, when the amount was €539.
The latest Daft.ie rental report has shown that rents in Mayo have risen by just under two per cent in the past 12 months. The report has shown that in Connacht rents rose by an average of 3.4 per cent from September 2013 to September 2014, with Mayo’s rents rising by 1.9 per cent. In Mayo the average advertised rent is now €551 a month, which in itself is 20 per cent lower than what it was at peak levels.
With some 5,000 households in Galway on the housing waiting list, and the Simon Community seeing a 57 per cent increase in people seeking its services, the city is in the grip of a housing crises.
There has been a noticeable increase in demand for rental properties in Galway of late, compounded by additional property buyers being held back by restrictive bank lending, increasing employment, and a general increase in population. According to local property letting agents, there has been a ‘surprise spike’ in queries in recent months, and rental properties are being snapped up within days of becoming available, and they expect that rising demand for rental properties will continue for the foreseeable future but caution that it can still be a tough business.