Property owners in the private rental sector feel recent legislation governing the sector will prevent them from managing their lettings “without the fear of prosecution, sanction, or financial destruction”.
That is according to the Irish Property Owners Association (IPOA ), whose members met late last week to hear details of new legislation affecting the sector. The association has expressed its outrage at what it describes as “unconstitutional rent control”.
“Some of the large attendance uttered strong sentiments of political sabotage of our property rights,” said Stephen Faughnan, IPOA chairman. “They were roundly critical of this being foisted on them by one of their own county representatives, the Minister for Housing, Simon Coveney.”
The IPOA has reiterated its claim that the main issue facing the housing sector in Ireland is supply: “We have said on many occasions over the years: supply, supply, supply is the answer,” said Mr Faughnan. “I again urge Government to listen to the practitioners in the private rental sector - the owners. They have effectively been left out of the equation in all of this and their legitimate concerns, which were expressed to Government in advance, were just cast aside.”
He added: “The mood countrywide is certainly not one of further investment in the private rental sector, which does not bode well for supply, and nor does it do very much for the leadership ambitions of the current Minister.”
Mr Faughnan says that the market rents currently being outlined are inconsistent with the reality of the sector: “The new rents do not consider the existing below-market rates, which would be the majority of cases, and consequently, the new rents are a distortion,” he concluded.