Dáil Éireann Debate, Thursday - 12 March 2015
254. Deputy Barry Cowen asked the Minister for the Environment, Community and Local Government the expert advice he has received on the introduction of rent controls or rent stabilisation measures in the private rental market; the information he has received on the potential costs of these measures; and if he will make a statement on the matter. [10859/15]
View answerThe Private Residential Tenancies Board (PRTB) published two major reports on the private rented sector in 2014, entitled Future of the Private Rented Sector and Rent Stability in the Private Rented Sector. Both reports are available on the PRTB website at http://www.prtb.ie/docs/default-source/pdf-manuals/future-of-the-private-rented-sector.pdf?sfvrsn=0 and http://www.prtb.ie/docs/default-source/pdf-manuals/rent-stability-in-the-private-rented-sector.pdf?sfvrsn=0.
The rent stability report includes an examination of rent regulation regimes in other countries and puts forward a series of policy options in relation to rent stability for consideration. These range from options in relation to rent control at one end of the spectrum through to measures aimed at increasing awareness of tenant rights under the existing legislation at the other. The report provides indicative costs for the range of rent stability options proposed, where applicable.
The Social Housing Strategy 2020 provides the basis for a concerted and coordinated approach to social housing provision and contains an action plan with detailed objectives and timelines. It includes a commitment to developing a national policy on the private rented sector aimed at increasing investment in and supporting the supply of good quality, secure and affordable accommodation in the sector. Both reports referred to above, together with a forthcoming National Economic and Social Council (NESC) report on the development of the private rented sector, will be important inputs to the process of considering possible further policy and legislative initiatives.
I recognise that the time-lag in terms of ramping up supply to match demand is fuelling a marked increase in rents, especially in Dublin and the other major cities, leading to difficulties, particularly for lower-income households. The Government is monitoring the rental market closely and is considering policy options in relation to achieving greater rent certainty. My overriding objective in relation to rents is to achieve stability and sustainability in the market for the benefit of tenants, landlords and society as a whole.
