The Residential Tenancies (No. 2) Act 2021 was signed into law on 9 July 2021 and limits, in respect of tenancies created on or after 9 August 2021, the amount of rent in advance (maximum of 1 month’s rent) and/or a deposit (maximum of 1 month’s rent) that a landlord can ask anyone, including a student, to pay to secure a tenancy Accordingly, the maximum upfront payment can be no more than 2 months’ rent and any ongoing advance rent payment during a tenancy can only cover 1 month’s rent.
The Act will greatly reduce any financial exposure to tenants, including students, on foot of paying much restricted upfront payments.
Comprehensive information and supports, including a detailed guidance document and a Frequently Asked Questions (FAQ) document on the Act, are available on the Residential Tenancies Board’s website – www.rtb.ie.