Housing for All – a new Housing Plan for Ireland includes an action to examine the creation of a system of holding rental deposits, informed by international experience, by Q2 2023.
Section 7 of the Residential Tenancies (No. 2) Act 2021 inserts a new section 19B into the Residential Tenancies Act 2004 which applies to tenancies created on or after 9 August 2021, to restrict the total amount that a tenant is required to pay to a landlord by way of a deposit or an advance rent payment to secure a tenancy to no more than the equivalent of 2 months’ rent (i.e. any deposit cannot exceed 1 month’s rent and any advance rent payment cannot exceed 1 month’s rent). A restriction of the equivalent of 1 month’s rent is also placed on the amount that a tenant is obliged to pay as a regular advance rent payment to a landlord during a tenancy. These measures are intended to greatly reduce any financial exposure to tenants, on foot of paying such restricted upfront payments.