Dáil Éireann Debate, Tuesday - 25 April 2023
335. Deputy Ivana Bacik asked the Minister for Housing, Local Government and Heritage if he will now implement a tenancy deposit protection scheme for renters, as provided for in the Residential Tenancies (Amendment) Act 2015; if he will outline his reasons for not commencing such a scheme; and if he will make a statement on the matter. [19363/23]
View answerThe Residential Tenancies (Amendment) Act 2015 provided for the development of a deposit protection scheme to be operated by the Residential Tenancies Board (RTB). Significant changes have taken place in the rental market since this Act.
Section 7 of the Residential Tenancies (No. 2) Act 2021 inserted 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 two months’ rent (i.e. any deposit cannot exceed one month’s rent and any advance rent payment cannot exceed one month’s rent). A restriction of the equivalent of one 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.
Action 2.10 of Housing for All requires that, among other things an examination for the creation of a system of holding rental deposits, informed by international experience occurs. This examination has a timeline of Q2 2023.
