Dáil Éireann Debate, Thursday - 2 June 2022
227. Deputy Neale Richmond asked the Minister for Housing, Local Government and Heritage the steps that he is taking to ensure that small landlords stay in the rental market rather than selling their properties; and if he will make a statement on the matter. [28665/22]
Amharc ar fhreagraThe property rights of owners are protected under the Constitution and landlords need to be in a position to manage their property to suit their own financial needs as they change with their particular life circumstances. Covid-19 will have badly affected some landlords and financial pressures may well force a landlord to sell a rental property.
The current exiting of landlords from the private rental sector is a consequence of multiple factors. A changing regulatory environment, which has been necessary to ensure a fair and effective residential rental sector that balances tenants’ rights and landlords’ responsibilities, has resulted in a challenging compliance framework for some. Covid 19 related protections were also necessary but may have also contributed to the decision to leave the sector.
In other cases, the recent rise in house prices has enabled some landlords exit negative equity. As a consequence, they have taken the opportunity to unwind their investments.
The Government is committed to supporting the continued participation of small-scale landlords in the rental market. The management of tax issues is a matter for the Department of Finance and under Housing for All, a specific action has been set for that Department to review the recommendation of the Working Group on the ‘Tax and Fiscal Treatment of Landlords’ that took place in 2017. My Department, working in collaboration with the Residential Tenancies Board, will assist the Department of Finance in carrying out this review.
The operation of the rental market and the Residential Tenancies Acts 2004-2021 are kept under constant review and any necessary legislation will be introduced.
