Dáil Éireann Debate, Thursday - 9 March 2023
229. Deputy Violet-Anne Wynne asked the Minister for Housing, Local Government and Heritage the consideration he has given to a deposit protection scheme for tenants and licensees; and if he will make a statement on the matter. [12186/23]
Amharc ar fhreagraAction 2.12 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. The Residential Tenancies (Amendment) Act 2015 provided for the development of a deposit protection scheme to be operated by the Residential Tenancies Board (RTB).
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.
Significant changes have taken place in the rental market since the Residential Tenancies (Amendment) Act 2015 provided for the establishment of a tenancy deposit protection scheme to be operated by the RTB. A full review of international best practice will be needed with a view to considering whether and how to introduce a re-designed scheme that is fit for purpose and suitable for current and future rental and financial markets.
A thorough examination will occur within the agreed timeline, taking into account all key considerations.
Question No. 230 answered with No. 140.
