The Residential Tenancies (No. 2) Act 2021 (the “the 2021 Act”) was signed into law by the President on Friday, 16 July 2021.
The 2021 Act amends the Residential Tenancies Act 2004, particularly with regard to Rent Pressure Zones (“RPZs”). Rent reviews for residential tenancies in RPZs had been restricted to increases of 4% per annum, translating to 8% over two years. Under the new legislation, rents in RPZs will be restricted to the rate of inflation as recorded in the Harmonised Index of Consumer Prices (“HICP”).
This will require landlords to restrict rent increases in line with general inflation, which is currently below 2%. The current RPZs have also been extended to the end of 2024.
For properties located outside RPZs, rent reviews may continue to take place once every two years until 31 December 2024.
Other measures introduced include:
The extension of the rent increase and eviction
Continue reading this article at https://www.lexology.com/library/detail.aspx?g=4f5179b0-89d5-4f8c-adbd-e0d58bcb0f76