Increasing rent on a Dublin rental property requires a process, and it has changed since the new rules and regulations went into effect with the Residential Tenancies Act of 2015. You need to know how often you can increase your rent or carry out a rent review.
You can only do a rent review every two years, and you must give the tenant 90 days of notice. The rent you propose must be market value rent and cannot be over market. You’ll have to prove that by giving the tenant three comparable properties that have been advertised within four weeks of your rent review. You’re required to show the marketplace at the moment to your tenant, and explain the demand for the rent. This gives you proof and comparable evidence so if you are seeking a certain rental amount, you can achieve it.
Once you provide your tenant with the 90-day notice period, they can challenge or negotiate it, vacate the property, or go seek advice from RTB. Make sure you aren’t seeking above market rent. Landlords often think they can tell the tenant they’re selling the property in order to get the tenant to move, at which point the landlord will find a new tenant at a higher price point. That’s not going to work. You’ll be required to give a declaration to say why you’re terminating the tenancy. Remember that tenants have rights. If your tenant is in the property and paying example 20% less than the current market value rent but you’re not eligible for a rent review, you cannot simply tell them you’re selling the house to get someone else in place. It’s not a valid strategy and likely to cause a legal challenge.
Do rent reviews according to the law and do it correctly. Work with your Dublin property manager to give the correct notice period, provide comparable evidence, and make sure you don’t ask for above market rent.