THE Bandon-Kinsale local electoral area has today been designated as a Rent Pressure Zone (RPZ) by the Minister for Housing, Local Government and Heritage, Darragh O'Brien
This comes following the publication of the Residential Tenancies Board’s (RTB) Rent Index Report for Q1 2020 (published today) which is produced in conjunction with the Economic and Social Research Institute.
'In line with the rent zone report received from the RTB, which indicates that the LEA of Bandon – Kinsale meets the criteria, I have signed a Ministerial Order designating it as an RPZ,' said the Minister.
Fine Gael Senator Tim Lombard has welcomed this announcement and said the rising rent levels in the two towns and surrounding areas had become a controversial issue for all renters or those looking to rent in the area.
'This will provide much needed relief for all who are renting in the Bandon-Kinsale local electoral area. It will hopefully provide more stability to the lives of those looking to live in these communities and allow them plan better for the future,' said Sen Lombard.
'With the worldwide pandemic, these are very uncertain times for all and this is a good move by the Government and Housing Minister Darragh O’Brien to designate this rent pressure zone.'
The move means that rents in the area cannot be increased by more than 4% per annum. This applies to new and existing tenancies (unless an exemption is being applied).
First introduced in late 2016, areas across the country are designated as rent pressure zones if rents are high and rising and where affordable accommodation is hard to come by.