‘Rent Pressure Zones’ Will Have Price Caps, According To This New Plan

A plan is being proposed today that would see 'rent pressure zones' coming into existence in Ireland's cities.

With the average price of rental property in Dublin now €1,375 per month, Minister Simon Coveney wants to designate areas that face the brunt of the problem as 'rent pressure zones'.

The minister's plan would see the Residential Tenancies Board (RTB) monitoring key areas over 18 months and if they experience above-average increases for four out of the six quarters, the areas may be declared a 'rent pressure zone'.

Once entered into this category, landlords in these areas would be restricted in price increases for a three-year period.

According to Independent.ie, the plan is part of a larger housing strategy which is going before the Cabinet for approval today, dealing with security, supply, standards and services.

READ NEXT: This Is How Much The Typical Irish Person Spends On Their Partner's Gift