Institutional landlords and developers are celebrating the government’s upcoming changes to rental laws which throw renters under the bus to increase corporate profits, according to Social Democrats housing spokesperson Rory Hearne.
Deputy Hearne said:
“IRES Reit, the State’s largest landlord, has said the quiet part out loud: that the government’s new rental rules, which will come into force on Sunday, will lead to a major increase in its rental income.
“To make these gargantuan profits, rents could rise up to 25% higher than the already outrageous heights they are now at.
“It should be noted that IRES Reit is not a struggling company. It made a profit of €50 million last year. The government’s new rental rules will now see those profits exponentially increasing.
“The government claims these rental rules are a much needed reform, but have notably not denied that these changes will cause rents to rise. In fact, they agree that they will.
“The average market rent in Dublin is now €2,700 per month with market rents in other areas set at similar levels. From March 1, these are the extortionate rates new tenancies will be set to.
“This is a disastrous housing policy which will turn more and more homes in Ireland into financial assets, all for greater returns for corporate landlord shareholders, most of whom are US, UK, German and Irish pension and global wealth funds.
“Fianna Fáil and Fine Gael are continuing their tradition of rolling out the red carpet for big developers and investment funds – meanwhile, the sum allocated to the Affordable Housing Fund is only €150 million, a measly figure the coalition is patting themselves on the back for.
“This is dwarfed by the astronomical €390 million VAT cut and the tax cut for developers reported today – the real kick in the teeth to renters, those experiencing housing precarity and those stuck in their parents box room, is that none of these hand outs have any affordability clause.
“These tax breaks amount to almost four times the allocation of funding for affordable housing – we are eroding our tax base to bolster developers’ profit margins at the expense of working people and families.
“This government paused its planned SNA cuts in response to public anger. It should also now pause its disastrous rent reforms, before any more damage is done.”
February 25th, 2026