Trust me - as a landlord - I don’t blame them for leaving. Got stung by last tenant for 2k and the rtb don’t want to know about it. Some landlords having to PAY tenants to vacate property.
Kicking out scumbags is nearly impossible..... living beside scumbags is a nightmare.... breaking the law should be grounds for an eviction but it isn't.
@@shaneflemingre In the event of a commercial lease, it is grounds of breech of contract to use the property of illegal use. The problem arises with private accomodation & it is worse when the HAP payment or type of social housing is involved, the Sinn Féin TD Violet-Anne Wynne is a public example. I have lived near the neighbours from hell & it was easier for me to leave than to get them kicked out..
@@roryoneill9444 Think if councillors and TDs knew a vote might be lost from an entire street maybe they might do something about the neighbour from hell.
@@shaneflemingre Representive Democracy doesn't work like that.... in Ireland... it is the not-working that vote either Pensioners (who vote party) or the Unemployed (who vote for free houses for scumbags parties like PBP or SF). Plus there are legal issue... that is why two brutal murders in the last few weeks didn't mention the word "Traveller" in any report. Cherry Orchards residents complain that their children cause a problem in the area & nothing can be done as it is their children.
Agree with everything said here. Renting out property is a fool's game since RTB was set up. They clearly exist to protect tenants from 'de nasty landlords'. They appear to have no regard for the rights of landlords, or are to lazy to do their jobs when a landlord contacts them for help getting a tenant out of a house. I've been through it with them, only to discover that RTB have no legal power to evict and landlords eventually have to go to court to get eviction order, so what is the point of the RTB.?? They are a waste of time and effort.
I was unaware of the Ireland rental situation. I owned and operated rental properties in California for 30+ years. Laws started to stack up against the property owner and favored tenants since about 2006. I sold everything in 2017 and 2018 due to a health issue. The stress of running rentals caused the problems and now I feel better than ever. My life was threatened several times in that 30 year period, I was sued 5 times and did 7 evictions. It became cheaper to pay a loser $3500 than to lose months of income waiting for eviction court. I have decided that if I die and get reincarnated, I shall become a pilot and fly drug planes at low level at night in storms and fierce weather as it will be a less stressful occupation than being a property manager. All the Best to you people of Eire.
@@shaneflemingre Thanks! Well indeed! I hate one apartment house so badly that I refuse to ever look at it for the rest of my life. I always take the 4km detour to avoid looking at it.
LOL. Love your description of stress effects of landlording. Been there myself, but now a nightmare dealing with second line of defence, the RTB. Most landlords have sold up here and Gov. have just brought in an eviction ban until end of March 2023, probably to stop the rest selling up. The ban is being challenged in court by landlord group, but I dont hold out much hope.
New landlord here and already experiencing how much of a joke the RTB are. Tenant moved in November 2021 and still not registered. Emails, calls and letters back and forth for almost a year. Joke of a country can’t do anything right
RTB would not organise a piss-up in a brewery. Greatest waste of money in the country. Used to be 5 years between payments now an annual shakedown from these leeches. I am now out of the sector and gald to be rid of those parasites.
I'm a prospective tenant and I have noticed this. Turned down for properties on the market for 3 + months...wondering why the landlord won't just rent the place
As a landlord in Ireland I think the RTB is a cruel joke. The system is broken and needs fixing. We have a property in Co. Galway that is rented out through a real estate agent and I was never informed about any changes related to registration of the property in the RTB system. I can well understand that landlords leave the market, not worth all the hazel ...
Endre I do feel your pain, its not worth the hazel. There in a lot of people in the industry that had not insight into the RTB system change. Very little warning.
Im a landlord with 2 properties who was looking to buy a 3rd last year.But its somthing i wouldnt consider anymore with all the changes and the introduction of rent caps .The PRTB has destroyed the rental market
I am one of the many accidental landlords, leaving the market after waiting on the outcome of a fair budget in 2023 (silly me), only to find I am still expected to pay 52% on all rental income (not profit) to our greedy government, maintenance fee's going up again, so sick of having it costing me €5000 plus per annum, just to own it, so I am pulling the plug and cashing in. It would seem the current government want small landlords out, and care nothing for Irelands citizens in the rental market, as the government know only to well, that less properties on the market, will only put more pressure on rent hikes.
Hello Marc! Could you please advice why you have to pay 52% on all income but not profit. I’m thinking of going into the Ireland market, I’m a foreigner. But I was thinking that you can deduct almost all the expenses from the rental income. Thank you in advance!
@@mgrankina rental income is added on top of your average income. Say you are paid €75k a year from your job. You will be in the top tax ban on your rental income. Tax is due on the gross rent. Less your allowable expensive. Mortgage payment are not allowed on interest costs. If you are a non resident investor the tax on rent is 20% but you might also have to pay tax in your own country. Based on your personal set up.
I have spend two days trying to reregister an existing tennant online.. I tried phoning and chat online but no response. The system is set up by amatures who represent tennants and collect fees. My solution was to download form and do it the old way. ps all i got by way of response from prtb was threat of fines if not done-zero help.
Great video Shane. Your numbers are very close to my situation I have been trying to evict tenants for 3 years and thankfully they moved out at Christmas 2022 I was getting €1200 for a 3 bedroom townhouse in Balbriggan where I think the market rate is €2200-2300. Currently I am renovating the house as its in a very unloved state. Torn whether to sell and invest elsewhere or lock it up for 2 years. My agent and builder thinks sell and after paying CGT buy a market rate rental property rather than leave an empty house where sqatters could move in. I didnt think about the potential increase in resale value after the 2 years and need to research if that is correct in that area as its decent uplift I am from NI and we don't have such crazy rent rate rules. But common sense and accessibility to the government bodies are similar Any advice would be appreciated Seen you on the Irish Success Podcast and then found you here. Thanks for posting content
Hi Cathal, thanks for reaching out. Can’t really give formal advice in the comments, but I would look a the likely resale value, and if there is a market for owner occupiers now that might pay full value. Also keeping vacant for a period may not be that costly, is you look at your total outgoings including tax.
It's not surprising that so many landlords are getting out of the rental market. The idea of having to register a tenancy every year is ridiculous and is just a money-grabbing exercise. This red tape and bureaucracy is crazy. If you rent a property to a relative or friend at a nominal fee of say €100 pm while they are looking for a permanent home, you can't charge a new tenant any more than that. Some landlords have had to pay astronomical sums to people whom they refused to accept HAP from. This is absurd. A person should be able to rent his OWN house to whomever he wants. Even if a tenant trashes your house, it's impossible to get them out. Other countries have a register of bad tenants, but we don't. Private landlords are doing an important job providing accommodation which the government should be doing. The only thanks they get is to be treated like pariahs.
In the US your credit rating is checked in a lot of places before you can sign a lease and if you mess up it can hurt your credit rating. Not suggesting ireland needs a credit rating but some sort of way to know if a tenant might cause issues
We left the market 30 years ago when my mother was assaulted by a deadbeat tenant, we ripped out the electrical circuit box and busted out the plumbing to force the tenants out.
Now totally illegal and it could get you paying for alternative accommodation for the tenant in another house, if you could get one. Only people with no means, eg. house owned by the bank and in negative equity and no other assets, can afford to take this highly risky course of action.
You'd have to be stark raving mad to be a private landlord in Ireland. Better off selling the house and sticking the money in a high interest account in the UK at almost 5 percent per year. No nonsense with non payment, no middle of the night callouts, no 50 percent tax on anything you make, no RTB nonsense, no house price crash worries, no repairing wrecked house after lazy useless tenants... And when the shinners get it they'll make it illegal to ever evict a tenant ir increase the rent.
I have no problem with protection for tenants or taxes. Problem is the lack of protection for landlords - the RTB has a reputation for being very pro-tenant. The risk of not being able to deal with a bad tenant combined with the certainty of continuing anti-landlord legislation, especially with a SF-led government, has me selling. There will be less and less landlords willing to chance that. House prices have reached around 2007 levels again so you can take your money now before the next crash comes along.
Yes, this is exactly how most landlords feel right now. It is pressure from SF and other opposition parties that led to setting up of RTB and they continue to push for policies that will push small landlords out completely. I dread to think what would happen if they got into power.
@@joekavanagh7171 Firstly, for myself I'm not making anything because I'm getting almost the same as I paid for it in 2005. Secondly, having paying CGT is not a problem. If you've made a profit over what you bought it for, you're coming out ahead. You're implying that having to pay CGT somehow makes you worse off. For every 10k you've gained above your purchase price, you keep 6.6k of it. How is that a problem? If you have a valuation on your property, which should be easy for most situations, you make an estimate of what CGT would be due and then decide if the rental income is worth keeping over that cash-in-hand value. It's either income tax or CGT, pick your poison but you're not going to be worse off for having paid it.
We decided to leave the rental market 12 months ago when i saw that 'tenancies of unlimited duration' was the policy of all the major political parties and some commentators on TV were pushing it too. Small landlords with say one rental property cannot take the chance of not being able to get their property back at market value if they have to. The recent eviction ban will probably be extended and made permanent and that will devalue the rental properties on the open market. The only landlords this will suit are the institutional landlords - They are big enough to manipulate the rental market anyway and if they want to sell, then it will be in bulk to another institution based on rental yield . I honestly can't see ANY new small landlord buying a property under these rules .Also as a landlord will only be able to sell to another landlord (tenant in sitsu) then there will be even less properties for sale on the market for young buyers or people trading down. if there was a property crash in the morning then becoming an "accidential landlord" wouldn't be an option this time because you might never be able to sell in the future.
An aspect not often looked at by the ignoramuses in government is the fact that ordinary wage earners no longer can afford even one house not mind a second one to rent out to students, junior doctors and people starting out in their careers. There was a time when 2 income families typically a teacher or nurse and a builder, could acquire a second house and let it out with minimal fuss or bother. This is now dead in the water as increasing regulation and taxation have wiped out any benefits from small scale ( one house) lettings. Local authorities can happily let out houses that would not be allowed to be let privately, houses without permanent vents, houses infested with mould and damp, houses without insulation, leaky windows and inadequate heating systems etc... stuff that would not be allowed in private lettings. Future requirements coming down the line make private one off lettings by people with minimal means and in advanced years, relying on external labour, at high rates to do the needed maintenance, is just no longer tenable. The governments do not take these factors into account. Young people no longer have the spare money or the spare time and expertise to run properties. THey cannot even afford one home not mind a second one to rent. The country is now faced with a housing crisis which it shares with many advanced economies such as southern England, Canada, Australia and the richer parts of the US. This is not only an Irish problem but is happening world-wide where there is full employment or near that level of economic activity.
Increase in rent 12,000 annually, that is awful for the renter. Surely there must be a balance. As someone who rents, this video and the messages below are quite alarming. I know you said in some circumstances the landlord is only making a small profit, but it’s a profit plus they are getting their mortgage paid by someone else.
Who needs rent when you can buy a 2 or 3 bedroom place in Dublin and then just sell it a year later for €50k more than you paid for it. The prices of houses have gone crazy and the government has done zero to tackle it. Seems like their policies have actually worsened the problem in order to protect their own property investments and keep the foreign investors happy.
Irish born, living in California, considering a property purchase in or around Dublin, would make the property a rental - am I totally insane for even considering this type of purchase? Judging by comments and what I see online, I'm thinking yes. I own rentals in US so I understand being a landlord, at least in the US I do... Any input greatly appreciated! Thanks Shane for the helpful videos, I've watched many of yours.
Hi James. The rental caps do really impact value long term. Your taxes will not be as high if you are not living in ireland so that will be a positive. But getting a mortgage is much harder if you are not planning to move back to ireland
I'm sure there exists a black market that still fills at least some of those apartments. A landlord can let his friends use his property while it's vacant, and the friend, in turn, may pay cash.
The main reason is the rental cap. All the expenses and taxes are going up but the rent cannot be increased more than 2% per year. The landlord is making a loss.
Hi Shane, This is the first of your videos that I’ve seen, and it’s good, so I plan to watch a bunch over the next few days. I have a fairly pedestrian question for you. As the rtb have said that all accounts are cancelled, does this mean that old records are gone ? Hence for any empty rental, one can start a fresh record at latest market rent, and not be tied to the old tenants rent as records are deleted. What are your thoughts ?
Thanks for the support. The records are gone for agents and landlords but the RTB still have their records. Their is away to recover records once you set up a new account but I gave up trying to get them.
As A Landlord, I am also getting out of it. I am moving back into my house to use for my own dwelling, ALL because of the RTB, an absolute disgrace of an organisation, I actually fear losing my house because of them, Even trying to get them to acknowledge receipt of the notice of termination is not getting anywhere. I Cant wait to end this nightmare and I would actually be interested in being part of a class action lawsuit against RTB
I see a lot of comments saying tenants rights are the issue here but the problem is way more than that. As an example, in Germany, the tenant rights are great. But, there are also good and bad tenants as well as good and bad landlords. When renting in Germany, there are conditions to be met, and you have to paint and leave the house as you found it when ending the tenancy. That means any changes you made have to be reversed and to the landlords liking before you get your deposit back considering most rentals do not come with furniture or kitchens. So you are basically renting the 4 walls. There has to also be a change in the way things are handled and expectations to be made. LL should also be prepared to ensure lightings are done to the standards as there are quite a lot not all who just perform DIY to save on having an expert perform repairs. Both sides have to yield to something.
The regs that are being introduced, rent caps etc are hurting tenants not helping as more landlords are leaving and there is so less supply. Balance of rights are needed.
@@shaneflemingre well said, classic trick for politicians, bait other people for their mistakes, basically making the citizen fight against the citizen while the politician enjoys
If a landlord brings the tenant to the court for damage and owned rent, the Judge may or may not close this case in landlords favour. Even if the landlord will win this case he will never see the money. 14 years ago rents in Dublin for 3-4 bed houses was 2000-2500 I'm renting for 20 years now and I can tell you I have never seen shit like this in my live. Rents a high for the new tenants because landlords have no rights in Ireland. And I saw houses ripped to the ground. Judge didn't care cos the Irish single mom with two kids, prosecuted for drugs, kids never investigated by Tusla. Landlord for trying to do good was kicked in the ass by the Judge. Lost the house, end up in huge debt etc......
@@annales1519 Anna, I am sure there are countless stories like this. No wonder many are leaving and renting is getting so hard. There is many landlords that have lost properties because the tenant did not pay the rent.
@@annales1519 sad sad stuff the policy in this country defies common sense and is evil and we still call ourself a civil country these are not signs of a civil & working society, these are signs of dsfunctional one
Hi Shane, I am considering renting out our property in Dublin as we are moving in the next few months to another house. It is extremely difficult to make a judicious decision based on all the negative comments here. Is it really that bad as a landlord in Ireland in terms of dealing with the RTB and tenants in general?. What are the incentives to become a landlord in Ireland nowadays?. Am I crazy to even consider this?. Surely, if you complete your due diligence at the beginning of the process you are likely to het a good reliable tenant who will pay the rent each month and not trash the place. Any feedback would be great. Thanks
Hey Alan. If you own the property already, you might want to check with a accountant Incase the value has gone up a lot. As you will not have to pay capital gains. But if you rent you will have to start paying capital gains. You must do your due diligence on tenants, but you cannot discrimination and if you are seen to you can be fined. The rtb system got a lot harder to manage this year. Mainly be caused they deleted all old info. But new account should be manageable. It’s also important to consider the rental cap long term with inflation
@@shaneflemingre hi Shane, the price has certainly gone up since I purchased the property so as you mentioned if I decide to rent the property I will end up paying CGT down the round assuming it exists in its current format.I do however intend to keep this as a long term rental but I guess that conjecture at this very moment in time. How would anyone know if you are discriminating or not? In my case I will either have a preference for a couple or individual based on their current circumstances and how fit they are to pay the rent. Surely this is not considered discriminatory?. Are the RTB really a joke to liaise with as many people seem to elude to based on their personal experiences with the group? Thanks again
@@Al12Al1 sadly you have just discriminated against. HAP, single mothers, couples with kids etc. See how easy it is to get in trouble if someone what you make an issue about it. At the moment the RTB are hard to deal with.
@@Al12Al1 the rental cap is set at your first rent you receive. You can only increase the rent by a max of 2% a year thereafter, which might be well below the market and inflation. So you set the income limit as can reduce the value of the property
Taking your example, LL renting at 1500 but wants to increase to 2500 and all your reasoning for the landlord but with all that in mind how do you propose we keep rents low (without caps) so the adverage person can afford it? Like dispite what LL's would like to believe NO One and I mean no one can realistically afford rents up around 2500 euro per month. Based on the adverage industrial wage of 40,000 per year i.e. 2600 per month after taxes the adverage rent in Ireland realistically should be closer to 900 per month, that would be sustainable for renters...
The average rent is closer to €1400. Most people rent with others. Couple or friend so have two incomes. Rents I am referring to are Dublin where a lot of people earn far more than the average wage. You keep rents low with more supply. Also incomes need to increase.
I didn’t know they deleted the account until we went to pay … and now we are having difficulty in paying it … can’t speak to anyone either … how do we pay can anyone tell me how they paid thanks .. great video 🌹
@@shaneflemingre Surely they cannot just delete peoples accounts and when you go to pay … can’t get on… we got a notice back ( from on line) saying we are being processed… madness… … we tried ringing… we were determined to speak to someone… so half an hour we were on hold…no luck .. but yet if you are late to pay ..they will fine you … would people have a case with consumers rights … as no notice was given … and we are trying to do the right thing but to no avail… not all landlords are investors… I think your correct.. a video on this would be great .. enjoy the rest of your evening 🌹🌸
@@shaneflemingre yes sold up and left the country. rtb shocked me. Rtb love tenants with a strong bias. Rtb hate landlords with a strong bias. I was not even allowed to say that the tenant was lying. I had to say the tenant was mistaken. Students were camping outside the government buildings because they could not find a place to live. Some people who stayed with me said they were leaving because they couldn't find anywhere to rent. After I placed an advert I had over 100 applications. People was so desperate they even offered to sleep on my living room floor. The rent controls are a joke the hatred towards landlords is evil.
To be honest, i am a fanny hair away from doing something silly in order to get into jail, free accomidation, food, energy, exercise, education and healthcare. Sad, pathetic situation all because our repeating government…. I have worked since i was 11, i am now 35 and have basically nothing yo show for it, Thanks leo, michael, enda, berty, brian etc etc etc
Mental. I live in Frankfurt. This is a country with over 80 million people. My rent is €450 for 30sq M. Are you guys off your rocker or what? €1500 pm for some shitty place in the middle of nowhere? Good luck with that. And good luck with the economy. People won't put up with that for long.
@@shaneflemingre It has it's shit side. Like any other place. The doll pays more than most job opportunities. Unless you are a banker you are pretty much stuffed. You see a fancy car? The bank owns it. You see a cyclist? With all the clothes and helmet on? When he is on an electric bike? The government owns him too.
But the city is largely green, and has some amazing places to eat. Down by the train station there are an awful lot of prostitutes and addicts. Most of the prostitutes are actually quite lovely. They have no option. Why hate on them for that. Some even opened cafe's and restaurants to get away from it. And by golly. They are darned good. And those drug addled ex bankers? Probably get what they deserve.
@@shaneflemingre agree… You have fancy street with expensive shops and 50 meters away in the midday there is a queue of Junkies waiting for free dose of drugs sponsored by Country.. I was shocked when I saw that … My family is living 20 kilometres from frankfurt 40 years allready …
Very soon people would not be able to afford a rent 2,500 per month. Unless a butler comes with house. That's the fault of the landlord . Seriously I got to eat .
I cant keep up with you. Maybe I'm thick but.. its like being in school again. My advice is lets stop looking at you for the whole video, put up some pictures (graphics) and slow down your presentation
Only owning something?, lot of risks taken, and lot of capital invested. It is called capitalism, the ability to borrow large sums of money to start a company, develop large buildings would not be possible in a lot of cases without capitalism. Capitalism provides funding for lots of businesses which in turn provides jobs that pay taxes. If you own shares or a have a pension, you could claim the same as your statement above.
@@shaneflemingre you personally develop those buildings and maintain them? You personally build the parts that you sell? Or do you put out money for others to generate the wealth and then skim off the top? I'm a capitalist. I believe in free markets. I am against socialism and redistribution of wealth regardless of whether the freeloaders are at the top or bottom of the economic ladder.
@@adamwalker2377 Who is skimming and how.?? So do you think that if someone buys a property that they should not rent it out, because you think this as skimming.?? If so, I actually agree that it is not now worth renting a property out because tenants can cause so much damage and loss, it is simply not worth it, as there is now no way to evict quickly, or recover losses, thanks to the RTB.
@@pgilligan7794 anyone who accepts wealth from the value created by someone else. It's wrong, regardless of it's an actual bum looking for a government handout or a rich person who takes payment as a rent seekers.
@@adamwalker2377 Why do you assume that someone who owns a property is wealthy. Maybe they just inherited their parents house and need to rent it out to pay for its upkeep. Also, you have not answered my earlier question. Do you feel that people should not rent out a property because you see this as benefitting from the rent paid to them. So do you think they should just not rent the property at all.??
Trust me - as a landlord - I don’t blame them for leaving. Got stung by last tenant for 2k and the rtb don’t want to know about it. Some landlords having to PAY tenants to vacate property.
I have heard some landlord having to pay tenant huge somes if money if they landlord wants to renovate the block
A months rent? Did ya get to hold the deposit?
@@GemmaMiss rent was 800 for 2 bed apartment. The 1500 doesn’t include the 800 deposit! No rent for almost 3 months
Kicking out scumbags is nearly impossible..... living beside scumbags is a nightmare.... breaking the law should be grounds for an eviction but it isn't.
At lease with commercial leases you might have faster options
I will never rent my home. Unless to a trusted family member or friend.
@@shaneflemingre In the event of a commercial lease, it is grounds of breech of contract to use the property of illegal use. The problem arises with private accomodation & it is worse when the HAP payment or type of social housing is involved, the Sinn Féin TD Violet-Anne Wynne is a public example. I have lived near the neighbours from hell & it was easier for me to leave than to get them kicked out..
@@roryoneill9444 Think if councillors and TDs knew a vote might be lost from an entire street maybe they might do something about the neighbour from hell.
@@shaneflemingre Representive Democracy doesn't work like that.... in Ireland... it is the not-working that vote either Pensioners (who vote party) or the Unemployed (who vote for free houses for scumbags parties like PBP or SF). Plus there are legal issue... that is why two brutal murders in the last few weeks didn't mention the word "Traveller" in any report. Cherry Orchards residents complain that their children cause a problem in the area & nothing can be done as it is their children.
Agree with everything said here. Renting out property is a fool's game since RTB was set up. They clearly exist to protect tenants from 'de nasty landlords'. They appear to have no regard for the rights of landlords, or are to lazy to do their jobs when a landlord contacts them for help getting a tenant out of a house. I've been through it with them, only to discover that RTB have no legal power to evict and landlords eventually have to go to court to get eviction order, so what is the point of the RTB.?? They are a waste of time and effort.
So many comments on the RTB nearly needs its own video
I was unaware of the Ireland rental situation. I owned and operated rental properties in California for 30+ years. Laws started to stack up against the property owner and favored tenants since about 2006. I sold everything in 2017 and 2018 due to a health issue. The stress of running rentals caused the problems and now I feel better than ever. My life was threatened several times in that 30 year period, I was sued 5 times and did 7 evictions. It became cheaper to pay a loser $3500 than to lose months of income waiting for eviction court. I have decided that if I die and get reincarnated, I shall become a pilot and fly drug planes at low level at night in storms and fierce weather as it will be a less stressful occupation than being a property manager.
All the Best to you people of Eire.
Hopefully you are well now.
People think being a landlord is easy. They don’t know the half of it
@@shaneflemingre Thanks! Well indeed! I hate one apartment house so badly that I refuse to ever look at it for the rest of my life. I always take the 4km detour to avoid looking at it.
@@kimmer6 Sounds like PTSD from real estate. Crazy it got that bad
LOL. Love your description of stress effects of landlording. Been there myself, but now a nightmare dealing with second line of defence, the RTB. Most landlords have sold up here and Gov. have just brought in an eviction ban until end of March 2023, probably to stop the rest selling up. The ban is being challenged in court by landlord group, but I dont hold out much hope.
😂
New landlord here and already experiencing how much of a joke the RTB are. Tenant moved in November 2021 and still not registered. Emails, calls and letters back and forth for almost a year. Joke of a country can’t do anything right
I feel your pain, I have heard they have spent millions on the new system and lots of agents are call for it to be scraped and start again.
Congrats on getting your first property.
RTB would not organise a piss-up in a brewery. Greatest waste of money in the country. Used to be 5 years between payments now an annual shakedown from these leeches. I am now out of the sector and gald to be rid of those parasites.
I'm a prospective tenant and I have noticed this. Turned down for properties on the market for 3 + months...wondering why the landlord won't just rent the place
I am sure they are renting the place. They might keep an ad up if they have lots of the same type of properties
Great content. Very informative.
Thanks a mil james
As a landlord in Ireland I think the RTB is a cruel joke. The system is broken and needs fixing. We have a property in Co. Galway that is rented out through a real estate agent and I was never informed about any changes related to registration of the property in the RTB system. I can well understand that landlords leave the market, not worth all the hazel ...
Endre I do feel your pain, its not worth the hazel. There in a lot of people in the industry that had not insight into the RTB system change. Very little warning.
Im a landlord with 2 properties who was looking to buy a 3rd last year.But its somthing i wouldnt consider anymore with all the changes and the introduction of rent caps .The PRTB has destroyed the rental market
You are not the only one saying this
I am one of the many accidental landlords, leaving the market after waiting on the outcome of a fair budget in 2023 (silly me), only to find I am still expected to pay 52% on all rental income (not profit) to our greedy government, maintenance fee's going up again, so sick of having it costing me €5000 plus per annum, just to own it, so I am pulling the plug and cashing in.
It would seem the current government want small landlords out, and care nothing for Irelands citizens in the rental market, as the government know only to well, that less properties on the market, will only put more pressure on rent hikes.
A lot share the same situation as you Marc. I think the situation will get worse
Hello Marc! Could you please advice why you have to pay 52% on all income but not profit. I’m thinking of going into the Ireland market, I’m a foreigner. But I was thinking that you can deduct almost all the expenses from the rental income. Thank you in advance!
@@mgrankina rental income is added on top of your average income. Say you are paid €75k a year from your job. You will be in the top tax ban on your rental income.
Tax is due on the gross rent. Less your allowable expensive. Mortgage payment are not allowed on interest costs.
If you are a non resident investor the tax on rent is 20% but you might also have to pay tax in your own country. Based on your personal set up.
@@shaneflemingre got it, thank you! Yep, I’m a non resident, so that makes sense
@@shaneflemingre are interest payments related to rental property not 100% tax deductible?
Great channel!
Great video from an expert who knows the Irish property market.
Thanks for the support James
I have spend two days trying to reregister an existing tennant online.. I tried phoning and chat online but no response. The system is set up by amatures who represent tennants and collect fees. My solution was to download form and do it the old way. ps all i got by way of response from prtb was threat of fines if not done-zero help.
I still have things to sort out with them I am not looking forward to it
Great video Shane. Your numbers are very close to my situation
I have been trying to evict tenants for 3 years and thankfully they moved out at Christmas 2022
I was getting €1200 for a 3 bedroom townhouse in Balbriggan where I think the market rate is €2200-2300.
Currently I am renovating the house as its in a very unloved state.
Torn whether to sell and invest elsewhere or lock it up for 2 years.
My agent and builder thinks sell and after paying CGT buy a market rate rental property rather than leave an empty house where sqatters could move in.
I didnt think about the potential increase in resale value after the 2 years and need to research if that is correct in that area as its decent uplift
I am from NI and we don't have such crazy rent rate rules. But common sense and accessibility to the government bodies are similar
Any advice would be appreciated
Seen you on the Irish Success Podcast and then found you here. Thanks for posting content
Hi Cathal, thanks for reaching out.
Can’t really give formal advice in the comments, but I would look a the likely resale value, and if there is a market for owner occupiers now that might pay full value.
Also keeping vacant for a period may not be that costly, is you look at your total outgoings including tax.
It's not surprising that so many landlords are getting out of the rental market. The idea of having to register a tenancy every year is ridiculous and is just a money-grabbing exercise. This red tape and bureaucracy is crazy. If you rent a property to a relative or friend at a nominal fee of say €100 pm while they are looking for a permanent home, you can't charge a new tenant any more than that.
Some landlords have had to pay astronomical sums to people whom they refused to accept HAP from. This is absurd. A person should be able to rent his OWN house to whomever he wants.
Even if a tenant trashes your house, it's impossible to get them out. Other countries have a register of bad tenants, but we don't.
Private landlords are doing an important job providing accommodation which the government should be doing. The only thanks they get is to be treated like pariahs.
In the US your credit rating is checked in a lot of places before you can sign a lease and if you mess up it can hurt your credit rating. Not suggesting ireland needs a credit rating but some sort of way to know if a tenant might cause issues
We left the market 30 years ago when my mother was assaulted by a deadbeat tenant, we ripped out the electrical circuit box and busted out the plumbing to force the tenants out.
That is shocking about your mother. Surprised don’t hear more of it.
That is one way to get a tenant out for sure.
Now totally illegal and it could get you paying for alternative accommodation for the tenant in another house, if you could get one. Only people with no means, eg. house owned by the bank and in negative equity and no other assets, can afford to take this highly risky course of action.
You'd have to be stark raving mad to be a private landlord in Ireland. Better off selling the house and sticking the money in a high interest account in the UK at almost 5 percent per year. No nonsense with non payment, no middle of the night callouts, no 50 percent tax on anything you make, no RTB nonsense, no house price crash worries, no repairing wrecked house after lazy useless tenants...
And when the shinners get it they'll make it illegal to ever evict a tenant ir increase the rent.
Lot of truth in this comment
I have no problem with protection for tenants or taxes. Problem is the lack of protection for landlords - the RTB has a reputation for being very pro-tenant. The risk of not being able to deal with a bad tenant combined with the certainty of continuing anti-landlord legislation, especially with a SF-led government, has me selling. There will be less and less landlords willing to chance that. House prices have reached around 2007 levels again so you can take your money now before the next crash comes along.
There is a lot of landlord are messaging me saying the same thing about the rtb, and SF about leaving the market.
Yes, this is exactly how most landlords feel right now. It is pressure from SF and other opposition parties that led to setting up of RTB and they continue to push for policies that will push small landlords out completely. I dread to think what would happen if they got into power.
Problem when you're selling is the massive capital gains tax
@@joekavanagh7171 Firstly, for myself I'm not making anything because I'm getting almost the same as I paid for it in 2005.
Secondly, having paying CGT is not a problem. If you've made a profit over what you bought it for, you're coming out ahead. You're implying that having to pay CGT somehow makes you worse off. For every 10k you've gained above your purchase price, you keep 6.6k of it. How is that a problem?
If you have a valuation on your property, which should be easy for most situations, you make an estimate of what CGT would be due and then decide if the rental income is worth keeping over that cash-in-hand value. It's either income tax or CGT, pick your poison but you're not going to be worse off for having paid it.
Thanks Shane, another great vid.
Cheers Dave
We decided to leave the rental market 12 months ago when i saw that 'tenancies of unlimited duration' was the policy of all the major political parties and some commentators on TV were pushing it too. Small landlords with say one rental property cannot take the chance of not being able to get their property back at market value if they have to. The recent eviction ban will probably be extended and made permanent and that will devalue the rental properties on the open market. The only landlords this will suit are the institutional landlords - They are big enough to manipulate the rental market anyway and if they want to sell, then it will be in bulk to another institution based on rental yield . I honestly can't see ANY new small landlord buying a property under these rules .Also as a landlord will only be able to sell to another landlord (tenant in sitsu) then there will be even less properties for sale on the market for young buyers or people trading down.
if there was a property crash in the morning then becoming an "accidential landlord" wouldn't be an option this time because you might never be able to sell in the future.
An aspect not often looked at by the ignoramuses in government is the fact that ordinary wage earners no longer can afford even one house not mind a second one to rent out to students, junior doctors and people starting out in their careers. There was a time when 2 income families typically a teacher or nurse and a builder, could acquire a second house and let it out with minimal fuss or bother.
This is now dead in the water as increasing regulation and taxation have wiped out any benefits from small scale ( one house) lettings.
Local authorities can happily let out houses that would not be allowed to be let privately, houses without permanent vents, houses infested with mould and damp, houses without insulation, leaky windows and inadequate heating systems etc... stuff that would not be allowed in private lettings.
Future requirements coming down the line make private one off lettings by people with minimal means and in advanced years, relying on external labour, at high rates to do the needed maintenance, is just no longer tenable.
The governments do not take these factors into account. Young people no longer have the spare money or the spare time and expertise to run properties. THey cannot even afford one home not mind a second one to rent.
The country is now faced with a housing crisis which it shares with many advanced economies such as southern England, Canada, Australia and the richer parts of the US. This is not only an Irish problem but is happening world-wide where there is full employment or near that level of economic activity.
Increase in rent 12,000 annually, that is awful for the renter. Surely there must be a balance. As someone who rents, this video and the messages below are quite alarming. I know you said in some circumstances the landlord is only making a small profit, but it’s a profit plus they are getting their mortgage paid by someone else.
Who needs rent when you can buy a 2 or 3 bedroom place in Dublin and then just sell it a year later for €50k more than you paid for it.
The prices of houses have gone crazy and the government has done zero to tackle it. Seems like their policies have actually worsened the problem in order to protect their own property investments and keep the foreign investors happy.
Great video thanks for sharing ⚘️
Thanks a mil Delia
Irish born, living in California, considering a property purchase in or around Dublin, would make the property a rental - am I totally insane for even considering this type of purchase? Judging by comments and what I see online, I'm thinking yes. I own rentals in US so I understand being a landlord, at least in the US I do... Any input greatly appreciated! Thanks Shane for the helpful videos, I've watched many of yours.
Hi James.
The rental caps do really impact value long term.
Your taxes will not be as high if you are not living in ireland so that will be a positive. But getting a mortgage is much harder if you are not planning to move back to ireland
Thanks for the support
Stay away from rentals in Ireland ,the ROI is terrible . Buy closer to home
Don't bother. Eire has gone to crap. Tyranny these days. Mass immigration has destroyed us.
@Tom Higgins Luckily you can move to the UK , they are crying out for white immigrants .
I'm sure there exists a black market that still fills at least some of those apartments. A landlord can let his friends use his property while it's vacant, and the friend, in turn, may pay cash.
Of course this can happen, can happen in every market. But the vast majority operate within the lines
The main reason is the rental cap. All the expenses and taxes are going up but the rent cannot be increased more than 2% per year. The landlord is making a loss.
Rental caps kill the market. Bad for tenants and landlords
But its already so expensive how can we pay even more as tenants... The rent costs like 2k or more per month....
Much appreciated, very informative
Thanks for the feedback
councils in the UK issue punitive council tax if house are left empty for too long
Councils have some powers in ireland too but don’t use them.
Hi Shane,
This is the first of your videos that I’ve seen, and it’s good, so I plan to watch a bunch over the next few days.
I have a fairly pedestrian question for you.
As the rtb have said that all accounts are cancelled, does this mean that old records are gone ?
Hence for any empty rental, one can start a fresh record at latest market rent, and not be tied to the old tenants rent as records are deleted.
What are your thoughts ?
Thanks for the support. The records are gone for agents and landlords but the RTB still have their records. Their is away to recover records once you set up a new account but I gave up trying to get them.
RTB is a joke I’m well rid of those leeches. Killing the market completely.
Hey Alan, I am surprised by the number of people that have now messaged me about the RTB and that is why they are leaving.
Why does rent change if the landlord’s mortgage didn’t change?
It doesn’t change. It should change I line with the market. Mortgage has nothing to do with the market rent.
As A Landlord, I am also getting out of it. I am moving back into my house to use for my own dwelling, ALL because of the RTB, an absolute disgrace of an organisation, I actually fear losing my house because of them, Even trying to get them to acknowledge receipt of the notice of termination is not getting anywhere. I Cant wait to end this nightmare and I would actually be interested in being part of a class action lawsuit against RTB
I see a lot of comments saying tenants rights are the issue here but the problem is way more than that. As an example, in Germany, the tenant rights are great. But, there are also good and bad tenants as well as good and bad landlords. When renting in Germany, there are conditions to be met, and you have to paint and leave the house as you found it when ending the tenancy. That means any changes you made have to be reversed and to the landlords liking before you get your deposit back considering most rentals do not come with furniture or kitchens. So you are basically renting the 4 walls. There has to also be a change in the way things are handled and expectations to be made. LL should also be prepared to ensure lightings are done to the standards as there are quite a lot not all who just perform DIY to save on having an expert perform repairs. Both sides have to yield to something.
The regs that are being introduced, rent caps etc are hurting tenants not helping as more landlords are leaving and there is so less supply.
Balance of rights are needed.
Tax on landlords is tax on renters.
Vacant site tax will get passed on to buyers too
The real problem here is the Government & politicians.
I propose an AI algorithm to be the next Taoiseach
Ha ha. But will the AI be programmed to solve problems or win votes
@@shaneflemingre Either, I am sure it would still be less monsterous nd efficient then politicians
Why? Why is the government doing this?
Votes and pr but it doesn’t solve the issue
@@shaneflemingre well said, classic trick for politicians, bait other people for their mistakes, basically making the citizen fight against the citizen while the politician enjoys
If a landlord brings the tenant to the court for damage and owned rent, the Judge may or may not close this case in landlords favour. Even if the landlord will win this case he will never see the money. 14 years ago rents in Dublin for 3-4 bed houses was 2000-2500
I'm renting for 20 years now and I can tell you I have never seen shit like this in my live. Rents a high for the new tenants because landlords have no rights in Ireland. And I saw houses ripped to the ground. Judge didn't care cos the Irish single mom with two kids, prosecuted for drugs, kids never investigated by Tusla. Landlord for trying to do good was kicked in the ass by the Judge. Lost the house, end up in huge debt etc......
@@annales1519 Anna, I am sure there are countless stories like this. No wonder many are leaving and renting is getting so hard. There is many landlords that have lost properties because the tenant did not pay the rent.
@@annales1519 sad sad stuff the policy in this country defies common sense and is evil and we still call ourself a civil country these are not signs of a civil & working society, these are signs of dsfunctional one
Hi Shane, I am considering renting out our property in Dublin as we are moving in the next few months to another house. It is extremely difficult to make a judicious decision based on all the negative comments here. Is it really that bad as a landlord in Ireland in terms of dealing with the RTB and tenants in general?. What are the incentives to become a landlord in Ireland nowadays?. Am I crazy to even consider this?. Surely, if you complete your due diligence at the beginning of the process you are likely to het a good reliable tenant who will pay the rent each month and not trash the place. Any feedback would be great. Thanks
Hey Alan.
If you own the property already, you might want to check with a accountant Incase the value has gone up a lot. As you will not have to pay capital gains. But if you rent you will have to start paying capital gains.
You must do your due diligence on tenants, but you cannot discrimination and if you are seen to you can be fined.
The rtb system got a lot harder to manage this year. Mainly be caused they deleted all old info. But new account should be manageable.
It’s also important to consider the rental cap long term with inflation
@@shaneflemingre hi Shane, the price has certainly gone up since I purchased the property so as you mentioned if I decide to rent the property I will end up paying CGT down the round assuming it exists in its current format.I do however intend to keep this as a long term rental but I guess that conjecture at this very moment in time. How would anyone know if you are discriminating or not? In my case I will either have a preference for a couple or individual based on their current circumstances and how fit they are to pay the rent. Surely this is not considered discriminatory?. Are the RTB really a joke to liaise with as many people seem to elude to based on their personal experiences with the group? Thanks again
Also, can you expand on the rental cap please?
@@Al12Al1 sadly you have just discriminated against. HAP, single mothers, couples with kids etc. See how easy it is to get in trouble if someone what you make an issue about it.
At the moment the RTB are hard to deal with.
@@Al12Al1 the rental cap is set at your first rent you receive. You can only increase the rent by a max of 2% a year thereafter, which might be well below the market and inflation. So you set the income limit as can reduce the value of the property
Taking your example, LL renting at 1500 but wants to increase to 2500 and all your reasoning for the landlord but with all that in mind how do you propose we keep rents low (without caps) so the adverage person can afford it?
Like dispite what LL's would like to believe NO One and I mean no one can realistically afford rents up around 2500 euro per month.
Based on the adverage industrial wage of 40,000 per year i.e. 2600 per month after taxes the adverage rent in Ireland realistically should be closer to 900 per month, that would be sustainable for renters...
The average rent is closer to €1400. Most people rent with others. Couple or friend so have two incomes. Rents I am referring to are Dublin where a lot of people earn far more than the average wage.
You keep rents low with more supply.
Also incomes need to increase.
I didn’t know they deleted the account until we went to pay … and now we are having difficulty in paying it … can’t speak to anyone either … how do we pay can anyone tell me how they paid thanks .. great video 🌹
Nearly feel this needs a video on its own. So many people having issues
@@shaneflemingre Surely they cannot just delete peoples accounts and when you go to pay … can’t get on… we got a notice back ( from on line) saying we are being processed… madness… … we tried ringing… we were determined to speak to someone… so half an hour we were on hold…no luck .. but yet if you are late to pay ..they will fine you … would people have a case with consumers rights … as no notice was given … and we are trying to do the right thing but to no avail… not all landlords are investors… I think your correct.. a video on this would be great .. enjoy the rest of your evening 🌹🌸
Housing will never be "free". Someone will always be paying the bill.
True. But more thinking about like Star Trek times when money doesn’t exist either
Why not use an agency instead of being the landlord? I'm considering emigrating.
An agency doesn't get around the issue of rent caps, eviction bans etc. Where you considering to go to.
@@shaneflemingre considering first time buying , renting for 1-2 years then moving to Italy, and having an ageny handle renting it out.
It'll be grand, BlackRock will buy up everything so nobody will own anything and we'll all be much happier.
That seems to be the plan
This is so scary
It’s what happens with over controls
Landlords do what they have to do. Its their property and they have no moral or ethical reason to comply with anyone.
I would say the vast majority of landlords I deal with follow the rules.
@@shaneflemingre lol...more than the tenant thats for sure!
One landlord for the whole country...
Goldman Sachs.
Rtb was very nasty too me so i sold up and left the country.
Really. Left ?
@@shaneflemingre yes sold up and left the country. rtb shocked me. Rtb love tenants with a strong bias. Rtb hate landlords with a strong bias. I was not even allowed to say that the tenant was lying. I had to say the tenant was mistaken. Students were camping outside the government buildings because they could not find a place to live. Some people who stayed with me said they were leaving because they couldn't find anywhere to rent. After I placed an advert I had over 100 applications. People was so desperate they even offered to sleep on my living room floor. The rent controls are a joke the hatred towards landlords is evil.
To be honest, i am a fanny hair away from doing something silly in order to get into jail, free accomidation, food, energy, exercise, education and healthcare. Sad, pathetic situation all because our repeating government…. I have worked since i was 11, i am now 35 and have basically nothing yo show for it, Thanks leo, michael, enda, berty, brian etc etc etc
You have 24 years of experience, most people don’t start building wealth until their 40s and most is created between 50 and 60. You have loads of time
Ireland has fallen
Still has a lot of potential. But heading down the wrong road in a lot of areas
Eire has lost its way. I blame the EU tyranny. We are conned by them every week with all their directives. Irexit now.
Mental. I live in Frankfurt. This is a country with over 80 million people. My rent is €450 for 30sq M. Are you guys off your rocker or what? €1500 pm for some shitty place in the middle of nowhere? Good luck with that. And good luck with the economy. People won't put up with that for long.
If Frankfurt not also an experience city to live
@@shaneflemingre It has it's shit side. Like any other place. The doll pays more than most job opportunities. Unless you are a banker you are pretty much stuffed. You see a fancy car? The bank owns it. You see a cyclist? With all the clothes and helmet on? When he is on an electric bike? The government owns him too.
But the city is largely green, and has some amazing places to eat. Down by the train station there are an awful lot of prostitutes and addicts. Most of the prostitutes are actually quite lovely. They have no option. Why hate on them for that.
Some even opened cafe's and restaurants to get away from it. And by golly. They are darned good. And those drug addled ex bankers? Probably get what they deserve.
@@ancientbuilds3764 Interesting description of the city.
@@shaneflemingre agree… You have fancy street with expensive shops and 50 meters away in the midday there is a queue of Junkies waiting for free dose of drugs sponsored by Country.. I was shocked when I saw that … My family is living 20 kilometres from frankfurt 40 years allready …
Very soon people would not be able to afford a rent 2,500 per month. Unless a butler comes with house. That's the fault of the landlord . Seriously I got to eat .
It’s the policy to not support landlords and a drive for social housing
I cant keep up with you. Maybe I'm thick but.. its like being in school again. My advice is lets stop looking at you for the whole video, put up some pictures (graphics) and slow down your presentation
I will keep trying to improve my videos
Buhuhu
👍🏻
Being able to earn money by only owning something must be nice.
Only owning something?, lot of risks taken, and lot of capital invested. It is called capitalism, the ability to borrow large sums of money to start a company, develop large buildings would not be possible in a lot of cases without capitalism. Capitalism provides funding for lots of businesses which in turn provides jobs that pay taxes.
If you own shares or a have a pension, you could claim the same as your statement above.
@@shaneflemingre you personally develop those buildings and maintain them? You personally build the parts that you sell? Or do you put out money for others to generate the wealth and then skim off the top?
I'm a capitalist. I believe in free markets. I am against socialism and redistribution of wealth regardless of whether the freeloaders are at the top or bottom of the economic ladder.
@@adamwalker2377 Who is skimming and how.?? So do you think that if someone buys a property that they should not rent it out, because you think this as skimming.?? If so, I actually agree that it is not now worth renting a property out because tenants can cause so much damage and loss, it is simply not worth it, as there is now no way to evict quickly, or recover losses, thanks to the RTB.
@@pgilligan7794 anyone who accepts wealth from the value created by someone else.
It's wrong, regardless of it's an actual bum looking for a government handout or a rich person who takes payment as a rent seekers.
@@adamwalker2377 Why do you assume that someone who owns a property is wealthy. Maybe they just inherited their parents house and need to rent it out to pay for its upkeep. Also, you have not answered my earlier question. Do you feel that people should not rent out a property because you see this as benefitting from the rent paid to them. So do you think they should just not rent the property at all.??
They never gave a shit
Who are they. Landlord or government