Ireland's Rents Surge 4.4% (Dec-Mar); King Charles III to Visit
Irish rents rose by a record 4.4% from December to March, per a Daft.ie report, amid new rent controls. Taoiseach Micheál Martin disputed the report's scope. King Charles III will visit Ireland, while Meta cuts Irish jobs and Irish Rail faces IT system issues.
Ireland's rents increased by a record 4.4% between December and March, according to a Daft.ie report, coinciding with new rent-control regulations. These rules, effective March 1st, allow landlords to reset rents to market rates between tenancies and increase rates by 2% or inflation, whichever is lower. Tenants now have greater security with new six-year tenancies.
The report also showed rents climbed 40% above pre-Covid levels, 75% above the Celtic Tiger peak, and 81% higher than 10 years ago. Opposition candidates in Dublin Central and Galway West byelections criticized the government over the figures. Taoiseach Micheál Martin questioned the Daft.ie report's comprehensiveness, citing Central Statistics Office figures showing a 0.3% monthly change in Q1.
Separately, King Charles III accepted an invitation to undertake a state visit to Ireland. Other news included Meta cutting 20% of its Irish workforce, Irish Rail writing down €50 million for an unused IT system, and the Occupied Territories Bill proceeding without trade restrictions with Israeli-occupied territories. RTÉ executives also faced questions regarding pay at an Oireachtas Committee.