Welcome to Forsyth Residential Lettings
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Renting with Forsyth Residential
At Forsyth Residential Lettings, we aim to build a lasting relationship with both landlords and tenants alike. We achieve this by giving honest advice coupled with excellent customer service, and are always on hand to answer your queries. With over 20 years of direct experience in the rental market we are very familiar with often complex legislation and regulation surrounding property rentals. We see it as our job to not only secure the appropriate tenant for your property, but also to ensure none of our clients end up requiring the services of the RTB. Indeed in the 11 years since commencement of business, we have only been required to attend once, a case which we subsequently won. For an overview of property regulation read more here.
Is Now a Good Time to Let?
It is estimated that the population of Dublin is now growing at its quickest pace since the 2007 and is set to increase by approximately 21,000 persons per annum.
There is therefore a requirement for about 8,000 new units to be delivered to the market annually
- With just 3,268 housing completions in 2014 and about 12% less in 2015 it is clear that there is a significant shortfall in the required provision
Similarly just 3,100 units commenced in 2015 so it does not look likely that this problem is going to ease in the near future
The effect of this has been continuous rental inflation however Central Bank Regulations have meant that house price inflation in Dublin has not occurred at the same pace
However the knock on effect has seen significant inflation in the commuter towns although this seems to have eased somewhat in the first half of 2016
This combined means that now is actually a very good time to be a landlord following many tough years and therefore a great time to ‘buy to let’ a property. However a good landlord does not underestimate the value of a good tenant and at Forsyth Residential Letting our aim is to ensure good communication with both our landlords and our tenants.
A Background to Tenancy Law Ireland
The Residential Tenancies Act (RTA) was brought into Law in September 2004
- The RTA introduced a new and very detailed legislative framework governing private residential tenancies and included the setting up of the Private Residential Tenancies Board (PRTB) in order to move tenancy disputes away from the courts
- Previous regulations remain in force relating to housing standards and rent books.
While the RTA has been seen to be effective as a piece of legislation, it is often deride for not giving tenants enough security of tenure.
- In December 2015 emergency legislation was rushed through which has led to significant confusion
- The legislation called the Residential Tenancies (Amendment) Act 2015 came into law on December 6th 2015 on a phased basis the final act of which is due to be the introduction of the Deposit Retention Scheme in 2017
The formerly PRTB is now the RTB as it now includes public sector housing, not only ‘private’ residential tenancies. It is this body which will be in charge of retaining deposits on behalf of landlords, effectively setting themselves up as a bank.
Despite its very poor start and reputation, the RTB has immensely improved its business since its inception. For example, in 2008 there was a wait time of 18 months for a case to be heard. Now it is down to 2 -3 months, with a free mediation service of only 4-6 weeks.
At Forsyth Residential Lettings, we see it as our job to ensure none of our clients end up requiring the services of the RTB. Indeed in the 11 years since commencement of business, we have only been required to attend once, a case which we subsequently won.
Tenancy Law has become more complex. A large number of cases brought to the RTB are due to lack of knowledge on the part of one party, or both; poor communication; lack of common sense and flexibility. We keep up to date with all legislation and regulation as it arises, including limitations on rent increases, extended notice periods and minimum regulations, so that you don’t have to.
Call today for a free rental evaluation.