FAC and the Society of Chartered Surveyors Ireland on the development of the online SCSI Rent Pressure Zone Calculator
Future Analytics Consulting Ltd. (FAC) have recently worked with the Society of Chartered Surveyors Ireland (SCSI) in the development of an online Rent Pressure Zone (RPZ) calculator.
The calculator has been launched for members on the SCSI website, and can be reached, after logging in, by clicking here .
The RPZ calculator is an interactive tool for assessing when rent reviews can be served and the amount by which rents may be increased in Rent Pressure Zones. Areas are designated as Rent Pressure Zones when rents have risen by at least 7% in four of the previous six quarters and are above the national average. Within a RPZ, rents are capped at rising above 4% annually and are determined by a prescribed formula. The RPZ calculator eases the assessment process for landlords and tenants in evaluating both new and existing tenancies (key dates and rental increases).
The initiative is a proactive response to Minister Simon Coveney’s extension of Rent Pressure Zones on 27 January 2017, from the four Dublin Local Authority areas and that of Cork City Council, to a further 12 Local Electoral Areas:
• Ashbourne Co. Meath
• Laytown-Bettystown, Co. Meath
• Ratoath, Co. Meath
• Bray, Co. Wicklow
• Galway City Central
• Galway City East
• Galway City West
• Celbridge-Leixlip, Co. Kildare
• Naas, Co. Kildare
• Wicklow, Co. Wicklow
• Ballincollig-Carrigaline, Co. Cork
The Residential Tenancies Board has recently referred both Maynooth, Co. Kildare and Cobh, Co. Cork as further additions to this list (Link to rte.ie) with rents and house prices across the country continuing to grow (Q4 2016 showed a 7.8% increase in rents and House prices have increased by 4.3% since the start of the year (Link to irishtimes.com)
The launch of the RPZ Calculator for members of the Society follows last year’s release of the House Delivery Cost Calculator – also delivered by FAC
The SCSI is the independent professional body for Chartered Surveyors working and practicing in Ireland.
FAC is a leading town planning and development consultancy providing data analytics and market intelligence for enhanced insights and project solutions. Read more about our services at www.futureanalytics.ie.