This evening Minister for Housing, Planning, Community and Local Government, Simon Coveney TD has confirmed to me that Galway City is to be designated a Rent Pressure Zone.
The designation will mean that any increase in rental costs for households will be capped at 4% per annum for the next three years.
I welcome this decision from Minister Coveney to designate Galway City as a Rent Pressure Zone. The measure – one of 29 contained in the Rental Strategy – will provide certainty to Galway households regarding accommodation costs.
Of particular importance is the fact that the introduction of the Rent Pressure Zone to Galway, as well over 20 other areas, is based on data and evidence. The Residential Tenancies Board has worked with the Economic Social Research Institute to help determine the new designations.
As Minister Coveney has reiterated today, the Government has put a lot of time and research into the Rental Strategy and the Rent Pressure Zone initiative to ensure that measures are balanced between helping tenants and the interests of property-owners.
The designation of Galway City as a Rent Pressure Zone will provide certainty and confidence for households in the private rented accommodation sector in Galway.
During this time the other significant measures in the Rental Strategy will be introduced and will help ensure a viable and sustainable rental sector that provides choices, quality and security for households in Galway.