Tenants seeking accommodation across Cork are agreeing to rents above cap
Threshold in Cork say tenants are desperate and many are agreeing to rents above the 4% cap.
The measure which was introduced in December last year means rent increases are restricted to 4% per year in designated rent pressure zones including Douglas, Ballincollig, and Carrigaline.
However Threshold says chronic supply shortages in the Cork market are hindering the success of the rent control measure.
According to the latest figures from daft.ie rents are now at an all-time high and there's been a 10.4% increase in rents in Cork city and a 13.1% increase in the county.
Speaking to RedFM News Threshold's Regional Manager Niall Horgan says in many cases Cork tenants aren't availing of the 4% cap as scarcity is leading to competition:
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