With rents spiralling to Celtic Tiger levels in parts of the country the Government are to announce their plans to bring it under control today.
These plans are expected to include rent caps in “pressure zone” areas like Dublin and Cork.
Annual rents in these areas will only be allowed to increase by 4% a year in a bid to bring the market under control, which would mean an increase of approx €40 on the national average rent, or €55 for renters in Dublin.
The caps would apply for three years and be monitored by the Residential Tenancies Board (RTB).
The RTB will also decide what areas apply for caps and what areas should be removed after the three years.
The two-year rent review brought in by previous Minister Alan Kelly will still apply to areas outside the pressure zones.
The plans are being brought to Cabinet this morning by Housing Minister Simon Coveney.
The Government rental plan is also expected to include fresh incentives for developers to build new, realistically priced rental property on State-owned land banks and to encourage local councils to fast-track thousands of currently vacant homes back into use.