With the Dáil set to debate new legislation next week to protect tenants from being evicted when a property goes up for sale, landlords say they will leave the rental market if the new laws are too restrictive.
The proposals have been tabled by the Anti Austerity Alliance and People Before Profit in order to put a stop to foreign vulture funds driving Irish people out of their homes.
This week saw a high profile case come to light with news that Limerick woman Tara Robinson was to be evicted from her home of seven years by direction of US vulture fund firm Oaktree Capital who wish to sell the apartment.
Experts are warning more of these cases are coming down the line unless legislation is introduced to make it illegal.
However Fintan McNamara of the Residential Landlords Association said the changes could make things worse. He said:
“We are the most heavily taxed and now most heavily regulated, with the most draconian form of rent control in western Europe at the moment.
“They say the new rules are going to be there for three years, but it may be extended down the road.
“It’s not the most attractive place for investors at the moment.”
Last month it was reported some members of the association have threatened to withdraw from State-sponsored rental schemes despite signing legally binding leases with local authorities.
There was also threats of introducing add ons like charging a payment to collect keys, imposing service charges and registration fees, obliging tenants to pay for parking and documents, and even asking tenants to contribute towards the Local Property Tax which the Revenue Commissioners have said must be paid by owners, and not those renting.