Rent Pressure Zones are to be extended to cover the entire country.
Sweeping new changes will be presented to the Cabinet for approval today, following a meeting of government leaders last night.
In a major change to how renting works in the country, every single tenancy will be in a Rent Pressure Zone
This means yearly rent increases will be capped at 2% or linked to inflation, whichever is lower.
However, rents in newly built homes will only be linked to inflation.
Landlords are also going to be labelled large or small depending on the number of properties they own.
New rules will also mean landlords can only reset rents if a tenant voluntarily leaves their property.
This means landlords won’t be able to change rents if they issue a notice to quit, the idea behind this being that it removes an economic incentive for landlords to try and evict their tenants for better rents.
