Leading institutional landlord Greystar has threatened to increase its rents by 10%.

Housing Minister Darragh O'Brien has been criticised for allowing landlords to hit tenants with large rent increases.

These comments from Sinn Féin representative Eoin Ó Broin TD come after Minister O'Brien reintroduced a loophole allowing for landlords to roll annual rent increases into a single rent hike above the 2% cap. This loophole in the original RPZ legislation was removed by Darragh O'Brien in 2020, but reintroduced again last year.

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Teachta O'Broin said: "No tenant should have double digit rent increases. Landlords are not experiencing double digit increases in costs. 

"It is not acceptable that they would try to increase profits on the backs of tenants who are already struggling. Unfortunately, Darragh O'Brien is allowing this to happen.

"We told him that by reintroducing the 2% rent pressure zone cap, he would also be reintroducing the loophole allowing for multi-annual rent increases. 

"We warned him not to do this and tried to amend the legislation to remove this loophole.

"Unfortunately the Minister refused to listen and the loophole remains. 

"Now Greystar, one of the most profitable and high cost institutional landlords, is threatening to jack up rents in line with inflation. This from a company that pays no tax on their rent roll or capital gains. 

"This is totally unacceptable. It is also the Minister's fault. He must act with urgency to address this matter."