Good news for all those with Commercial leases as Justice Minister Dermot Ahearn tabled an amendment to the Land and Conveyancing Law Reform Bill yesterday which will see the ban of upwards only rent reviews.
However the change will only apply to new commercial / business leases signed after the new legislation has been passed but it is a welcomed … change regardless.
In the past number of weeks and months we have read and heard endless stories of where businesses have shut up shop due to rent increases. What baffles me most is that in a time of serious economic downturn that has seen a slow down in trade, Landlords still increased rates. The mathematical sum continues on with business opting to close and cease trading which in turn equals the landlord getting nothing?! Why bother increase the rate in the first place.
The bill is expected to be passed the Oireachtas and in effect by late July.