Although the cost of living still remains high in Ireland it has been announced that the Rent Supplement is being reduced with maximum rent supplements limits being cut by up to 36% for tenants who are entering into new leases or renewing leases.
Minister for Social Protection Eamon Ó Cuiv said that the new reductions have been put in place to reflect the fall in current rental values and also to ensure that landlords are not charging artificially high rents. He also said that the new rates related to the next eighteen months and that they would be reviewed if rents increase during that period.
The new rates are now as follows:
- For couples or one parent families with one child has dropped from between €568-€932 to between €400 and €930
- For couples or one parent families with three children has been reduced from between €663-€1,110 to between €500-€1,100
- Supplements for single people are to remain largely untouched
Last year The Department of Social Protection paid more than €500m in rent supplements, funding 95,000 households or 50% of the country’s private rented accommodation. It is hoped the move will make savings of €20m for the Exchequer this year.