IRELAND’S LARGEST PRIVATE landlord is seeking to implement a €200 monthly surcharge for new tenants at one of its Dublin properties.
Ires Reit plans to add the “common area” fee to monthly bills for prospective residents of The School Yard, a 61-apartment complex on North Circular Road in Drumcondra built in 2022.
Despite the significant additional cost, which would amount to €2,400 annually per tenant, the landlord makes no mention of these charges in online advertisements for the apartments. When contacted about the new fee, Ires Reit declined to comment.
The property giant, which reported revenue earnings of €42.8 million last year, also refused to clarify whether similar charges might be implemented across its extensive portfolio of approximately 3,700 apartments in Dublin.
According to correspondence, the charge will apply “automatically on all new leases” and will be collected “per month in addition to rent.” The fee is ostensibly to cover common area maintenance costs.
Current tenants at The School Yard have questioned the justification for the substantial fee. One resident, speaking anonymously, noted that while there is a playground on the property, it remains largely unused due to vandalism and antisocial behavior issues. The only other common areas include a carpark, which already costs tenants €80 monthly to use, and the building’s mailroom.
Some tenants have raised concerns that the additional charge might be a tactic to circumvent rent pressure zone (RPZ) regulations, which cap annual rent increases at 2% in designated areas. This question was put to Ires Reit’s PR representatives, but the company declined to respond.
Green Party councillor Janet Horner described the proposed charge as “incredible” and questioned whether it constituted an effective rent increase. She also noted the disparity in applying the charge only to new tenants rather than all residents.
“One of the major concerns in the rental market is how little negotiating power tenants have. They are so desperate they will accept these arrangements, but I would wonder are they taking advantage of tenants here,” the North Inner City councillor told The Journal.
According to The Journal, the company currently maintains a 99.6% occupancy rate across its rental portfolio, which includes properties in Cork as well as Dublin.