End to upward only rent reviews vital
Issued: 02 December 2009
Statement by Mary White
Welcome for ban on upward only rent reviews
Green Party Enterprise, Trade and Employment spokesperson Mary White, TD has welcomed the news that upward only rent reviews for businesses will be banned.
The Green Party Deputy Leader said: “As has been quite clear for the past number of years, the property and rental prices in this country were untenable. Now, in the midst of an economic downturn, retailers and businesses have struggled greatly because of the ban on downward rent reviews.
“I have seen at first hand, and heard many accounts at the Oireachtas Committee on Enterprise, Trade and Employment, of the inflexibility shown by landlords to retailers who simply cannot afford ‘boom time’ rent levels. I have long called for a ban on upward only rent reviews.
“Whilst implementation of this banning order will not affect existing leases, it is a step in the right direction, a help for retail and business, and will hopefully prevent another unsustainable rise in retail rental prices.”