Taoiseach questions 50% rent rise for Cavan apartments
The Taoiseach says rent increases of 50% at apartments in a number of Cavan blocks “seems excessive”.
The Anglo-Celt reported in August that residents at Hampton Court on the Cootehill road were “shocked” their rents were increasing by over 50% in some cases.
The new owners of the building, Consdorf Investments ICAV, an umbrella fund acting for sub-fund Steinfort Investments Fund, used other properties it owned as examples of market rents increasing in the region.
The move was described as “morally wrong” by local Sinn Féin TD Pauline Tully.
Speaking to the Celt on a visit to Cavan in recent days, Taoiseach Micheál Martin said a rent increase of 50% “seems excessive”.
“I don’t have the specific details of the specific apartment block you’re talking about but that seems excessive by a long shot. You’re saying it went up 50%?”
Asked what people faced with such a rent increase could do given the shortage of rental accommodation in Cavan, the Taoiseach went on to admit that more houses need to be built across the country.
“Yeah, we need to build more houses. We need to get more building done as fast as we possibly can and that’s across society. Supply is absolutely essential in dealing with the housing crisis.”
Steinfort Investments, Consdorf Investments ICAV and BPL Management are all controlled by Mullingar-based Bennett Construction.
Steinfort Investments paid €5,775,477 for the 59 apartments and three commercial units in Hampton Court.
Residents of the block were told a rent review was taking place and informed that grounds for the proposed rent increases were based on rents paid at three comparable dwellings – two, two-bed apartments in Farnham Court (€1,200/€1,100), and one in Clare’s Court (€1,100).
Farnham Court was bought by Steinfort in July 2021 for €5.4m, while Clare’s Court was purchased by Consdorf Investments ICAV, acting on behalf of sub-fund Steinfort, in December 2021.
The latter had been due to go to auction with a listed price at €4.65m. However, it was subsequently removed and according to the Property Price Register, was sold for €4.3m.
Residents in all three apartment buildings have seen their rents rise.