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Aishleen O’Toole of REA Seamus Carthy advises that currently she has a number of enquiries from both landlords and tenants in relation to the rent they currently pay.
Aishleen says if you occupy a retail, industrial or office property and have a commercial lease your property will more than likely have a rent review every five years. The purpose of this is to protect the value of the landlord’s asset and to reflect the changing value of the property for the term of the lease.
Historically these rent reviews were upwards only which means that the rent could never go below what was currently being paid at the time of the rent review. However, legislation changed in 2010 when the recession hit. Any lease entered into after 2010 can now be reviewed on an upwards and downwards rent review basis which is of benefit to tenants.
In the last few years rent reviews have been a quiet element of the business as landlords were just happy to have their property occupied as opposed to wait for a higher rent – however, this has changed and rent reviews are now returning as a core element of our business.
If you are either a landlord or tenant and require advice in relation to upcoming rent reviews, please contact Aishleen.
* For further information or to get professional advice in relation to rent reviews please contact Aishleen O’Toole or Seamus Carthy at REA Seamus Carthy on 090-6630001 or email info@reacarthy.ie.
