State’s rental market regulator’s projected deficit over €2 million, board said

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The board of the State’s rental market regulator expressed concern over the organisation’s finances at several points last year, which saw its projected deficit reach more than €2 million, minutes of internal meetings show

Minutes of RTB board meetings held in 2022 were released to The Irish Times under the Freedom of Information Act.

Board members also raised problems reported by landlords in registering their tenancies with the RTB as required following the introduction of a new multimillion euro software system. There was concern that landlords were having difficulty using the RTB website to register, and might “disengage” as a result, according to minutes of a May 12th meeting.

Separately, Caren Gallagher, RTB head of research, reported there were “issues” with the regulator’s data on the number of tenancies registered annually. He said many tenancies were actually “inactive” as landlords had “neglected” to inform the RTB when a tenancy ended. During a September 8th meeting the board heard the RTB’s forecast deficit for the year had increased to €2.2 million. Mr Kelly said this was mainly due to increased costs to try to fix issues with the new registration system. Projected costs for software to help address the issues had increased from €300,000 to €800,000, with some board members expressing concern at the increase.

 

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