Renters facing eviction ahead of new legislation
Legislation taking effect from March 1 will give tenants rights to a six-year rolling contract with stronger protections against no-fault evictions. File picture: Victoria Jones/PA Wire
Cork renters claim they are having to leave their homes because investment funds want new tenants to whom they can charge higher rates.
The renters believe the funds want them to leave the properties before new rental rules are introduced in March which aim to improve renters’ security of tenure.
JP Jones and his wife have lived in Eden, a residential development in Blackrock, Cork, for 10 years.
They have been served an eviction notice and are due to leave in late November.
But they have not been able to find an alternative home, with tight supply and sky-high rents.
“Even for apartments that are €2,000 per month, we can’t even get a viewing,” Mr Jones said.
"A Luxembourg investment fund, LRC RE-1, operating through Cyprus-registered companies such as Xerico Ltd and Lokang Ltd, and managed in Ireland by Home Club, has been systematically issuing eviction notices to long-term tenants," he said.
This includes 14 homes in Loreto Convent estate in Killarney, owned by Xerico, impacting some 15 children and 25 adults.
It also includes his own home, owned by Lokang Ltd, in Cork, he said.
“A deeply troubling housing crisis [is] quietly unfolding across Ireland,” Mr Jones said.
“The pattern suggests this is not an isolated event but a coordinated effort to exploit loopholes ahead of new tenancy law changes coming into effect on March 1.
“Similar stories are emerging across the country, all linked to this Luxembourg-Cyprus-Ireland network."
People renting since June 2022 have more protections against no-fault evictions than those on older tenancies — like Mr Jones — due to a change in legislation in late 2021.
And new legislation taking effect from March 1 will give tenants rights to a six-year rolling contract with stronger protections against no-fault evictions.
And this, combined with limited annual rent hikes due to rent pressure zone rules (the entire country has been deemed a rent pressure zone from June 20, 2025 to February 28, 2026) appears to be encouraging some landlords to evict longstanding tenants to either sell or get new tenants in on higher rents before setting a six year contract with limited rent hikes possible throughout it.
"For many, homelessness is now a real and immediate risk," Mr Jones said.
Mr Jones is concerned that he could be homeless by Christmas.
But he does not blame his investment fund landlord.
“It’s a business for them. If the market allows for larger profits why would they not do that? They're not a charity.
“The Irish Government is creating the situation for the landlord. To ask even for the market rate, then they [landlords] have to evict the people who live in those accommodations. Personally, I wouldn't even mind paying the market rate.
“But they have to evict me in order to secure it legally [because it is in a RPZ so cannot currently be raised by more than 2% per year]."
Mr Jones has been in mediation with the Residential Tenancies Board and is now waiting for a tribunal on his case.
“My plea with them was to extend the duration [of the lease] for at least another year.”
If the tribunal fails, he said he will consider appealing it up to the European courts.
An investment fund has already emptied multiple homes in his estate he said.
“They're probably waiting until March so they can lock people in at higher rates.
“I see a lot of empty windows now. And I know people personally who have been asked to move out.”
Luxembourg fund LRC RE-1 had some 21 subsidiaries, including Xerico Ltd, through which it owned 2,036 Irish rentals as of last October, making it one of the country’s biggest private landlords, the Dublin Inquirer reports.
All 14 privately rented homes that Xerico owns in the Loretto Chapel estate in Killarney have also been served eviction notices, affecting some 40 people, including 15 children.
Only four long-term home rentals are currently available in Killarney on Daft.ie.
One additional home is only available up to February 28, 2026 — the last day before the new rental rules take effect.
Mayor of Killarney, Cllr Martin Grady, has been working with the Loretto Convent tenants. He said that the lack of affordable homes and long term letting properties in Killarney is a major problem.
“These are not transient tenants — they are long-term residents, many of whom have built their lives, raised their children, and contributed to our local community and economy for years. Yet now, due to a large investment company terminating their leases, they face the harsh reality of having nowhere to go.
Home Club, which manages properties in Ireland for the Luxembourg investment fund and its Cyprus-registered companies, was contacted for comment but did not reply.
"It has been over twenty years since Killarney last offered an affordable home to those who need one most, That is simply unacceptable.
"The working-class family — the people who keep our towns alive — are being squeezed from every direction. The cost of living continues to rise, yet access to stable housing continues to fall.
"For an average family of four in Co Kerry, the income threshold to qualify for social housing is €38,500 per year (or €738 per week). If you earn even slightly above that, you’re excluded — and yet you also won’t qualify for cost rental schemes unless your net household income is below €59,000.
"These limits leave thousands of hard-working families trapped in the middle — earning too much to qualify for support, but not enough to secure a home in the private market. The system is leaving them behind."
CONNECT WITH US TODAY
Be the first to know the latest news and updates
