Increase to renter's tax credit on the cards, says Housing Minister

Asked if he wanted to see it doubled to €1,000 a year, Mr O’Brien said that he wouldn’t speculate on the cost but that discussions are ongoing. Picture: Niall Carson/PA

Housing Minister Darragh O’Brien has said that an increase to the rent tax credit is on the cards in October’s budget.

Speaking to reporters this afternoon, Mr O’Brien signaled that he would be seeking an increase beyond the €500 currently available for renters to claim for both 2022 and 2023.

Asked if he wanted to see it doubled to €1,000 a year, Mr O’Brien said that he wouldn’t speculate on the cost but that discussions are ongoing.

“I'd like to see an increase, I’m not going to get into saying exactly what that will be,” Mr O’Brien said.

He said that on average, renters are paying around €750 per month.

“I'm not going to get into what I want to see that to be increased too. I have discussions obviously with Government colleagues and the Minister for Finance in that regard as well.

A lot of renters out there are paying above and beyond what many can afford.

Mr O’Brien also reiterated that there would be measures for landlords within the upcoming Budget to support them with costs.

While the minister declined to speculate on the measures, Taoiseach Leo Varadkar had previously confirmed that tax measures would be changed for landlords in October’s budget.

“I'm not going to speculate on exactly what that looks like, that's still being worked through but good individual landlords for want of a better phrase, the mom and pop landlords, we want measures brought in that's going to help to retain and indeed attract more people in.” 

 Mr O’Brien was critical of people who have “demonised” the private rental sector, claiming that it had led landlords to sell up.