Is é seo an suí deireanach den Dáil sula dtagann rialacha an Rialtais i bhfeidhm chun an cíos a ardú Dé Domhnaigh. I gceann cúpla lá, beidh cumhacht ag na tiarnaí talún móra an cíos a ardú go leibhéal an mhargaidh do thionóntaí nua. Díreach mar a dúirt Sinn Féin, tá na creach-chistí ag dul thart. Sa Teach seo inné, thug an Teachta McDonald le fios go raibh IRES REIT, an tiarna talún príobháideach is mó sa Stát, ag maíomh go hoscailte ina thuarascáil bhliantúil go ligfidh an dlí úr a thug an Rialtas isteach dó a chuid cíosanna a ardú suas le 25% ar léasanna nua. Tá an Rialtas anois ag brú tríd an ardú is mó cíosa atá feicthe againn riamh.

This is the final sitting of the Dáil before the Government's rent hike Bill rules come into force on Sunday. In a matter of days, landlords are going to be handed the power to increase rents to full market levels for new tenancies. Exactly as Sinn Féin warned, corporate landlords are preparing to cash in, and they are not hiding it. They are telling their shareholders that increased profits are coming because of decisions taken by the Tánaiste and the Government. Yesterday in the House, Teachta Mary Lou McDonald revealed that IRES REIT, the largest private landlord in the State, is openly outlining how the Government's legislation will allow it to significantly jack up rents. In comments reported on thejournal.ie, its chief executive stated, "Under these rules, every unit in our portfolio with the lease commencing after the 1st of March 2026 can be re-let at prevailing market rents once vacant." He described it as a "substantial" opportunity. He talked about it leading to "enhanced returns for the company and our shareholders". The company has projected a staggering, eye watering 25% increase in rents with minimal additional costs as a direct result of the Government's policy.

This is not a mere Opposition claim. This is the largest landlord in the State explaining plainly, in black and white, that the Government's rent hike Bill will allow it to raise rents and boost shareholder returns.

At the same time, the Residential Tenancies Board figures show that rents are already at record highs under this Government, and that tens of thousands of renters had to start new leases last year. Who are these people? They are ordinary people right across the State who, under the Government’s rules, would face rents being reset to full market levels. Behind each of those numbers and each of those statistics are real households who were forced to move maybe because of work, the sale of a property, family breakdown or landlords' decisions. Many of them are already stretched to their limits. The Tánaiste knows that 60,000 renters on average every year move into a new tenancy. Under the Government's rules, the landlord is going to be free to set the rent at whatever the market rate is even if that means a jump of 25% compared to what was paid before.

In the last sitting of this Dáil before these rules take effect, I am going to ask the Tánaiste directly, faced with clear evidence and with everything we know of who benefits and who pays, is the Government even at this late stage going to reverse course and stop these rent hikes before they inflict serious hardship on tens of thousands of renters across the State? How can the Tánaiste stand up, which I have no doubt he is going to do in the next few minutes, and justify a company - the biggest landlord in the State - in some cases renting a two-bedroom apartment not far from here for an eye-watering €3,200? How can he justify the biggest landlord in the State saying very clearly to the Government and its investors that the Government's legislation now allows it to increase rents by about 25% on average for new tenancies? How can the Tánaiste stand over that? How can he look renters in the face knowing the pressures they are under and say that he stands over that?

Hear, hear.

There is a consistent and ongoing effort to misrepresent the factual situation in relation to the new rent rules and rental reform. I welcome the opportunity this morning in the Dáil to, I hope, disprove some of the scaremongering and misinformation and to provide some facts to people who are watching at home and would like to know the facts.

First, from 1 March, there is no change at all for existing tenancies - none, zero, none at all, no change. That is really important. What does come into place from 1 March is a balanced package of measures, which includes within it some of the greatest protections we have ever had in the history of our State for renters. That is not just my view. That is the view of the University College Dublin, UCD, professor of social justice who spoke on this in recent weeks as well.

That is not the view of the largest landlord in the State.

We will see greater protection for renters than ever before. For the very first time ever, we will see nationwide rent pressure zones. For the first time ever, we will see six-year rolling tenancies providing people with that security of tenure. For the first time ever, in many ways, we will see an effective no-fault eviction ban. We brought in very strict and stringent rules in relation to that as well. Yes, from March, it is possible for new tenancies to be set at market rates but here is the next bit. It is only possible for them to be set once and then they need to be locked in at that level for the next six years other than being able to rise for-----

Yes, but rent is three years-----

Other than being able to-----

It is three years for students' rent.

Deputy, please, allow the Tánaiste to conclude.

We are not going to do this; we are going to have a serious conversation. That is other than being able to rise for inflation and, even then, capped at 2%. For the first time ever, somebody who takes out a new tenancy in March will have that six-year security, the protection of an effective no-fault eviction ban, and will also know the rent cannot rise further during that six years, except in line with inflation but no more than 2%.

This 25% figure Deputy Doherty's party leader threw around this House yesterday is not a fair representation at all. That is not my view. This morning on national radio, as Deputies may have heard, and if she has not heard it, I hope Deputy McDonald will go back and listen to it, the representative body for the investment company quoted in the Dáil yesterday felt it necessary to go on national radio to describe Deputy McDonald's comments yesterday as, first, not correct, and, second, as absolutely a complete mischaracterisation of the issue. That is important for the people at home. These are people-----

They would say that, though.

These are people the Deputies would know well because Deputy Ó Broin has met them twice in the past year according to the lobbying register. These are investment companies-----

How many times has the Tánaiste met them?

They know well in Sinn Féin. They have met them twice in the past year.

That is-----

I do not know what Deputy Gould talked to them about but they met them twice.

It is called-----

They have come out and said that what Sinn Féin said about it being 25% simply is not true. They said that the 25% was a projected figure over ten years. Deputy Doherty left that out. It is a projected figure over a period of ten years. Sinn Féin obviously recognises, or at least I think it does, there is a need for private investment to come into the rental market. I presume it does because its members keep meeting the companies. The lobbying register is full of times they, particularly Deputy Ó Broin, have met the companies to discuss these opportunities. Let us not scaremonger. People's rents are not increasing by 25% in March. No existing tenancy will see any change. Nationwide rent pressure zones will come into being. We will have an effective no-fault eviction ban.

Yes, for new tenancies, for the first time, the market rate can be set but then it must be locked except for allowing for inflation. That is a significant protection. All this is done with one aim only, that is, to increase more supply because without supply and private investment, according to the Housing Commission, we will not be able to have renters and home owners. We need to keep on doing supply.

The Tánaiste has been found out. It is as simple as that. He has been found out. His only defence here is that not every renter will be hit on day one. If you are looking today or moving on Monday, you will be hit by these rent hikes. The fund was very clear, in black and white, to its investors on its conference call that there will be 25% increases. Yes, it said, it will take a while for that to flow through.

It will not be from day one.

Order, please.

Does the Tánaiste not know that, from Monday on, every single new renter will be hit by these increases? He stands there and justifies it and his backbenchers applaud it. That is exactly what the Government has done. I have made the point clearly that this is just one landlord – the largest landlord in the State with 3,600 properties – but other big landlords can do the same. Some 60,000 new tenancies are created every single year. The Tánaiste accepts, does he not, that every single one of those new tenancies can now see their rents jacked up? That is the reality. This is the first fund which came out and said in black and white to its investors, "Happy days, lads, the Government has just put millions of euro into our pockets. We can jack up rents by 25% and we see one in seven of our tenants leave every single year, so we will start to see these returns in year one."

Deputy Doherty, your time is up.

That is the reality. It is in black and white. The Government has been found out. What the Tánaiste needs to do now is reverse it or defend why he thinks it is appropriate that rents would go up that high.

Hear, hear.

What I would say to the young people at home-----

The ones who have a home.

Do not shout me down.

Can we have some order, please?

I would like my time protected to answer the question.

Order, please.

I would say to the people watching at home, yesterday, Sinn Féin came into the Dáil and suggested people’s rents were going to rise by 25% in March.

For new tenancies.

Today, the Sinn Féin spokesperson has acknowledged that is not a fact-----

That is not true.

-----and actually acknowledged a moment ago that his figures may take a number of years to come about.

That is not true.

You are bullshitting as usual.

I did not say that.

It has been found out today on national radio by people saying the Sinn Féin leader's representation in this House yesterday was a complete mischaracterisation. Hypocrisy-----

How much will rents go up?

May I speak, please?

If not by 25%, then by how much?

Deputy Gould, please.

Deputy Doherty asked the Tánaiste a question.

Hypocrisy from Sinn Féin is not new when it comes to housing.

Defend what they are telling you. Stop spoofing.

We have a situation where Sinn Féin talks about investors as though it does not like them, as though they are not good.

Why does the Tánaiste not defend it? Defend the policy.

The Sunday Times last week showed Sinn Féin has received millions

He cannot even defend his own policy.

I would like to speak.

Please.

It is very unfair.

Do not continue this.

It is very unfair to renters across the State. The Tánaiste stands there and waffles when these landlords are telling him they are increasing rents.

The increases will take a while, he said.

We will move to the next question.

The increases will take a while, he said.

Deputy Buttimer knows this is happening.

Sorry, but there is a serious issue here.

These landlords say one in seven renters leave every year.

Can Members please respect the Chair? I will say again that I do not mind robust exchanges – they are fine – but the carry-on here on Thursday mornings is nothing short of shameful. I ask Members to acknowledge the Chair, acknowledge Standing Orders and please conduct the debate in an orderly fashion.

Hear, hear.

If I am allowed, in line with the rules of the House, to respond-----

Yes.

-----in the minute that is given to me to respond to the charges that are put across this House. The position put forward by Sinn Féin in telling people their rents are going to rise by 25% is categorically untrue. It is being done to scaremonger and to worry. Sinn Féin talks about investment funds as though they are the big bad wolf while regularly meeting them, according to the lobbying register, and while accepting millions of dollars from construction companies and property developers in Friends of Sinn Féin in the United States, as we saw in The Sunday Times.

Thank you.

They are hypocrites when it comes to this. We are on the side of renters. That is why we are increasing supply-----

Catch yourself on.

-----and bringing in rent protection that nobody has ever seen before.

Catch yourself on, man. The only thing the Tánaiste is missing is a red nose because this is the kind of thing you would hear from a clown. He says he is on the side of renters when the biggest landlord in the State is talking about jacking up rents.

We are on the side of renters. Sinn Féin is on the side of absolute hypocrisy. Seriously.

When you cut through the noise, all you get from Sinn Féin is hypocrisy.

Tánaiste, please.

Honest to God. The Tánaiste makes for a good comedian.

The Leinster House comedy club.