The promises were kept for accidental landlords like me

FOR accidental landlords like myself, Budget 2024 is a success, with the Government following through on promises to help us stay in the rental market.

They announced a tax break worth between €600 and €1,000, rising each year for the next four years. Now, I know that asking for sympathy for landlords is the hardest pitch in town, but the news has come as a huge relief.

In the middle of the ever worsening cost of living crisis, I found myself stepping into the role of landlord, attempting to navigate a market that is continuously pushing people out.

It was something I had never anticipated happening in my mid-to-late 20s. It was thrust upon me during a mentally and financially trying time in my life.

We don’t come from wealth and my situation was solely one of circumstance. I could have never dreamed of owning a property off my own back and still cannot to this day.

As the sole next of kin, I took on my family property with as much gratitude and hopefulness as could be expected at the time, eager to learn all I could about the housing market while starting from scratch.

I now rent the property out, but the price the rural property fetches isn’t enough to cover my €700-a-month box room in Dublin.

After property tax, rising insurance policies, general house maintenance, solicitor and accountancy fees, I started to see that this was going to be a lot of investment with very little return. At risk of sounding tone deaf, I understand the privileged position this property will put me in some day.

But until now it has been bleeding me dry and leaving me out of pocket month after month.

So for people like me, yesterday’s tax breaks are extremely welcome.

The system currently in place for Irish landlords greatly benefits those renting out a number of big city properties, but not the small homeowner who wants the house put to good use. We should be encouraging the rental market, lessening demand and keeping rent low to ensure less bodies on the streets.

But instead, completely viable homes were being sold off or left barren because it’s financially debilitating to keep up with the constant tax hikes.

I was hopeful the Budget would deliver change and that more would to be done to incentivise small landlords like me to continue renting their properties.

Small, single-property landlords, have been weighed down by tax hikes in recent years, forcing them out of the market and allowing room for vulture funds and outrageous pricing.

The disillusionment of small landlords has resulted in an unattainable renters market, and I’m happy to see change brought about to keep pricing fair.

All in all, renters and small landlords came out victorious in Budget 2024.