The Minister for Housing announced a significant change in Rent Pressure Zones (RPZs). Rather than increases of up to four per cent per year, in areas designated as RPZs, increases will now be linked to an index of wider consumer prices (HICP). Since the end of the Celtic Tiger in 2007, consumer prices have been remarkably stable in Ireland, increasing on average by just a fraction of a per cent each year. Such a prolonged period without inflation is unique in independent Ireland’s economic history. So, in effect, the Minister for Housing has frozen rents, at least for the rest…

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