UPWARD-ONLY rent reviews may soon be a thing of the past as new legislation is close to completion.
It is reported that tenants in commercial properties will be allowed to end their leases and obtain a lower rent.
It is expected that the new legislation will come into force by the end of the year.
Minister Alan Shatter has forwarded outline proposals for the legislation to the Attorney General, who was examining them.
Any new rents set by the court could apply for a period of five years, after which upward-only rent review terms will kick back in, according to the 'NAMA Wine Lake' blog.