Opposition parties have been quick to seize on the latest rental market report from property website Daft.ie to claim that the Government’s new rental rules are not working.Sinn Féin has linked a “record” rise in rents during the first three months of the year directly to the changes which came into effect last March. They include a provision allowing landlords to reset rents to the market rate between tenancies. Under the previous regime rents for new tenancies were pegged to the previous rent. It is not quite as simple as Sinn Féin claims. The first issue is that Daft’s survey only measures new tenancies advertised on its website, which is the largest in the country. But it is a subset of the market, albeit an important one. New tenancies account for roughly 20 per cent of the market. The survey does not capture rent increases for sitting tenants who make up the balance, and who are included in the figures compiled by the Residential Tenancies Board (RTB). The board’s first quarter report will probably not appear until next month.The RTB figures are based on leases registered with it – as required by law – and includes existing tenancies. Its reports generally paint a more nuanced picture. This time last year Daft found that rents nationally rose 3.4 per cent in the first quarter,while the RTB figure was around 1 per cent. The true impact of the new rental rules will not be clear for some time yet. As well as the reset clause, they include minimum tenancies of six years and a national cap on rent increases at the lower of inflation or 2 per cent. Restrictions on “no-fault” evictions have also been expanded. It is, however, clear from the Daft report that new rents are still going in the wrong direction, and tenants are chasing the market.Asking rents – according to Daft – increased by 4.4 per cent during the first quarter and the average monthly rent for a new tenancy at ¤2,176 was out of the reach of many. The hope is that the increase is a once-off adjustment to the new rules, which are at heart intended to increase market supply and eventually lead to a moderation in rents. The Government is entitled to a reasonable grace period before judgment can be passed on the effectiveness or otherwise of its reforms. The Opposition has a job to do in holding the Coalition to account, but must realise that the rental rules which previously applied had led to falling supply.The dynamics of the rental market are a function of the wider housing market, where this Government and its predecessor have failed to meet targets. It is also a market in and of itself and as well as increasing institutional investment, the Government also has a vital role in providing social and affordable homes and cost rental tenancies. Here, also, it has an awful lot of work to do.