By Reuters Staff 2 Min Read DUBLIN, July 1 (Reuters) - Ireland will significantly reduce the maximum annual increase in residential rents allowed in designated “Rent Pressure Zones”, the government announced on Thursday in a move to tackle surging housing costs. Landlords in the designated zones, which cover many of Ireland’s urban areas under 2016 legislation, are currently limited to annual rent increases of 4%. From early July, the maximum annual rent increase will instead be set at the Harmonised Index of Consumer Price inflation rate, the department of housing said in a statement. The Irish Central Bank on Thursday forecast HICP is likely to average 1.8% between 2021 and 2023.