How much can I charge?

LolaDub

2 bedroom house at the bottom end of cork st, in the estate opposite patricks cathedral. Has 2 bedrooms upstairs, a large reception room downstairs and a separate small kitchen and nice bathroom. Small yard done like a patio. Its just been fully refurbished, including new bathroom and new kitchen and new furniture and has been fully insulated. The prices in the area seem to vary wildly. I had figured on about 1200 but there is a house in the street behind going for 1500 thats not as well done. A prospective tenant cam around a friend of a friend and said they'd only pay 900, to be honest i was a bit insulted by it! Anyhow just looking for advice on what we should be getting for it and what we should ask etc? Thanks!

Cantab.

LolaDub wrote: »

2 bedroom house at the bottom end of cork st, in the estate opposite patricks cathedral. Has 2 bedrooms upstairs, a large reception room downstairs and a separate small kitchen and nice bathroom. Small yard done like a patio. Its just been fully refurbished, including new bathroom and new kitchen and new furniture and has been fully insulated. The prices in the area seem to vary wildly. I had figured on about 1200 but there is a house in the street behind going for 1500 thats not as well done. A prospective tenant cam around a friend of a friend and said they'd only pay 900, to be honest i was a bit insulted by it! Anyhow just looking for advice on what we should be getting for it and what we should ask etc? Thanks!

If the seller isn't insulted by the buyer's initial offer, the buyer has offered too much.

wyndham

When you say there is another one nearby going for 1500, how long has that been on the market? Seems way OTT for a 2 bed. 1200 would be about right but it's hard to say without photos. Would the house accommodate 2 couples or a couple and a single person? 900 is BS anyway, would be lucky to find a poxy 1 bed apt for that.

mikemac

Handy location but not exactly a nice area. In my opinion anyway, D8 after all. Others may disagree.

1100 might be about right.
Of course, go onto daft and see what the other locals are charging. You've probably done this already.
However, the price they are trying to get might not be the price they get so look at the prices minus €100.

No chance for 1500!

LolaDub

Thanks for the replies! Personally i've rented for a long time myself so i know 900 is very low even for a one bedroom apartment. This house in comparison to a 2 bed apartment would be big enough but i guess 2 bedrooms never get that big. Both bedrooms would be double. Haven't completely furnished it yet so was going to give the tenant a say in what went in there which i thought was an attractive thing. The little area itself is a real community area, on the same street there is a small park with a few swings etc. Its mainly young families and pensioners. Some areas of d8 are bad-agreed but the whole area has a worse reputation than it deserves. With cork st and francis st being cleaned up its gotten much nicer. I've checked on daft and the only properties that are comparable to it are the 1400 and 1550 ones. The cheapest 2 bed i could find in the immediate area thats not a kip was 1280 but didn't have a seperate kitchen or any outside space. It could have two couples in it but i'd prefer to let it as a whole to a couple or a small family. I'd be very willing to knock off a few euro for people i felt were good tenants. I guess i really want to know whats the fair price range?

Ste.phen

hard to know without seeing the place, but I imagine 1200-1300 is about right, 900 for a 2 bed is too good to be true, I imagine they were expecting you to counter-offer at the 1200 mark or so, hence the really low first offer?

LolaDub

I was asking for 1200 in the first place. Wasn't going to put it on the market just yet but a friend of a friend asked to see it and said they were very interested. When they asked how much i said i guess 1200 but i'll have to check the rental market, they cam round to see it and said they wouldn't give anymore than 900,then started critiscing everything and i said thats far too low sure you wouldn't get a one bed for that and they just said fine we'll keep looking. I didn't expect to find a tenant so easily and their attitude annoyed me enough that i didn't want them but i thought 900 euro was ridiculous and insulting. I guess i might put it on at 1300 so i have room to negotiate

The_Conductor

Lola- while you might be insulted with an offer of EUR900- keep in mind that supply of rental property is soaring (by over 10% a month) while supply of prospective tenants are not. Rents are falling- along with property prices- it was accepted that rents in general in the Dublin area fell by ~10% year on year- but this has sped up considerably of late. If its really really nice- you will probably find tenants more quickly- but space between rentals has increased too. Be realistic and you'll be happy- but just because one idiot up the street things he/she will get EUR1500 a month- does not mean they actually will.

gurramok

900 for a one bed is becoming standard. A search on Daft sjhows this, rents are going down to were they were pre-2004. Asking for 1500 on Cork st is ridiculous when you can get something for that in upmarket D4.
You have a 2bed house assuming in good nick so it would have an advantage over an apt. You can only rent it out to what a buyer would pay for it.
That place going for 1,500 around the corner, how long has been offered at that price?

Put it up for 1,300 if you wish. See if you get any offers. If you get none, you know the price is too high so reduce it bit by bit to attract more interested people.

LolaDub

smccarrick wrote: »

Lola- while you might be insulted with an offer of EUR900- keep in mind that supply of rental property is soaring (by over 10% a month) while supply of prospective tenants are not. Rents are falling- along with property prices- it was accepted that rents in general in the Dublin area fell by ~10% year on year- but this has sped up considerably of late. If its really really nice- you will probably find tenants more quickly- but space between rentals has increased too. Be realistic and you'll be happy- but just because one idiot up the street things he/she will get EUR1500 a month- does not mean they actually will.

As i said i have not put the place up officially yet, this was a viewing requested by a friend of a friend. They have been trying to find a suitable 2 bed for months so i'm quite sure they knew that 900 will only get you a one bed, they then went around the house criticising everything to 'justify' the price. The only nice thing they said was they liked the shower as it was big. Then they said that it was very neglected (its not -has just been completely re-done-roof re tiled, new floors, new kitchen, new bathroom, insulated,painted etc) and they wouldn't pay anymore than 900 and they would like to come and see it again.

Had they asked to negotiate i wouldn't have minded but they knew the prices and they knew i didn't have prospective other tenants yet as its not up. There are only 2 properties within the area that are comparable-being 2 bed houses and the sq footage. As i said one is 1400 and the other is 1550.

The area is between christchurch and cork st, while i know the area is not d4 its on 5 mins walk to christchurch and 10/15 to st james hospital.

I was just coming to ask for an opinion on the value, as by checking daft it would appear 1400-1550 should be the asking price, i felt that was too much and wanted opinions? The house was my grandparents so i am a bit attached to it, i would like to charge a fair rice in order to get a decent tenant who will look after it.

edit-i've found a third now asking 1600.

Ste.phen

Something to note is that if the place on on daft, there's nobody living there and no rent coming in (in most cases), so asking for 1500 is all well and good, but they may not be *getting* 1500.
I'd say advertise it at 1400 (to undercut the others on daft) but be aware that you might have to accept less to get the place filled quickly with someone reliable.

If it were me, i'd consider 1100 a good price,and that's probably what i'd offer if I was viewing it, but obviously get more from someone if you can

The_Conductor

LolaDub wrote: »

I was just coming to ask for an opinion on the value, as by checking daft it would appear 1400-1550 should be the asking price, i felt that was too much and wanted opinions? The house was my grandparents so i am a bit attached to it, i would like to charge a fair rice in order to get a decent tenant who will look after it.

edit-i've found a third now asking 1600.

Just because they are asking for 1400-1600, does not mean they will get it.......

If you examine DAFT and input Dublin 8 and minimum 2 bed as criterion you will find:

18 properties under EUR1000
78 properties between EUR1000 and EUR1200
66 properties between 1200 and 1300
57 properties between 1300 and 1400
34 properties between 1400 and 1500
15 properties between 1500 and 1600

The average is around 1325 per month and the mean is 1250 per month.

You need to compare you property to other similar properties on the market and accepting that rents are falling- be prepared to undercut similar properties.

Note that you can rent brand new 2 bed apartments in Dublin 8 from as little as EUR600 a month (Emmet Place, Ushers Street- advertised at 650, asking 600).

I accept that you have an emotional attachment to the property- but setting the rent high is not a measure of attracting good tenants- in the current oversupplied climate- its more likely to sit empty than anything else. There are over 280 properties of 2 beds or more currently available to rent in D8 after all.........

S.

Ste.phen

smccarrick wrote: »

Note that you can rent brand new 2 bed apartments in Dublin 8 from as little as EUR600 a month (Emmet Place, Ushers Street- advertised at 650, asking 600).

Holy crap! :O

Maybe I should add Dublin 8 to my 'cheap possible places to live' RSS feed on daft.


[edit] actually, looking at that ( http://www.daft.ie/2619311 ) it looks like 650 for one double room, and for students only? [/edit]

The_Conductor

Igy wrote: »

Holy crap! :O

Maybe I should add Dublin 8 to my 'cheap possible places to live' RSS feed on daft.


[edit] actually, looking at that ( http://www.daft.ie/2619311 ) it looks like 650 for one double room, and for students only? [/edit]

Rents are tumbling- a lot of developers are in serious trouble and you will find brand new apartments/houses in ridiculously good areas for bizzarely small asking prices......
Supply is also increasing at an accelerating rate of about 10% month on month....... (as you probably know from the DAFT stats.......)

LolaDub

smccarrick wrote: »

Just because they are asking for 1400-1600, does not mean they will get it.......

If you examine DAFT and input Dublin 8 and minimum 2 bed as criterion you will find:

18 properties under EUR1000
78 properties between EUR1000 and EUR1200
66 properties between 1200 and 1300
57 properties between 1300 and 1400
34 properties between 1400 and 1500
15 properties between 1500 and 1600

The average is around 1325 per month and the mean is 1250 per month.

You need to compare you property to other similar properties on the market and accepting that rents are falling- be prepared to undercut similar properties.

Note that you can rent brand new 2 bed apartments in Dublin 8 from as little as EUR600 a month (Emmet Place, Ushers Street- advertised at 650, asking 600).

I accept that you have an emotional attachment to the property- but setting the rent high is not a measure of attracting good tenants- in the current oversupplied climate- its more likely to sit empty than anything else. There are over 280 properties of 2 beds or more currently available to rent in D8 after all.........

S.

Actually i thought at 1200 i was renting it lower in order to get good tenants as i said the only comparable properties are the 1400, 1550 and 1600 due to house, 2 beds, and immediate area, Dublin 8 is quite a big place, ie inchicore would be much further away from town and a s slightly worse area. This place is 5 mins walk from christchurch, you turn 2 corners to end up on that road halfway between christchurch and st patricks cathedral.

The emmett place is student accomodation-its just for the room. I was lookng at all the local prices to try to see what i should be charging.

Edit-I realise that what i price it as i may not get. As i said i'm willing to negotiate if i find good tenants. I just wanted to find out what i should list it as and what i should be getting for it. I guess its not as staright forward as i thought due to the varied replies. My oroginal thoughts were to list it as 1250 and hope to get 1200. I think i might now list it as 1300 in the hopes of getting 1200.

Does anyone think the 900 offer was fair? I'll post the links to one or two of the similar houses in a few-thanks for all the replies!

LolaDub

I think i should have re-phrased my question to how much should i charge!

Here is one house, its a few mins further away, 2 bed cottage at 1600. I'd say this is a 10-15 min walk from Christchurch.

http://www.daft.ie/searchrental.daft?search=1&s[cc_id]=ct1&s[a_id]=3647&s[mnp]=&s[mxp]=&s[bd_no]=2&s[search_type]=rental&s[furn]=&s[refreshmap]=1&limit=10&search_type=rental&id=624010

The 1400 house is already gone but this is quite similar to it

http://www.myhome.ie/residential/search/brochure/11-spitalfields-christchurch-dublin-co&-city/IFNVR335838

The_Conductor

LolaDub wrote: »

The emmett place is student accomodation-its just for the room. I was lookng at all the local prices to try to see what i should be charging.

You're quite right- I should have looked more closely......

Here is an example of EUR800 though here

S.

LolaDub

smccarrick wrote: »

You're quite right- I should have looked more closely......

Here is an example of EUR800 though here

S.

Although its the same postcode the one above is in a different area, thats kilmainham. I guess the closest area description for this would be the d8 area of christchurch?I'd say it would be about a further 30 min walk from where mine would be. If you check google maps there are houses behind the apartments opposite st patricks cathedral, thats where this is. On the same st there is a small green area with a playground too. There is no mortgage on it so i'm not losing money by having it empty for long although an empty property isn't ideal.

Bob1970

yeah d8 is a big area,i know the area you mean id equate it more with d2 than d8-sure isnt it at christchurch it turns into d8?id be looking at 2 beds in christchurch for more accurate pricing,knock a bit off for the slightly farther area and add a bit on for a house.is there parkig and a seperate kitchen?could charge more for both of these?do you have an agent?

Victor

smccarrick wrote: »

Note that you can rent brand new 2 bed apartments in Dublin 8 from as little as EUR600 a month (Emmet Place, Ushers Street- advertised at 650, asking 600).

No photos, some lovely neighbours.

nadin278

I would say in present market 1200pm is achievable.
But again for a good tenant with good references, if they are making an offer less than you expe ted, it is better i think to drop( of course if there is noone else interested).

matrim

For where it is if I was looking for a place I'd be thinking about 1200. If it was big and very nice maybe 1300 - 1400.

Also you should remember that just because it's recently done, doesn't mean that it's nicely done. Some landlords think that putting in a new but cheap appliance or furniture means that they can charge the same as an older but nicer one.

iguana

LolaDub wrote: »

Does anyone think the 900 offer was fair? I'll post the links to one or two of the similar houses in a few-thanks for all the replies!

From 2003-2005 I rented a 2-bed apartment in a lovely part of Ranelagh with a decent garden and side entrance for €900pm. I know what I had was a total bargain in that market, but that was during a period of high employment. So it's worth being aware that bargains exist in the rental market. And right now with so many more rentals available than tenants only the bargains have a good chance of being let.