Rents down 17% in a year - Daft Rental Report 2009 Q2

Ronando

Latest rent report from daft is out: http://www.daft.ie/report
Down an average of 17% in the last year, with Dublin & commuter counties, Cork and Limerick most affected by falling rents.

There's a guide for rents for students in the report too, page 5 here: http://www.daft.ie/report/Daft-Rental-Report-Q2-2009.pdf

Any thoughts on when rents may bottom out?

meglome

Ronando wrote: »

Latest rent report from daft is out: http://www.daft.ie/report
Down an average of 17% in the last year, with Dublin & commuter counties, Cork and Limerick most affected by falling rents.

There's a guide for rents for students in the report too, page 5 here: http://www.daft.ie/report/Daft-Rental-Report-Q2-2009.pdf

Any thoughts on when rents may bottom out?

In Dublin City there are large numbers of apartments due to come on to the market so rent for these will be heading downwards. Overall we have a serious oversupply of property so rents will fall further I think. Get a six month lease if you can.

Mines gone up, go figure :rolleyes:

dresden8

hellboy99 wrote: »

Mines gone up, go figure :rolleyes:

Your fault. Get out.

JordanDC

To me I think its just rents adjusting to a more realistic price, people were struggling to afford them before and now people are actually able to move about at this time, of course its bad if you bought at a high price expecting the return on rent but it was a market that sold and rented too high. I think we can expect a bottom around about now as there is small growth expected for the 4th quarter of the year.

bangersandmash

JordanDC wrote: »

To me I think its just rents adjusting to a more realistic price, people were struggling to afford them before and now people are actually able to move about at this time, of course its bad if you bought at a high price expecting the return on rent but it was a market that sold and rented too high. I think we can expect a bottom around about now as there is small growth expected for the 4th quarter of the year.

With at least 16,000 empty apartments unsold in the capital and many people deciding to put their properties on the rental market rather than selling in the current climate, talk of bottoming out (let alone growth) in the rental market sounds rather optimistic.

dresden8

dresden8 wrote: »

Your fault. Get out.

And how do you work that one out, is it my fault the economy is screwed up to, guess I should leave the country then :rolleyes:. Majority of the rents for people in my estate have gone up.

Diarmuid

hellboy99 wrote: »

Majority of the rents for people in my estate have gone up.

Right. Rents are down in every county in Ireland by 17%, but your estate is bucking the trend and is going up. Sure.

Diarmuid

Diarmuid wrote: »

Right. Rents are down in every county in Ireland by 17%, but your estate is bucking the trend and is going up. Sure.

Can you say 100% that everyone in this country that is renting have seen a drop in their rents.

I only posted up a reply saying that my rent and others in my estate have seen their rents go up and for that I get told it's my fault or I'm making it up.

dresden8

hellboy99 wrote: »

Can you say 100% that everyone in this country that is renting have seen a drop in their rents.

I only posted up a reply saying that my rent and others in my estate have seen their rents go up and for that I get told it's my fault or I'm making it up.

If you're not prepared to move and are prepared to pay your landord anything to stay where you are, I'm sure he's prepared to take whatever you're prepared to pay him.

Shop the fnck around.

Ever hear of "market forces"?

dresden8

dresden8 wrote: »

If you're not prepared to move and are prepared to pay your landord anything to stay where you are, I'm sure he's prepared to take whatever you're prepared to pay him.

Shop the fnck around.

Ever hear of "market forces"?

I'm in a house owned by a Housing Association, for me, my annual rent review was done last month, same money is coming into my household as last year and my rent was increased by nearly €10. When I questioned why the increase I was told it was put up due to the current state of the economy and running cost of the estate. In other words they are broke and have to get money were they can ie. rent increases.

I don't mind paying what I am currently, it's cheaper than a lot of other places and I like the area. I only replied to this thread to say my rent went up not to be treated like an idiot.

dresden8

hellboy99 wrote: »

I'm in a house owned by a Housing Association, for me, my annual rent review was done last month, same money is coming into my household as last year and my rent was increased by nearly €10. When I questioned why the increase I was told it was put up due to the current state of the economy and running cost of the estate.

How do housing associations work?

Sounds like a bad deal.

mikeystipey

Ronando wrote: »

Latest rent report from daft is out: http://www.daft.ie/report
Down an average of 17% in the last year, with Dublin & commuter counties, Cork and Limerick most affected by falling rents.

There's a guide for rents for students in the report too, page 5 here: http://www.daft.ie/report/Daft-Rental-Report-Q2-2009.pdf

Any thoughts on when rents may bottom out?

cheers Ronando, will come in handy for haggling the ass off our landlord when the lease expires :pac:

dresden8

dresden8 wrote: »

How do housing associations work?

Sounds like a bad deal.

It's not a bad deal, like I say I'm happy, in a nice home and nice area.

It's affordable homes they provide, when I got the house years ago it was at the height of the boom and I wasn't earning enough to get a mortgage from the bank so I applied for an affordable home and thankfully got one.

What has happened is that they were built during the boom years via high / overpriced mortgages and now due to the state of the economy they are having to make cutbacks and increase rents were they can in order to stay afloat.

dresden8

hellboy99 wrote: »

It's not a bad deal, like I say I'm happy, in a nice home and nice area.

It's affordable homes they provide, when I got the house years ago it was at the height of the boom and I wasn't earning enough to get a mortgage from the bank so I applied for an affordable home and thankfully got one.

What has happened is that they were built during the boom years via high / overpriced mortgages and now due to the state of the economy they are having to make cutbacks and increase rents were they can in order to stay afloat.

Mmmmmmmmmmmmm.

So are you an owner or a renter? Or some halfway house type arrangement?

Doesn't sound like you're a free market renter.

dresden8

dresden8 wrote: »

So are you an owner or a renter?

Renting.

tedstriker

here is how the rental index looks on a chart... http://www.statusireland.com/statistics/property-house-price-statistics-for-ireland/29/Daft.ie-Rental-Price-Index.html

dresden8

hellboy99 wrote: »

Renting.

If you're not stuck there move.

There's money to be saved. If you're prepared to pay more for what you get well then you're outside of market forces by choice.

Spend the money if it makes you happy.

Dob74

Ronando wrote: »

Latest rent report from daft is out: http://www.daft.ie/report
Down an average of 17% in the last year, with Dublin & commuter counties, Cork and Limerick most affected by falling rents.

There's a guide for rents for students in the report too, page 5 here: http://www.daft.ie/report/Daft-Rental-Report-Q2-2009.pdf

Any thoughts on when rents may bottom out?

There going to get cheaper in Cork. There's alot of new apartments going on stream. I know of at least 500 that are nearly completed and there are plenty of ghost estates outside the city.
Even if interest rates increase i cant see any bouce back in the rental market.

irish_bob

dresden8 wrote: »

If you're not prepared to move and are prepared to pay your landord anything to stay where you are, I'm sure he's prepared to take whatever you're prepared to pay him.

Shop the fnck around.

Ever hear of "market forces"?

he obviously lives in a council house , while prices in the private sector are going down , prices in the state sector are rising

DJDC

Hellboy99 is a council tentant. He doesnt have the funds to rent privately I guess.

ChocolateSauce

I'm happy. The rent on my place fell from 1750 to 1000.

dresden8

irish_bob wrote: »

he obviously lives in a council house , while prices in the private sector are going down , prices in the state sector are rising

The state sector makes people happier?

DJDC

DJDC wrote: »

Hellboy99 is a council tentant.

I'm not a council tenant, house is owned by a Housing Association.

gurramok

hellboy99 wrote: »

I'm not a council tenant, house is owned by a Housing Association.

Well, you ain't a usual case of a private sector renter!

So saying rents have increased in your estate is not really relevant to the thread title as you are in an unique rare situation within the rental sector.(assuming you're not a council tenant after all)

Tell us, how much you pay a month for your apt?

ednwireland

i have social welfare people in a house i rent what annoys me is i deliberatly kept the rent down to keep the place rented out, now the gov sends her a letter saying they are cutting her rent allowance and she should ask the landlord for a reduction or move. i'm still lower than equivalent properties in the area but i'm supposed to reduce the rent (i didnt) but it seems a pretty dumb way of going about things