Rents for houses and apartments in Limerick

Builderfromhell

I recently rented a 4 bedroom house in the city centre but now have to move as neighbours are obnoxious.

What I have difficulty understanding is that while property prices are plummeting, rents are not falling as fast.

I have seen houses for €800 + a month in parts of Limerick and even some for over a €1,000. Anyone who hasn't rented a property to students by now should be anxiouse to rent it asap.

I would have thought the maximum rent for a decent 3 bedroom house in the centre of the City should be €650.

On a seperate matter, with estate agents struggling to survive you'd think they'd at least photo the properties. ven some of the high end properties are not photographed.

black & white

Builderfromhell wrote: »

I recently rented a 4 bedroom house in the city centre but now have to move as neighbours are obnoxious.

What I have difficulty understanding is that while property prices are plummeting, rents are not falling as fast.

I have seen houses for €800 + a month in parts of Limerick and even some for over a €1,000. Anyone who hasn't rented a property to students by now should be anxiouse to rent it asap.

I would have thought the maximum rent for a decent 3 bedroom house in the centre of the City should be €650.

On a seperate matter, with estate agents struggling to survive you'd think they'd at least photo the properties. ven some of the high end properties are not photographed.

I thought some report was published recently saying rents had stabilised, I'm not familiar with the rental market in the city centre, but based on the going rate in towns and villages in Clare and Co Limerick, 750/800 would be about right.

I completely agree about auctioneers and photos. A relation of mine is house hunting at the moment with a reasonable budget and the amount of houses he has found on websites with only 1 photo in unbelievable. Pure lazyness.

Captain Average

I think that the problem with house rental is that a lot of people are renting currently, instead of taking the plunge and buying. They're waiting for house prices to level out or hit rock bottom first before they buy.

bazz26

I think alot of people are forced to rent instead of buying because they cannot afford the substancial cash deposit required by the banks these days when approving a mortgage. The days of getting 100% mortgages are well and truely gone which keeps a fair proportion of people off the property ladder.

BESman

I would agree, rents don't appear to be falling. When I moved here a year ago, rents were quite cheap to what I was used to in Galway. But I'm thinking of moving again and the rents appear to have increased if anything. And the pictures thing is a good point, is it really too much to put in a few photos? I avoid anymore as they're usually kips if they havn't provided at least one photo.

dave 27

the thing about renting is that the landlord is obliged to show a ber cert, if he has none, you dont know how energy efficient it is, so you can offer a lot lower price on the rent then! :pac:

munstergirl

When the government is paying rent allowance for the unemployed, rents are never going to drop.

Limerick is the only city which had a small increase in rents according to daft. And we also have one of the highest % unemployed in the country.

And the more kids you have the more rent allowance you get.

stupidusername

dave 27 wrote: »

the thing about renting is that the landlord is obliged to show a ber cert, if he has none, you dont know how energy efficient it is, so you can offer a lot lower price on the rent then! :pac:

Ya, in theory. realistically there's a lot of people looking for a place to rent now so it's unlikely to work.

I've been baffled by the reports on the news recently about the rents falling everywhere, and they include limerick in this.whereas as far as I can see they're not dropping anywhere near as much as the rest of the country. Saw just yesterday an ad up in my letting agency for an apartment in my building for €650. considering this apartment is €550 now they don't seem to have copped on at all. It's only €550 because of us asking for it to be reduced twice. Why do they not understand that they won't rent them out at these prices?

Builderfromhell

Good point about people renting while waiting to buy. But what about the people emigrating especially the East Europeans. I would have thought demand had dropped while supply remained high.
If it is professional people renting because they cannot get a mortgage then that might explain the better houses being rented quickly while the likes of Mount Kenneth and Steamboat Quay (kips) remain empty.

Regarding BER certs, it is interesting that they are never listed in Agency web sites for renting or buying. I wonder would you insist on one if you already really wanted the property knowing the landlord might let it to someone who won't ask.

dave 27

i might be completely retarded here in saying this so please correct me if im wrong, but isnt Limerick City supposed to be the cheapest city in Ireland for renting?

my brother is sharing a really really nice apartment with 3 others with a wall and a half made up of a window overlooking the whole of the city with a massive balcony, its near cathedral place, and he is only paying 50 euro a week..and its in the city centre

dave 27

Builderfromhell wrote: »

Good point about people renting while waiting to buy. But what about the people emigrating especially the East Europeans. I would have thought demand had dropped while supply remained high.
If it is professional people renting because they cannot get a mortgage then that might explain the better houses being rented quickly while the likes of Mount Kenneth and Steamboat Quay (kips) remain empty.

Regarding BER certs, it is interesting that they are never listed in Agency web sites for renting or buying. I wonder would you insist on one if you already really wanted the property knowing the landlord might let it to someone who won't ask.

sorry for the double post, just saw this now..i did health and safety in college and if theres anything that i'll take from it is that by law every landlord as of june of 2009 i think it was, has to produce a ber cert if they were asked to.
If it were me that wanted to rent a place and the landlord couldnt produce the ber cert, i would make it quite clear to him that he dropped the price signifficantly, he would have no other choice

zing zong

some one pointed out that rent is high because of rent allowance, this isn't the case.

if you look at daft.ie, a huge majority of the properties to rent wont accept rent allowance, so in reality it cant be affecting prices, some people that rent out houses have maybe one or two houses to rent, the rent in turn pays for the landlords mortgage on the house that they are renting out, and the balance then is in part, and sometimes all, of the landlords income.

the rest are greedy or just naive to the reality that people cant afford to pay, yet they WILL pay, as we all gotta live somewhere

munstergirl

Some landlords have no mortgage, they bought the houses long before the celtic tiger. So they are not desperate to rent. Cost of average house in limerick 20 years ago, was only 20k.

Albert.gnet

Since I´ve rented a property just 1 month ago, I think I can talk in property.

I was living in cork, and the prices compared to Limerick, were really expensive there. I was living in an apartment in the city centre paying 400 € monthly for a double room, adding the amounts of the other flatmates we were paying 1000 € for a good flat, but not new at all, close to the city centre.

Here in Limerick I´m paying for a "brand new", really nice apartment, exactly in the centre, in a quiet neighbourhood, with a bunch of services 600 €, the same 800€ or more there... and more or Less I´m paying the same than I was paying in one of the cheapest cities in my country (Spain), having in consideration that the salaries are like half there.

About the photos of the apartments at daft... just say most times a photo cant´t show the defects of an apartment, above all if the person who take it, has some intereset in sell the property....

Builderfromhell

So if propoerty prices continue to drop and people are holding off buying or can't get a mortgage leading to increase in renters then it would seem to make sense to buy a house, renovate it and rent it out.