Rising rent prices?

barry181091

Hey guys,

Did anyone else notice this before this year? What I noticed was that there were far fewer rental properties compared to the last couple of years, also the price of renting seemed to have rised too. Was there a higher influx of students or something ?

Will be interesting to see late this Summer what its like for the next academic year.

ciano1

There would be a higher influx of students due to lack of jobs etc, especially mature students who get Back to Education allowance and who will happily pay higher rent prices than us young'uns.

I didn't notice a lack of houses for rent, instead I noticed lots of daft ads saying "Mature Students/Professionals only".

Another thing I noticed were landlords chancing their arms/ taking the píss by looking for extortionate rent early in the summer and reducing the rent in August when nobody would pay the higher price.

LoonyLovegood

I was told by a lot of people that if you want to rent a house or apartment, wait till the week before semester one and act like you don't really care.

pinkdiamond

my dad is a landlord of an apartment in gort na coiribe. he gets taxed 52% on all the money the students give in for rent. he has to pay €90 per every new tenant to register with the PTRB. He has to pay a new ridiculous charge of house tax. last june after the students left, there was a hole in the kitchen wall, windows that were egged and the house in general was wrecked.

landlords requesting professionals/mature students is a direct result of the behaviour of past students and rising rent prices are a result of a stupid government.

Yes, it is unfair.

Timmyctc

ciano1 wrote: »

Another thing I noticed were landlords chancing their arms/ taking the píss by looking for extortionate rent early in the summer and reducing the rent in August when nobody would pay the higher price.

I noticed this. When we asked our current landlord about a year long lease she told us it goes up from 1200 a month for a 3 bedroom (currently) in the summer to anywhere as high as 1400 or 1500. Last summer we rented a 5 bedroom at 120 a month each mind you the 5 bedroom was in gleann dara and this current apt. is on the headford road. Still. :pac:

Timmyctc

pinkdiamond wrote: »

my dad is a landlord of an apartment in gort na coiribe. he gets taxed 52% on all the money the students give in for rent. he has to pay €90 per every new tenant to register with the PTRB. He has to pay a new ridiculous charge of house tax. last june after the students left, there was a hole in the kitchen wall, windows that were egged and the house in general was wrecked.

landlords requesting professionals/mature students is a direct result of the behaviour of past students and rising rent prices are a result of a stupid government.

Yes, it is unfair.

Not all students are stupid. It's not a very difficult task to vet your tenants. References go a long way etc

shruikan2553

Timmyctc wrote: »

I noticed this. When we asked our current landlord about a year long lease she told us it goes up from 1200 a month for a 3 bedroom (currently) in the summer to anywhere as high as 1400 or 1500. Last summer we rented a 5 bedroom at 120 a month each mind you the 5 bedroom was in gleann dara and this current apt. is on the headford road. Still. :pac:

I had something like this too but it was 2 twin rooms. I had to try not to laugh when she said she puts up the price by 200-300 from expensive to "youve got to be f***ing kidding me".

pinkdiamond

references go a long way, but how do you validate a reference?

one of my dad's friends owns an apt. he always asks for references and follows them up. one lad looking to move provided him with a list of references. dad's friend rang one of the numbers and was given a shining reference.

the tenant wrecked the house, didn't pay rent etc etc.

dad's friend rang the reference number back. turns out it was the tenant's friend.

I know all students aren't like this. I am a student myself and have always taken good care of rental accommodation, but the fact is- professionals and mature students are more likely going to have the rent money, pay it on time and keep the place clean and tidy. landlords just can't afford to gamble their income on students.

Timmyctc

pinkdiamond wrote: »

references go a long way, but how do you validate a reference?

one of my dad's friends owns an apt. he always asks for references and follows them up. one lad looking to move provided him with a list of references. dad's friend rang one of the numbers and was given a shining reference.

the tenant wrecked the house, didn't pay rent etc etc.

dad's friend rang the reference number back. turns out it was the tenant's friend.

I know all students aren't like this. I am a student myself and have always taken good care of rental accommodation, but the fact is- professionals and mature students are more likely going to have the rent money, pay it on time and keep the place clean and tidy. landlords just can't afford to gamble their income on students.

I suppose that's going to be a hassle alright I guess it's about being really thorough with the references :pac: The thing is though, one of the main reasons renting is such a big thing in Galway is the students. Largely why the cost of rent drops massively in places over the summer. I guess there'll never be a way of completely rooting out the troublemakers but I still feel it unjust that landlords wont even consider say students like myself in their final year or 3rd year of 4 year courses that also work in the city.

Squeeonline

Timmyctc wrote: »

I suppose that's going to be a hassle alright I guess it's about being really thorough with the references :pac: The thing is though, one of the main reasons renting is such a big thing in Galway is the students. Largely why the cost of rent drops massively in places over the summer. I guess there'll never be a way of completely rooting out the troublemakers but I still feel it unjust that landlords wont even consider say students like myself in their final year or 3rd year of 4 year courses that also work in the city.

just tell them you're a postgrad in the subject you're doing for your undergrad.

Robmeister2011

The Council, in a bid to reduce the queue for social housing, began a scheme of guaranteed rents for four years for any landlord willing to commit his property to social housing. This took a lot of them off the market.

The market shrunk from 281 available properties this time last year in my search for double bed, sharing, Galway City Centre, 350 or less on daft to 81 this year.

There's also those two chaps who (according to the local papers) are buying up available properties and doing nothing with them as yet.

This coupled with property tax hikes and the final enforcement of said tax is probably dribing rents up.

I however, found a serious gem in Salthill for only 250 per month, so I'm happy, but the current lease expires in April so I'd reckon they'll hike our rent.

ahnowbrowncow

pinkdiamond wrote: »

my dad is a landlord of an apartment in gort na coiribe. he gets taxed 52% on all the money the students give in for rent. he has to pay €90 per every new tenant to register with the PTRB. He has to pay a new ridiculous charge of house tax. last june after the students left, there was a hole in the kitchen wall, windows that were egged and the house in general was wrecked.

landlords requesting professionals/mature students is a direct result of the behaviour of past students and rising rent prices are a result of a stupid government.

Yes, it is unfair.

How does he get taxed on rent at 52%?

pinkdiamond

"So if you are taxed at the marginal rate you will pay 41% tax, 7% Universal Social Charge and now PRSI at 4% on rental income equalling 52% tax on rental profit."

http://blog.redoaktaxrefunds.ie/budget-2012-prsi/

ahnowbrowncow

pinkdiamond wrote: »

"So if you are taxed at the marginal rate you will pay 41% tax, 7% Universal Social Charge and now PRSI at 4% on rental income equalling 52% tax on rental profit."

http://blog.redoaktaxrefunds.ie/budget-2012-prsi/

Quite a big difference between "52% tax on rental profit" and what you said, "he gets taxed 52% on all the money the students give in for rent"

pinkdiamond

I'm not going to pretend I know the ins and outs of renting, cos I definitely do not. My dad tells me the odd thing here and there, but i'm not left in charge of managing the apartment- I was just attempting to introduce another perspective into the conversation.

there is of course a difference between rental profit and rental income. rental income would be the amount the students give for rent and rental profit would be the amount left after wear and tear, repairs etc are carried out.

last year, dad had to put new timber floors into the apartment. so i presume this expense was taken out of rental income and whatever was left was the rental profit that was taxed? I guess wear and tear is another expense for the landlord that I hadn't mentioned.

ahnowbrowncow

pinkdiamond wrote: »

I'm not going to pretend I know the ins and outs of renting, cos I definitely do not. My dad tells me the odd thing here and there, but i'm not left in charge of managing the apartment- I was just attempting to introduce another perspective into the conversation.

there is of course a difference between rental profit and rental income. rental income would be the amount the students give for rent and rental profit would be the amount left after wear and tear, repairs etc are carried out.

last year, dad had to put new timber floors into the apartment. so i presume this expense was taken out of rental income and whatever was left was the rental profit that was taxed? I guess wear and tear is another expense for the landlord that I hadn't mentioned.

Yeah you deduct things like insurance, repairs, maintenance, 75% of mortgage interest etc to arrive at your rental profit.

And I wasn't having a go at you so I'm sorry if it came across that way.

leeroybrown

People need to remember that no one is buying houses anymore. This means that the classic first time buyer is no longer buying a three bed semi in a distant suburban estate, now has no mortage and is instead renting an appartment or house nearer town. Landlords are more than happy to take these professionals rather than students and you can see how few appartments are available for student leases as a result.