The Rent is Too Damn High

myshirt

Rents are just going up and up and up here.... particularly in Dublin.

It's really reaching breaking point.

Is now the time to don the war paint and take a leaf out of Jimmy McMillan's book? Grab this by the balls and set up a political movement.

Is the rent too damn high?

https://www.youtube.com/watch?v=ZNXFF5ZY_Ug&feature=youtube_gdata_player

FearDark

Isn't this the second time today?

Protip: Don't live in Dublin.

The Dom

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

Mint Sauce

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

What kind of rent have you been paying?

Montroseee

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

This is just simply not true unless you're a fool.

daRobot

Montroseee wrote: »

This is just simply not true unless your a fool.

Always gives me a chuckle

Sir Digby Chicken Caesar

move somewhere cheaper...

Tangatagamadda Chaddabinga Bonga Bungo

The homeless centres around Dublin city centre are quite affordable. You have to balance the cheap price though with the over powering smell of urine and a small chance of being assaulted while you sleep.

Swings and roundabouts. Swings and feckin' swinging roundabouts.

The Big Smoke

Montroseee wrote: »

This is just simply not true unless your a fool.

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

Gongoozler

Yep. Seems I'll have to pay about a hundred more a month than my last place just for the same thing. Going to have less and less money for everyday things.

Montroseee

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

They may have paid a substantial amount of house price with their own cash, if not they have seriously downgraded I'd bet. I pay 1.2 k monthly also for an apartment with others in the same building selling for 300 k.

cali_eire

It's getting way to Joe Duffy for this time in the evening ... this debate raged already today on boards. Your going to cause me to open more wine.

Daith

Supply and demand. Didn't NAMA buy alot of stock but they seem to be keeping the supply down to get a better price. For the tax payer of course.

BonkeyDonker

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

Buy-to-let tend to be paid back in a much shorter period - generally about ten years. SO the repayments will be high.

Mortgages on the other hand tend to be paid off over a much larger period so while the payments are lower, the overall cost could be higher.

But back to the OP - rents in Dublin are going up as the housing stock has ran out, and as all the developers are either bankrupt, in the process of going bankrupt or on the run, there is nobody to start building again.

Mint Sauce

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

So the apartment was just over 100k 7 years ago, or now that what it is worth now?

As for comparing the 650/month mortgage, either they have a dirt cheap house, or gave quite a substantial deposit, if still using the paying a house of in 7 years arguement.

The Big Smoke

Mint Sauce wrote: »

So the apartment was just over 100k 7 years ago, or now that what it is worth now?

As for comparing the 650/month mortgage, either they have a dirt cheap house, or gave quite a substantial deposit, if still using the paying a house of in 7 years arguement.

Why does it matter what the apartment is worth? They were paying the going rate rent wise for a 2 bed in the city centre. Of course they give a deposit. It's a 40 year term and they're in good jobs.

If I had the money I'd be buying at the moment.

Mint Aero

This is why everyone should be buying houses, why aren't we doing this?

The Big Smoke

Mint Aero wrote: »

This is why everyone should be buying houses, why aren't we doing this?

Not everyone has the money...

I'm saying if I was secure in my job and had a decent amount saved up I would buy a gaffe.

Mint Sauce

The Big Smoke wrote: »

Why does it matter what the apartment is worth? They were paying the going rate rent wise for a 2 bed in the city centre. Of course they give a deposit. It's a 40 year term and they're in good jobs.

If I had the money I'd be buying at the moment.

It doesn't. However, you were attempting to back up an arguement of paying off a property within 7 years if they were paying the same in a mortgage instead of rent. This is why I brought the price up based on the figures you quoted.

A 40 year term, is a little different to 7 years though.

I dont know which city prices we are talking here, but based on the general demographic of boards I assume its Dublin, and I would be very surprised to see a decent apartment there at that price.

The Big Smoke

Mint Sauce wrote: »

It doesn't. However, you were attempting to back up an arguement of paying off a property within 7 years

WTF are you on about, please point out where I said 7 years? Also I meant as an investment, they'll have a hell of a lot more money now because they won't be paying high rent for nothing and the added benefit of owning a house in Dublin.

The Big Smoke

Mint Sauce wrote: »

I dont know which city prices we are talking here, but based on the general demographic of boards I assume its Dublin, and I would be very surprised to see a decent apartment there at that price.

To further counter your horse**** of a post. http://www.daft.ie/searchnew_development.daft?s[cc_id]=roi&s[a_id][]=ct1&s[route_id]=&s[a_id_transport]=0&s[address]=&s[txt]=&s[mnp]=&s[mxp]=350000&s[mnb]=&s[mxb]=&s[mnbt]=&s[mxbt]=&s[pt_id]=&s[house_type]=&more=&tab=&search=1&s[search_type]=new_development&s[transport]=&s[advanced]=&s[price_per_room]=

It's amazing what you can find whenever you venture outside boards.ie Mint Sauce, you should try it.

Princess Consuela Bananahammock

myshirt wrote: »

Is now the time to don the war paint and take a leaf out of Jimmy McMillan's book? Grab this by the balls and set up a political movement.

No, the time for that was about 4 years ago. Youtube link fixed.

https://www.youtube.com/watch?v=ZNXFF5ZY_Ug

Mint Sauce

The Big Smoke wrote: »

WTF are you on about, please point out where I said 7 years? Also I meant as an investment, they'll have a hell of a lot more money now because they won't and the added benefit of owning a house in Dublin.

You didn't say 7 years. But check the posts that you quoted, it gave the suggestion that you thought it was possible.

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

Montroseee wrote: »

This is just simply not true unless you're a fool.

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

Montroseee quoted The Dom, and you quoted Montroseee. I'm not trying to be smart. I'm just reading the thread as I seen it.

Now I agree its possible to buy a property now, if you have the funds, investment, get in at the right time, find a suitable place, etc etc.

Its just getting a combination of most or all of the above. Something which is not easy or as straight forward.

myshirt

Princess Consuela Bananahammock wrote: »

No, the time for that was about 4 years ago. Youtube link fixed.

The rents weren't too bad then though, if you had a job of course.

As of now, they are too damn high. With every % point they go up, all I can think is Jimmy McMillan was right.

Mint Sauce

The Big Smoke wrote: »

To further counter your horse**** of a post. http://www.daft.ie/searchnew_development.daft?s[cc_id]=roi&s[a_id][]=ct1&s[route_id]=&s[a_id_transport]=0&s[address]=&s[txt]=&s[mnp]=&s[mxp]=350000&s[mnb]=&s[mxb]=&s[mnbt]=&s[mxbt]=&s[pt_id]=&s[house_type]=&more=&tab=&search=1&s[search_type]=new_development&s[transport]=&s[advanced]=&s[price_per_room]=

It's amazing what you can find whenever you venture outside boards.ie Mint Sauce, you should try it.

Well I dont live in Dublin my self, but thanks very much for your aggravated response before allowing my to defend my posts with out having to come to that level.

cali_eire

It's also one thing to see a property on Daft, it's another to be able to get it. Many of these properties are already sale agreed with competitive bidding situations for the more desirable locations.

Mech1

Be very aware of who your bidding against!

Dont take the estate agents word as gospel, knock into the house owner if poss to confirm bids.

Mint Sauce

cali_eire wrote: »

It's also one thing to see a property on Daft, it's another to be able to get it. Many of these properties are already sale agreed with competitive bidding situations for the more desirable locations.

And some properties that are showing sale agreed either go back on the market beacuse either one or both of the parties are not ready to proceed, or are put up to give an untruthful impression of the housing market.

cali_eire

Mint Sauce wrote: »

And some properties that are showing sale agreed either go back on the market beacuse either one or both of the parties are not ready to proceed, or are put up to give an untruthful impression of the housing market.

if they take someone else's offer over yours and the sale closes you can be pretty sure it's legit and from stats from the Property Price Registry is happening in Dublin at an increased pace so it's not all smoke and mirrors folks.

Mint Sauce

cali_eire wrote: »

if they take someone else's offer over yours and the sale closes you can be pretty sure it's legit and from stats from the Property Price Registry is happening in Dublin at an increased pace so it's not all smoke and mirrors folks.

Maybe in cases where the contracts exchange and the sale closes, but there are plenty of properties that go to sale agreed, and go back on the market due to one party pulling out for what ever reason.

cali_eire

Mint Sauce wrote: »

Maybe in cases where the contracts exchange and the sale closes, but there are plenty of properties that go to sale agreed, and go back on the market due to one party pulling out for what ever reason.

The stats of the closed sales don't lie (The Property Price Registry Only Records Closed Sales - not ones that fell apart); sure, some sales fall apart due to failed financing, inspections issues, cold feet or general disagreement but more and more sales and closing. In Desirable parts of Dublin right now the biggest issue with the market is availability of houses.

Mech1

cali_eire wrote: »

The stats of the closed sales don't lie (The Property Price Registry Only Records Closed Sales - not ones that fell apart); sure, some sales fall apart due to failed financing, inspections issues, cold feet or general disagreement but more and more sales and closing. In Desirable parts of Dublin right now the biggest issue with the market is availability of houses.

And possibly false bids driving it up.

Mint Sauce

Mech1 wrote: »

And possibly false bids driving it up.

That goes back to trusting/not trusting the agent if they say there has been other bids, or if an earlier bid has been accepted/rejected.

homemadecider

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

How on earth is that possible? Even if they were paying a high rent like €2,000 per month, that's €168,000 over 7 years. You'd do well to buy anywhere decent with that money - you certainly wouldn't be able to afford somewhere that commands a €2,000 rental with that money.

TL;DR you're talking out of your arse.

cali_eire

Mint Sauce wrote: »

That goes back to trusting/not trusting the agent if they say there has been other bids, or if an earlier bid has been accepted/rejected.

It also goes back to being a savvy buyer armed with a bit of common sense and information. Know what things have been selling for in the area by talking to multiple sources, judge how busy showings of the property are to see if the interest is legitimate and set a price limit that it's worth to you and dont go higher than that.

Montroseee

cali_eire wrote: »

The stats of the closed sales don't lie (The Property Price Registry Only Records Closed Sales - not ones that fell apart); sure, some sales fall apart due to failed financing, inspections issues, cold feet or general disagreement but more and more sales and closing. In Desirable parts of Dublin right now the biggest issue with the market is availability of houses.

This is very true. I visit my grandparents who live in Dalkey quite regularly and would absolutely love to buy there. The houses that go up for sale are always sold within a few months and often involve a bidding war. People are regularly getting over the asking price of their properties (In one case 8% over it) now. Sadly, the price of even a modest enough semi in this area will cost at least 650 k so for now it's only a dream.

The Dom

homemadecider wrote: »

TL;DR you're talking out of your arse.

Mind your manners, yeah.

We're renting a one bed cottage in Dublin for €1100 a month right now and not too long ago a cottage around the corner from us (similar to this one) sold for €92,000. That's almost exactly seven years of our current rent.

In fact, here's a 1 Bed House in Dublin 8 for €85,000 (most likely they'd sell for less):

http://www.lettings123.ie/blog-2/files/908ef9352f2d4b005d30a0061bfc53e7-0.html

Go and ask the tenants on that street how much rent they are paying.

Like the OP said, rents are crazy in Dublin and if you want a house, close to the city and / or near enough to a Luas stop for example, then they can be downright astronomical.

So, maybe in future you should take your own council when it comes to which part of the anatomy it's best not to talk out of.

Montroseee

The Dom wrote: »

Mind your manners, yeah.

We're renting a one bed cottage in Dublin for €1100 a month right now and not too long ago a cottage around the corner from us (similar to this one) sold for €92,000. That's almost exactly seven years of our current rent.

In fact, here's a 1 Bed House in Dublin 8 for €85,000 (most likely they'd sell for less):

http://www.lettings123.ie/blog-2/files/908ef9352f2d4b005d30a0061bfc53e7-0.html

Go and ask the tenants on that street how much rent they are paying.

Like the OP said, rents are crazy in Dublin and if you want a house, close to the city and / or near enough to a Luas stop for example, then they can be downright astronomical.

So, maybe in future you should take your own council when it comes to which part of the anatomy it's best not to talk out of.

Im not trying to be smart but you could do a lot better for yourself. I'm renting in a 2 bed apartment in clontarf for 1.2 k a month.

keeponhurling

Sure property is a sure thing, can also go up.

Plus it's good to get your foot in the property ladder. rent is dead money of course.

The Dom

Montroseee wrote: »

Im not trying to be smart but you could do a lot better for yourself. I'm renting in a 2 bed apartment in clontarf for 1.2 k a month.

€275 is not too bad for these particular townhouses / cottages. We are friends with another couple across the way and they are paying €230 for theirs. All these cottages are the old 1 Bed type where the whole of the upstairs is a bedroom.

The reason they fetch those much is mainly because of the proximity to town but that's all by the by really as even if you could find a landlord to rent a 1 Bed townhouse to you for €200 a week or something, as you can see, you can get them for around €80,000 and that's why I made the comment about seven years rent almost buying you the house you're renting.

The simple fact is that for many people that is the case and landlords don't seem to be short people that are willing to pay it either. When any of these cottages come up for rent, people are queuing outside the places on a Saturday.

I think a large part of it is that people that work in town will save on transport costs / parking costs etc if they can just walk into town or cycle etc and so they factor that into what they are willing to pay for rent and so these landlords around here know damn well what they will get.

Montroseee

The Dom wrote: »

€275 is not too bad for these particular townhouses / cottages. We are friends with another couple across the way and they are paying €230 for theirs. All these cottages are the old 1 Bed type where the whole of the upstairs is a bedroom.

The reason they fetch those much is mainly because of the proximity to town but that's all by the by really as even if you could find a landlord to rent a 1 Bed townhouse to you for €200 a week or something, as you can see, you can get them for around €80,000 and that's why I made the comment about seven years rent almost buying you the house you're renting.

The simple fact is that for many people that is the case and landlords don't seem to be short people that are willing to pay it either. When any of these cottages come up for rent, people are queuing outside the places on a Saturday.

I think a large part of it is that people that work in town will save on transport costs / parking costs etc if they can just walk into town or cycle etc and so they factor that into what they are willing to pay for rent and so these landlords around here know damn well what they will get.

Fair enough, I can see the logic in renting here for the reasons you mentioned. Proximity to town is the only thing this area has going for it, it's truely horrible (lived there for 21 yrs).