Daft report: Dublin rents now back to Celtic Tiger levels

Muahahaha

Daft report out today stating that the average Dublin rent is now €1250, which is what it was back during the Celtic Tiger in 2006. Rents in Dublin have now risen 17% in 3 years, with 11% of that coming in the last year alone.
A caveat must be included that Dafts data is the asking price for rents and not necessarily the rent paid. Nonetheless in a rising market it is more likely that landlords who see lots of interest will increase the asking rent during negotiations so Dafts figures could technically underestimate rental rises when there is a rising market.

Anyway it seems like we are definitely back to bubble rental territory now. Daft say the reason for the rises is a contraction of supply- they give the pertinent example of a tenant seeking property in Dublin in Feburary 2009- they would have had 6,700 different properties to choose from. Roll on to Feburary 2014 and there are now less than 1,500 properties to choose from, which is less than two weeks supply in a normally functioning Dublin rental market. In other words there are now around 78% less properties available in Dublin right now than there was four years ago.

It seems that despite all our governments talk on getting Ireland's competitive ness back has been a load of waffle because now we've seen a 17% increase in rents in three years and if the cost of living keeps rising the way it has done then Ireland is on target to become one of the EUs most expensive countries yet again.

http://www.daft.ie/report/ronan-lyons-2013q4-rental

Kaizersoze81

It's a terrible time to be looking for a place to rent. It's so competitive. Apartments that were rented for 1100 a month only 2 years ago are renting for 1400 now.

Bits_n_Bobs

Levy a site rate to force speculators (like NAMA for example...) to develop their lands or sell them to someone who will - problem solved.

pwurple

Supply vs demand.

They've made it unattractive to become a landlord also, so there are very few new entrants to the market to provide the required service.

leinsterdude

I have a house rented out, btl, what a pain in the ass it is, taxes, things breaking down, like boiler etc, need new couch etc etc, tennant is lovley, but no profit for me, worth 100k owe 180 k would sell if I could, big noose around my neck, thought it would be a pension for me, but not sure if it will ever sell. Not looking for pity, was a gamble, but not all great for the landlord either

marathonic

That's a crazy amount of rent.

Here in Donegal, the figures quoted on the daft report are €555 for a three-bed semi and €357 for a 1-bed apartment.

This compares to maximum rents allowed for rent supplement recipients of €400 and €300 for similar properties (assuming a single person in the 1-bed and a couple with 2 children in the 3-bed).

It's no wonder rent supplement recipients are having a hard time finding accomodation.

TheDoc

Struggling big time to find a suitable house to rent in areas I'm looking.

Big clock hanging over my head, gave the landlord notice, have two weeks remaining and for some reason the place has gone mental.

Fingers crossed just got in early on a property that just became available, but I've already fell foul twice in the last two weeks to having verbal agreements broken with landlords who took a higher rent price behind my back.

Can't afford to buy, can't find anywhere to rent....welcome to living in Dublin.