Typical & fair rent in Galway city - What is the going rate?

Bass Cadet

Hi all...

I own a modern (relatively speaking - 1995) 3 bed semi detatch house in Galway city (with converted attic). It has a large back garden space for it's location (5 mins walk from Dominic St). 5 min walk to UCHG/NUIG. Car parking for three cars.

My current tenants are asking for a price reduction from €1100. I would like to keep them on but I live and work in Dublin and pay the same for my place here. My rent on the house just about covers my mortgage repayment every month.

I have used a letting company who have been a complete disaster since I returned from the States. (unreturned phone calls, no notification of late rent payment/payments). I want to be sole point of contact on the property.

I'm unsure exactly on what I should be charging as I know myself rental prices have gone up (in Dublin & Galway city). I know all the rules and regulations but would like some fair rental price advice.

I want to be as fair as possible (obviously) but returned from the States last September and need the correct going rate on a property (that I have recently renovated at a cost of €3000).

Any recommendation on pricing or who to contact via current rental prices appreciated. Thanks

MarkAnthony

http://www.prtb.ie/dispute-resolution/disputes/the-three-stages-of-a-tenancy/what-is-market-rent-

davo10

Check on daft.ie to see what the going rate is for houses in your area, note that on today fm they reported today that rents have risen by 8% in Galway this year alone and are 25% higher than they were in 2013. You would probably be the only landlord in Galway who would even consider reducing the rent.

Bass Cadet

Thanks for the link, it's actually very interesting reading but it's quite ambiguous. Although I do see that rent has increased 6.5%. However they just have an index for Houses 'in Dublin' and 'outside Dublin'.

I'm just looking for a general guide from people on the forum who live in the city centre with similar size house for rent and what they expect or the rent they receive (or pay) according to my previous description of the house/size etc, cheers.

Bass Cadet

davo10 wrote: »

Check on daft.ie to see what the going rate is for houses in your area, note that on today fm they reported today that rents have risen by 8% in Galway this year alone and are 25% higher than they were in 2013. You would probably be the only landlord in Galway who would even consider reducing the rent.

I'll check it out. cheers.

MarkAnthony

http://www.cso.ie/px/pxeirestat/pssn/prtb/homepagefiles/rent_index_statbank.asp

It's from 2014 so somewhere between the 800 odd from the dataset from Galway City and what's being asked on Daft would be my guess.

My Bad Q12015 is there €819 for a 3 bed Semi.

Bass Cadet

MarkAnthony wrote: »

http://www.cso.ie/px/pxeirestat/pssn/prtb/homepagefiles/rent_index_statbank.asp

It's from 2014 so somewhere between the 800 odd from the dataset from Galway City and what's being asked on Daft would be my guess.

My Bad Q12015 is there €819 for a 3 bed Semi.

I've been offered €1200/month by family of three. I don't know...I'm a bit confused by it all...need to get more info from agents (As much as I hate dealing with them). Lease for current tenants ends in mid October.

I'm paying crazy rent in Dublin so I have sympathy for the Galway market but have to look out for no.1...The consequences of not making my payments are scary. If the current tenants want to stay on at current price I'm happy with that

Thanks for the info

MarkAnthony

I'd check DAFT as Davo says and I'd also (and do) do it myself. Might be more difficult for you Dublin - Galway.

El_Dangeroso

If you can get 1200 then charge 1200. You're not running a charity.

I say this as a person renting in Galway city.

CatFromHue

you may end up finding that 1100 is low for Galway cc

Bass Cadet

Thanks for all the help. Although I may be able to get an extra €50/month or even 100, I'd really like to keep current tenants who actually take care of the house, carpets, garden and treat the property well (not to say new tenants wouldn't)

but...the hassle of interviewing new tenants etc while I'm in Dublin and only back at weekends seems like too much of a burden at the moment (I sometimes have to work Saturdays).

Anyway, I suppose I'm in a good situation (Galway City-wise ie landlord) and bad situation (dublin-city-wise tenant)...so evens itself out or at least I have to make sure it does!

Cheers

athtrasna

What about your tax situation? You say the rent you receive just about covers your mortgage but depending on your other income you may be liable for up to 52% of rental income less allowable deductions?

Bass Cadet

Thanks for your concern on my rental tax situation as I'm sure my landlord here I'm Dublin is.
Don't worry...the country is safe as regards me paying any tax I've ever owed

Regards

athtrasna

Bass Cadet wrote: »

Thanks for your concern on my rental tax situation as I'm sure my landlord here I'm Dublin is.
Don't worry...the country is safe as regards me paying any tax I've ever owed

Regards

You're only responsible for yours

Chris_5339762

If they are good tenants who will stay, knock 100 off what you're proposing. Good tenants are priceless.

Mrs OBumble

Fire the agent, and split the difference with the tenants.

TBH, unless there's something wrong with the house, I think they're cheeky asking for a reduction.

I'm paying 800pcm for Galway City centre, and am worried that my LL may increase it.

handlemaster

Ask for as much as the market will take. You will get no thanks for giving low rent . I say this from experience . You are a Landlord and tenants will view you as a man loaded with money even if your down to your last dime.

Cheshire Cat

Mrs OBumble wrote: »

TBH, unless there's something wrong with the house, I think they're cheeky asking for a reduction.

This. They have a good deal as is. Call their bluff and refuse the decrease. They will stay because they won't find anything comparable even a Cent cheaper.
Galway rents are crazy at the moment. I am a tenant in Galway myself and wouldn't rock the boat by asking for a decrease of a fair rent.

April 73

Simple. Tell your current tenants that you are charging a fair market rent, that you have spent considerable money on doing the place up & you have been offered more money by another prospective tenant.
Tell them I f they want to have a look around & see if they can get an equivalent property for less, then tell them to do so. However despite being offered more money, you are happy with them as tenants & will renew their lease for the current rent.
I don't see why you'd reduce rent just coz they chanced their arm & asked. Would your landlord do the same?

Bass Cadet

April 73 wrote: »

Simple. Tell your current tenants that you are charging a fair market rent, that you have spent considerable money on doing the place up & you have been offered more money by another prospective tenant.
Tell them I f they want to have a look around & see if they can get an equivalent property for less, then tell them to do so. However despite being offered more money, you are happy with them as tenants & will renew their lease for the current rent.
I don't see why you'd reduce rent just coz they chanced their arm & asked. Would your landlord do the same?

No, she certainly would not.

Thanks for all your contributions. I'm meeting with them on Friday evening and have no intention of decreasing rent, all things considered.
If they were happy enough to sign the initial rental lease at that price, then I can't see any reason why I should decrease the rent considering rental prices have even risen since they signed.