Charlesland Rents

gramo

Is it just me or has the price of renting gone to an all time high? We moved out 6 months ago from a 3 bed we had been in for 9 years, We tried to buy but it didn't work out. 1300 we had been paying for years and now when anything comes online they are in excess of 1600.

No longer are landlords just covering there mortgage, They are making a nice profit with tennants.

Im looking hard to try get back into charlesland fr the children but the prices are crippling everyone.

If there is anyone considering renting a 3 bed and doesnt want to go down the PTRB way please let me know..

I'll scratch your back kind of thing.

syntheticjunk

Greystones isn't part of rent pressure zone so you always will be at risk of rent increase. These days probably even shed could be rented for 1000.

Hack12

Gramo: As a landlord I can guarantee you there is little or no profit in it and a huge amount of landlords are running out of the market especially since house prices have risen and they are getting out of negative equity. Landlords have been treated like vermin by Government for going on 10 years which has increased the cost of renting. Factors to be aware of and be a landlord is a business and not a social responsibility which the State thinks it is.
(1) Fianna Fail reduced the interest you are allowed to deduct for tax purposes from 100% to 75%. FG have increased it to 80%. In real terms a mortgage of €1K and a rent of €1.2K people think you are making €200 profit where the reality lets say interest of the mortgage is €750, the landlord can deduct 75% of €750 circa €560 so will pay tax at 51% on €440 per month which is circa €220 so they are down €20 a month before they start to get rent in. (€5,280 per annum).
(2) LPT is paid by the landlord which has increased rents.
(3) Loans taken out for improvements on the property you are not allowed deduct interest of the loan as a cost of business.
(4) Voids for repairs etc which is circa 20% of the rent a year.
(5) PRTB registration is €90 every 3 years if there is no change in tenant and only a idiot would not register with them as landlords have been burned so much in recent years the €90 is nothing if the tenant is a nightmare. I had nearly €3K damage done to my property by a tenant and held the deposit. I was brought to RTB still and was allowed keep the deposit but forget about getting the rest. It is just not worth it not to be registered.
(6) The new rule of rent reviews every two years has not helped as landlords now need a crystal ball to see into the future. It is also worth noting even if you have an excellent tenant and agree below market rent landlords have had to increase rents on them as Simon Coveney in his wisdom will not allow you increase the rent on a below market rent to a market rent when the tenant moves out so landlords naturally protected themselves.

There is more issue for landlords but the above are just some.

While I do agree rents have gone up it mainly is down to years of Government interference in the market and driving up costs which like any business is passed onto the customer (the tenant) along with coming from a low rental market a few years ago and landlords trying to get back money they have pumped into a blackhole for a number of years. Also remember a lot of landlords including myself are accidental landlords who bought a property to live in and are still in negative equity and have rented out there property as it no longer suits there needs aka. Single or couple when bought a 2 bed now married with kids and need a bigger house and are renting themselves.

But as someone who is both a tenant and a landlord I can honestly say Government interference is to blame on rising rents and expecting landlords to provide social housing.

gramo

Thanks for your detailed reply Hack

As far as I am aware Greystones is part of the rent pressure zone, And I understand that landlords took a hit when the market dropped but are we just creating another property bubble? Things have gone back to the way they had been a few years back, Im stuck in a position where I cant save for a deposit because my rents are too high and the tax relive renters used to get is no longer available.

I have a young family that consists of myself my wife and our three children, I will have to face the fact that we will never own a home but will have to rent our whole lives. I suppose my whole rant is in the desperate hope that there is a landlord somewhere in charlesland that is looking for long term tennants on the basis of a lower than market rent, We can try save to purchase our own home and the landlord gets long term tennants that treat the home like its there own.

Win Win

2011

gramo wrote: »

As far as I am aware Greystones is part of the rent pressure zone

You are trying to rent in one of the most expensive parts of the country. Property prices are through the roof in Greystones therefore the rents are too.

And I understand that landlords took a hit when the market dropped but are we just creating another property bubble?

Maybe, but no landlord is going to take a hit "for the greater good".

Im stuck in a position where I cant save for a deposit because my rents are too high and the tax relive renters used to get is no longer available.

I feel your pain. I was there too. My solution was to rent in a cheaper area i.e. outside Greystones.

Hack12

Gramo:

Greystones in NOT part of the RPZ areas. The issue is not so much rents have gone up (they have in practice but not in net) but the state has pushed so many taxes etc onto landlords it has driven up the cost of letting properties and it will only go up further as long as the costs go up. They just don't get it, the NPPR (Non Principal Private Residence tax) was I think E200 a year from memory because you rented a house to someone you got taxed, so it got passed on. It is now the LPT which I am paying close to â‚E400pa and like all businesses the costs get passed on. Unless the Government reduce the cost base it is only going to continue one way. It is also worth noting the LPT and NPPR are not tax deductable as an expense so you are getting hit on the double. Government also have double standards to tenants which people don't realise. If a landlord rents to tenants who are not on rent allowance they can deduct 75/80% of the mortgage interest as an expense but if your tenant is on a rent allowance scheme you can deduct 100% of the interest. I will also say that once my property is out of negative equity it will be sold asap and breaking even I will be delighted or even a small loss as it genuinely ia not worth the hassle and there is a lot of accidental landlords in the country who cant wait to get out of it. Good luck to you and your family in getting a home whether its renting or buying.

SteM

Greystones was supposed to be included as a RPZ but was not.

https://www.rte.ie/news/2017/0203/849787-rent-pressure-zones/

Three towns that were identified as rent pressure zones in a report to Minister for Housing Simon Coveney were not included in the Government's extended rent cap scheme last week, it has emerged.

A report from the Housing Agency, obtained under the Freedom of Information Act, shows that Maynooth, Greystones and Cobh were included on a list of 15 areas for proposed rent caps.

However, when additional criteria were applied under law by the Residential Tenancies Board, the three towns were excluded from the final list of 12 announced by Minister Coveney.

gramo

So it was supposed to be in the zone.. I knew I heard something at some stage.. Its a real pitty the way things are panning out for anyone that rents, Charlesland is a lovely area with a great community, Its only in its infancy state with youth clubs been proposed and the great success with the kids football league last year.

I kick myself on a daily basis that we had a home there for 8 years and made a mistake by trying to move and save for our own mortgage. I feel like I am in Limbo now! The kids friends are all there and there school, I have to get them back but the way things are with the prices and how quick the houses get snapped up is disappointing.

We went to one viewing a while back I think it was sherry Fitzgerald, We had been told to be there for 9 and we would be the first people to view it, What came after that was only a disgrace.

We got there at 8:45 and there was at least 6 or 7 other couples, After we viewed the house I asked the lady how this works, Her answer was to put our offer in writing in an envelope she provided..

Have you ever seen anything like it? Yeah I have heard of something like that if people are buying the houses..

Disheartening is an understatement.... Who ever is willing to pay the most gets the property.. Never mind about all the other factors other families can offer, Treating the home as if it was there own, Long term tenant's ect..


Rant over Sorry!!

yoshiktk

@Gramo
When I was looking for apartment to rent two years ago I felt like in some reality show, bidding wars or whatever they are called. People after viewing were like sharks lurking around the agent, shouting how much they can pay. The situation is so ridiculous that when talking with my friends I did mention buying an old camper as a joke a lot of people said that it could be an option. To be honest now I start to think the same. Right now I have time till February, then my LL wants to sell the house. With all the rents around raising rise crazy, camper seems like decent option. If the bubble doesn't break till 2018, I'll be completely f....

gramo

I cant see the bubble bursting any time soon. Just checked Daft.ie yesterday and there is one 3 bed house for rent in Charlesland.... "UNFURNISHED" and they are asking for 1800 euro.... That price is a disgrace....

What is happening!!

endacl

gramo wrote: »

What is happening!!

Economics.

gramo

Its a disgrace that's what it is

Blandpebbles

As the man said, economics... supply and demand.

Who is the disgrace? The economy, the landloard, the renter willing to pay, that it's in Charlesland?

Perhaps an idea of how you would fix it would help too.

gramo

Its a disgrace that everything seems to be going against the renters.. Rents go up but wages dont. The tax relieve for renters is gone but its there for Mortgage holders.

As for suggestions on how to fix this i'm stumped!

gramo

Up and up they just keep going.. 1950 is the latest one on Daft.ie and there is no way that house is worth that kind of money.

RosieJoe

gramo wrote: »

Up and up they just keep going.. 1950 is the latest one on Daft.ie and there is no way that house is worth that kind of money.

It is if people are willing to pay it

beepbeeprichie

RosieJoe wrote: »

It is if people are willing to pay it

It's more like being forced into paying it due to chronic lack of choice in fairness
No one will gleefully be paying nearly 2k to live in Charlesland and think they've just snagged themselves a bargain.
That monthly outlay is equivalent to a 450k mortgage

JJJJNR

Why would you want to live in Charlesland if its so high to rent there, thats the advantage of renting, just move.

Here's a nice place in laragh that your kids would probably appreciate more!

http://www.daft.ie/wicklow/houses-for-rent/laragh/laragh-laragh-wicklow-1756024/

beepbeeprichie

JJJJNR wrote: »

Why would you want to live in Charlesland if its so high to rent there, thats the advantage of renting, just move.

Here's a nice place in laragh that your kids would probably appreciate more!

http://www.daft.ie/wicklow/houses-for-rent/laragh/laragh-laragh-wicklow-1756024/

Hmm, as lovely as laragh is to visit it isn't somewhere I would like to live, one bad winter can make getting to work and school runs quite stressful. Especially at 1500 per month, I don't see enough of a saving there to justify such a move. But I agree on expanding your horizons, don't get so hung up on Charlesland, by restricting your search to just one small area you are adding to the stress. I really didn't want to leave Greystones but after I moved I was very happy

LagunaSeca

JJJJNR wrote: »

Why would you want to live in Charlesland if its so high to rent there, thats the advantage of renting, just move.

Here's a nice place in laragh that your kids would probably appreciate more!

http://www.daft.ie/wicklow/houses-for-rent/laragh/laragh-laragh-wicklow-1756024/

What a fantastic suggestion and useful contribution to the conversation - "Just move"!!

People should look even further afield for better value than Laragh - rents are way cheaper in Wexford, Carlow....

2011

JJJJNR wrote: »

Why would you want to live in Charlesland if its so high to rent there, thats the advantage of renting, just move.

I agree, that is exactly what I did when saving for a deposit. You don't need to go as far as Laragh to get cheaper rent and still live in a nice area. Paying higher rent means being stuck in the rent trap for longer.

alexnapier101

gramo wrote: »

Its a disgrace that everything seems to be going against the renters.. Rents go up but wages dont. The tax relieve for renters is gone but its there for Mortgage holders.

As for suggestions on how to fix this i'm stumped!

I am a mortgage holder, for last 2 years, and do not receive any tax relief of any sort. Am I missing something, I was not aware there is some sort of mortgage relief?

Annasopra

alexnapier101 wrote: »

I am a mortgage holder, for last 2 years, and do not receive any tax relief of any sort. Am I missing something, I was not aware there is some sort of mortgage relief?

No.

Since 2012 new mortgage holders don't get tax relief

beepbeeprichie

alexnapier101 wrote: »

I am a mortgage holder, for last 2 years, and do not receive any tax relief of any sort. Am I missing something, I was not aware there is some sort of mortgage relief?

I think it was phased out a few years ago. It was given on a decreasing scale over the first 7 years of your mortgage. So some people are maybe receiving the last couple of years of it but it hasn't been offered to new mortgages for about 5 years.
I think!

gramo

My bad regarding the mortgage relief,
In regard to moving further a field it's not something I want to do with a young family. My children are happy in there school, they have friends. To first take them away from there friends at home and then throw in loosing there friends at school I just couldn't do.

Our jobs are in the area as well.. to be honest I hope the economy burst again, if anything I was better off as a family when it burst the last time. My salary didn't decrease but the cost of living went down.

And there is a reason the prices are going up, it's the estate agents bumping them up. Same as the last time

fortwilliam

gramo wrote: »

to be honest I hope the economy burst again, if anything I was better off as a family when it burst the last time. My salary didn't decrease but the cost of living went down.

You hope the country falls into recession again affecting hundreds of thousands of families, mass emigration, job losses, homelessness etc, so you can save a few quid on your rent?


Nice community spirit there.

SteM

Let the economy go to hell and people loose their jobs as long as you get to live in Charlesland. FFS, I've heard it all now.

I grew up in Greystones but couldn't afford to live there when it came to buying or renting so I moved to a place that I could afford. Likewise my brother had to move to Gorey as it was the only place he could afford to rent. Would be nice to live near my family and beside the sea but I'm not going to wish economic meltdown to get it.

gramo

The only jobs we lost was I the construction industry, there was plenty of work going around but people thought they where too good for it. Plenty of polish or Eastern European people had work. It's not just about rents or living in Greystones, it's just and endless recycle of what went on previously.

As the previous poster stated 2 grand a month for rent is the equivalent of a 450k mortgage.

Does no one see the problem here!

SteM

gramo wrote: »

The only jobs we lost was I the construction industry, there was plenty of work going around but people thought they where too good for it. Plenty of polish or Eastern European people had work. It's not just about rents or living in Greystones, it's just and endless recycle of what went on previously.

As the previous poster stated 2 grand a month for rent is the equivalent of a 450k mortgage.

Does no one see the problem here!

Oh, I must tell the people that were let go from company that I work for that they didn't actually loose their jobs - must have been a clerical mix-up.

There are definitely issues in the property market. There are also issues with people's sense of entitlement in this country. Hopefully you'll get the crash you wish for anyway.

gramo

SteM wrote: »

Oh, I must tell the people that were let go from company that I work for that they didn't actually loose their jobs - must have been a clerical mix-up.

There are definitely issues in the property market. There are also issues with people's sense of entitlement in this country. Hopefully you'll get the crash you wish for anyway.

Ahh Ste now don't be like that. I don't wish for another crash but it's frustrating.

SteM

gramo wrote: »

Ahh Ste now don't be like that. I don't wish for another crash but it's frustrating.

Of course it's frustrating. It's frustrating for the 30 years olds that still have to live with their parents, it's frustrating for people in negative equity, it's frustrating for many accidental landlords that aren't even covering their mortgage repayments with the money they get in rent every month, it's frustrating for the landlords that get into financial difficulty because they get a tenant that doesn't pay rent and overholds. You're not the only one frustrated but you have tunnel vision about living in one housing complex in one town in Ireland it seems.

2011

gramo wrote: »

In regard to moving further a field it's not something I want to do with a young family. My children are happy in there school, they have friends. To first take them away from there friends at home and then throw in loosing there friends at school I just couldn't do.

You don't need to move far from Greystones to see a dramatic drop in property prices. Children can remain in the same school and mix with the same friends.

When property prices went completely nuts (about 11 years ago) I moved out of Greystones and bought close by. My daughter still goes to school in Greystones and retains the same friends. It is best thing I ever did. I love Greystones and spend a lot of time these, but the mortgage for a similar size and type of house would have left me penniless. I decided that life was too short to put myself under that sort of financial pressure.

Each to their own I guess.

Annasopra

2011 wrote: »

You don't need to move far from Greystones to see a dramatic drop in property prices. Children can remain in the same school and mix with the same friends.

When property prices went completely nuts (about 11 years ago) I moved out of Greystones and bought close by. My daughter still goes to school in Greystones and retains the same friends. It is best thing I ever did. I love Greystones and spend a lot of time these, but the mortgage for a similar size and type of house would have left me penniless. I decided that life was too short to put myself under that sort of financial pressure.

Each to their own I guess.

Agreed. Kilcoole, Newtown and Newcastle may have to be options to look at.

beepbeeprichie

gramo wrote: »

My bad regarding the mortgage relief,
In regard to moving further a field it's not something I want to do with a young family. My children are happy in there school, they have friends. To first take them away from there friends at home and then throw in loosing there friends at school I just couldn't do.

Our jobs are in the area as well.. to be honest I hope the economy burst again, if anything I was better off as a family when it burst the last time. My salary didn't decrease but the cost of living went down.

And there is a reason the prices are going up, it's the estate agents bumping them up. Same as the last time

Greystones is not the centre of the universe, trust me. If your jobs are in the area then your kids can still go to the same school, play with their friends etc. They will make new friends wherever they live, don't let this be such a deciding factor in where you live. If you can't afford around Greystones then move a little further out, you need to be realistic, the kids will be fine. Most people don't get to live, work and play in the one town.
If things change and Greystones prices come down then by all means move back. But that's not likely, by procastinating are you going to miss out on a property a few miles down the road? The prices are going to keep going up in places like kilcoole, Newtown and Wicklow so don't get priced out of there too. It is madness, but start getting pro active. No point having happy kids if you are stressed to the heavens!

alexnapier101

gramo wrote: »

Our jobs are in the area as well.. to be honest I hope the economy burst again, if anything I was better off as a family when it burst the last time. My salary didn't decrease but the cost of living went down.

Ouch, now that is a kick in the teeth the people who lived through the most economically depressed and awful times over the last decade.

Rising prices are a direct side effect of the economic recovery / growth. It is just for unfortunate and frustrating in your case, house prices have outpaced other costs.

The other side of the coin is many house buyers who bought during the boom have seen their assets lifted out of negative equity, allowing them to move or scale up.