Rents to rise to 2500 a month in Dublin

fret_wimp2

Bananaleaf wrote: »

The boom is definitely back lads

http://www.daft.ie/dublin/apartments-for-rent/dublin-2/merrion-street-dublin-2-dublin-1808093/

Extreme outlier and little to do with any trends. How much was it per month 5 years ago? I'd wager it wasnt a million miles from the current price.

Not saying the market isn't messed up but this was never going to be an indication. It probably wouldn't even make it into any statistical studies, would be lopped off the end to prevent sku of stats.

Mickiemcfist

LirW wrote: »

Don't wanna be cheeky here but going by the salary it's probably a well-paying niche job?
There are a lot of people looking for jobs out of towns that require a small skillset.
Living in a rural area, working people with a commute are constantly looking for a good job locally but most simply can't find anything where they can use their skills.

Edit: Once people find jobs locally, they want to keep them because paying your bills and getting to spend a lot of time with family is of such high value for many. One of my neighbours is a trained carpenter/roofer. He's working in a meat packing factory for a few years now, because it's literally down the road in the next village, 5 minutes drive with no traffic at all. While it's not the most exciting job in the world and he wanted to change a few times to a job with a longer commute, he always decided to stay put. The pay is alright and coming home at 3.30 is worth a lot.

Sounds very like a friend of mine, Wexford by any chance?

LirW

Not Wexford but Co. Wicklow, we might talk about the same factory though, since it's bordering Wexford.

Mr. teddywinkles

Bananaleaf wrote: »

The boom is definitely back lads

http://www.daft.ie/dublin/apartments-for-rent/dublin-2/merrion-street-dublin-2-dublin-1808093/

In Dublin only I'd say

mrslancaster

Grayson wrote: »

It's not really acceptable to say that younger people have to stay at home until they can save a deposit. Renting should be affordable.

I'm in a similar situation to you. I'd have no problem renting for ever though but there's no stability in it. I can't be certain I wouldn't be kicked out by a landlord who wants to let it to a family member.

You're right - renting forever would be very unstable maybe that's why so many want to own their own home.

IMO it makes no sense to rent long-term if the monthly costs are nearly the same as buying. If someone could manage to save the deposit and buy their own home, the mortgage would be finished after say 25 years which sounds like forever, but either a bank or a landlord has to be paid every month anyway so why not a mortgage for your own benefit?

Rents will probably always increase so the % of disposable income will not go down. If you're paying off a mortgage, the repayments become a much smaller % of your monthly income and you get to a point where things get easier and you'll have more money to spend on the stuff you want.

Trying to get a deposit together and the first few years of paying a mortgage are a pain. You have to do without a lot of the nice things like holidays but the majority I know think it's worth it in the long run... It doesn't have to be a castle - just yours...and you can always sell it if you want to move jobs etc

If you rent, that monthly costs never ever stops and nobody knows how they'll be fixed in later years health-wise or even if they will still have a job.

IMO, the security of having a roof over your head that is not affected by a landlord or the whims of the government is a better option if it's at all possible.

As another poster said, staying with parents for as long as possible and saving might not be the worst idea in the world

handlemaster

Property outside the M50 but still in Dublin is still within reason . Particurally if you are house sharing
Dublin 15 rent three bed for 1600 per month share with three people. Its ok. Good links into town. Train bus or cycle 30mins

KellyXX

Henbabani wrote: »

350 from the 550 will be available only in 2021...
"
[font=Lato, sans-serif]Separately, pharmaceutical company MSD has announced the creation of 350 jobs.[/font]
[font=Lato, sans-serif]The positions will come on stream with construction of a new biotechnology facility in Swords.[/font]
[font=Lato, sans-serif]Site works will start immediately, and manufacturing is expected to begin in 2021."[/font]

We have a bid on an apartment in swords.
Better hurry up and close before the vendor sees that 😱

KellyXX

mrslancaster wrote: »

You're right - renting forever would be very unstable maybe that's why so many want to own their own home.

IMO it makes no sense to rent long-term if the monthly costs are nearly the same as buying. If someone could manage to save the deposit and buy their own home, the mortgage would be finished after say 25 years which sounds like forever, but either a bank or a landlord has to be paid every month anyway so why not a mortgage for your own benefit?

Rents will probably always increase so the % of disposable income will not go down. If you're paying off a mortgage, the repayments become a much smaller % of your monthly income and you get to a point where things get easier and you'll have more money to spend on the stuff you want.

Trying to get a deposit together and the first few years of paying a mortgage are a pain. You have to do without a lot of the nice things like holidays but the majority I know think it's worth it in the long run... It doesn't have to be a castle - just yours...and you can always sell it if you want to move jobs etc

If you rent, that monthly costs never ever stops and nobody knows how they'll be fixed in later years health-wise or even if they will still have a job.

IMO, the security of having a roof over your head that is not affected by a landlord or the whims of the government is a better option if it's at all possible.

As another poster said, staying with parents for as long as possible and saving might not be the worst idea in the world

It is my considered opinion as a person who fcucked this up and waited too long, that you get on the property later as fast as you possibly can when you start earning. Even if it's a one bed apartment it will do you for some time and you won't get fcucked by rising rents.
When it's time to trade up you will have a good chunk of it paid off and it you are lucky will meet a partner who had done the same thing.

Wanderer78

KellyXX wrote:

It is my considered opinion as a person who fcucked this up and waited too long, that you get on the property later as fast as you possibly can when you start earning. Even if it's a one bed apartment it will do you for some time and you won't get fcucked by rising rents. When it's time to trade up you will have a good chunk of it paid off and it you are lucky will meet a partner who had done the same thing.

I think this thinking is madness, even though I understand your logic. We seriously need to ditch this whole idea of ladders etc, as it generally just all turns into snakes eventually, people need homes, period, our thinking is arse ways about this. Our current debt burden is already unsustainable, we have to stop this madness. I was starting to consider purchasing at the height of the boom, thank bloody god I didn't, what a scam.

KellyXX

Wanderer78 wrote: »

I think this thinking is madness, even though I understand your logic. We seriously need to ditch this whole idea of ladders etc, as it generally just all turns into snakes eventually, people need homes, period, our thinking is arse ways about this. Our current debt burden is already unsustainable, we have to stop this madness. I was starting to consider purchasing at the height of the boom, thank bloody god I didn't, what a scam.

Just my opinion. Don't hate me for it. Wish I'd done it. Anyone I know personally who did do it is sitting pretty now. Anyone who didn't is crying about high rents. Anyone I know personally who purchased at the height of the boom is sitting pretty now too. While their property may be worth less than they paid for it they have a half paid off mortgage and their mortgage is far, far less than they would pay in rent.

People don't like to believe it, but it's true.

Wanderer78

KellyXX wrote:

Just my opinion. Don't hate me for it. Wish I'd done it. Anyone I know personally who did do it is sitting pretty now. Anyone who didn't is crying about high rents. Anyone I know personally who purchased at the height of the boom is sitting pretty now too. While their property may be worth less than they paid for it they have a half paid off mortgage and their mortgage is far, far less than they would pay in rent.

It's all relative, there is no perfect time to buy, never has been, but our current approach has to stop, as there's very few winners. You didn't fcuk up, it's a calamity of a system. Recently advised a young person who's just about to start their career, don't dream of buying straight away, go and enjoy life, but be educating themselves about all aspects of the market, in particular mortgages etc. before purchasing anything. The whole system preys on people's lack of knowledge on how this works, particularly debt, this is unsustainable, we re indebting ourselves, particularly younger generations, this madness has to stop.

KellyXX

Wanderer78 wrote: »

It's all relative, there is no perfect time to buy, never has been, but our current approach has to stop, as there's very few winners. You didn't fcuk up, it's a calamity of a system. Recently advised a young person who's just about to start their career, don't dream of buying straight away, go and enjoy life, but be educating themselves about all aspects of the market, in particular mortgages etc. before purchasing anything. The whole system preys on people's lack of knowledge on how this works, particularly debt, this is unsustainable, we re indebting ourselves, particularly younger generations, this madness has to stop.

Imo what you have advised them to do is a recipe for tears in their 30s.
You either own your own house or you pay rent. At least owning, your monthly outgoing is fixed.
Wait til you are retired and looking at double digits rent increases. The state aren't going to help. At least if you owned your house you will have it paid off.

Bob24

KellyXX wrote: »

Just my opinion. Don't hate me for it. Wish I'd done it. Anyone I know personally who did do it is sitting pretty now. Anyone who didn't is crying about high rents. Anyone I know personally who purchased at the height of the boom is sitting pretty now too. While their property may be worth less than they paid for it they have a half paid off mortgage and their mortgage is far, far less than they would pay in rent.

People don't like to believe it, but it's true.

I guess every situation is different, but I know people who bought one beds for crazy prices in 2007 and who are still crying about it.

Sure prices will eventually the figures they paid again and mortgages are not necessarily unsustainable. But they've been stuck in a place which is too small for their needs (and/or not where they want to be) and which they can't easily upgrade from for over a decade.

KellyXX

Bob24 wrote: »

I guess every situation is different, but I know people who bought one beds for crazy prices in 2007 and who are still crying about it.

Sure prices will eventually the figures they paid again and mortgages are not necessarily unsustainable. But they've been stuck in a place which is too small for their needs (and/or not where they want to be) and which they can't easily upgrade from for over a decade.

I wish I had even bought a 1 bed in 2007 tbh.
Anyone I know who did was very stressed out for a good few years during the busy but they are all delighted now, and half way through their mortgages.

A good few have traded up since or are trading up now.

LirW

Kelly, ask the user Samuel T. Cogley about the 1bed he bought during the boom :pac:

KellyXX

LirW wrote: »

Kelly, ask the user Samuel T. Cogley about the 1bed he bought during the boom :pac:

Why, is he homeless and penniless now?
Is he in negative equity still?
I'd be interested in the story if he wants to share.

myshirt

Before you start climbing that ladder, make sure it is leaning against the right building, because unfortunately all that is waiting for a lot of people at the top of that ladder is a kick in the stones.

Renting or buying is a consumption choice.

previous user

stateofflux wrote: »

It is nuts..

4 years ago i was renting a big 2 bed georgian apartment in ranelagh for 650pm
now i am in a tiny studio (an eight of the size) paying 950pm.

the funny thing is back then i only had a part time job /casual dole. now i have a decent full time job and decent salary but my disposable income is the same.

That's insanity right there.

Topgear on Dave

KellyXX wrote: »

I wish I had even bought a 1 bed in 2007 tbh.
Anyone I know who did was very stressed out for a good few years during the busy but they are all delighted now, and half way through their mortgages.

A good few have traded up since or are trading up now.

A friend of mine bought an apartment around that time and is still in NE.

Do not underestimate that bit about being "very stressed out for a good few years". It is a very bad thing.

Taking out large mortgages is not to be sneezed at, you literally tie yourself to a property and a debt.

Its not a good idea for everybody.

(and whatever you do, dont listen to the estate agents and their "property ladder" ****e) :cool:

mrslancaster

Wanderer78 wrote: »

I think this thinking is madness, even though I understand your logic. We seriously need to ditch this whole idea of ladders etc, as it generally just all turns into snakes eventually, people need homes, period, our thinking is arse ways about this. Our current debt burden is already unsustainable, we have to stop this madness. I was starting to consider purchasing at the height of the boom, thank bloody god I didn't, what a scam.

as you say people need homes but many people do not rely on the state to provide them.

what madness are you referring to?

if its a choice between renting for the rest of your life or saving to get a deposit & getting a mortgage, IMO it makes more sense to buy and be mortgage free at some point.

what exactly do you think is wrong with a young person or couple getting a foot on the property ladder? or do you think people should be shackled with rent payments for the whole of their life?

who gains from that I wonder..

pilly

KellyXX wrote:

It is my considered opinion as a person who fcucked this up and waited too long, that you get on the property later as fast as you possibly can when you start earning. Even if it's a one bed apartment it will do you for some time and you won't get fcucked by rising rents. When it's time to trade up you will have a good chunk of it paid off and it you are lucky will meet a partner who had done the same thing.

One bed roomed apartments are the very ones that people get stuck with in a recession. What use are they if you ever intend having children?

Joe prim

Anthony123123 wrote: »

Why are high rise buildings not being build? I think it is a case of poor education in the country they don't even look for solutions, just poor bs out of their mouths SAD

Google Ballymun or St Michael's Estate.

LirW

Joe prim wrote: »

Google Ballymun or St Michael's Estate.

But Ballymun was basically damned before it was being built because it's the prime example on how to create a ghetto.
Ballymun can't be used as an excuse for not building up. The decision is simple, you either decide to radically undergo changes or you face it that you can't house enough people in 2018 and you f'd up badly in general and be open to companies and tell them to look elsewhere in Ireland or Europe to go.

There was an article on the journal today about Seattle tackling their housing crisis by building multi storey on former detached house plots.

mrslancaster

LirW wrote: »

But Ballymun was basically damned before it was being built because it's the prime example on how to create a ghetto.
Ballymun can't be used as an excuse for not building up. The decision is simple, you either decide to radically undergo changes or you face it that you can't house enough people in 2018 and you f'd up badly in general and be open to companies and tell them to look elsewhere in Ireland or Europe to go.

There was an article on the journal today about Seattle tackling their housing crisis by building multi storey on former detached house plots.

did it say how many storeys? maybe the buildings in ballymun & other places were just too high. is there a happy medium that most would be ok with?

Samuel T. Cogley

LirW wrote: »

Kelly, ask the user Samuel T. Cogley about the 1bed he bought during the boom :pac:

Makes €3000 profit* a year, out of neg equity and I bought a 4 bed out in the burbs to produce offspring and complete the circle of life.

It's on a tracker so the mortgage is very low but I won't sell it until I can cash in at least 70K from it. At this rate that'll be this year or next.

*Capital repayment, just about breaks even now without this.

The only thing I'd do differently is not overpay - as in not overpay on top of a boom and yes I probably would buy a 2 bed - lets face it they were throwing money at people in 2006.

EDIT: Would I do it now? Me bollocks would I - trackers are the only thing that save my generation of buyers.

LirW

3 - 4.

http://www.thejournal.ie/seattle-up-and-dense-3848300-Feb2018/

It makes a lot of sense.

And Ballymun didn't suffer from the height of the buildings, it suffered from being built without any infrastructure and housing problematic people in one spot and leave them rot there.
My dad lives in another European country on the 6th floor with a few other 7-storey buildings and there aren't any problems whatsoever.

Bob24

LirW wrote: »

But Ballymun was basically damned before it was being built because it's the prime example on how to create a ghetto.
Ballymun can't be used as an excuse for not building up. The decision is simple, you either decide to radically undergo changes or you face it that you can't house enough people in 2018 and you f'd up badly in general and be open to companies and tell them to look elsewhere in Ireland or Europe to go.

There was an article on the journal today about Seattle tackling their housing crisis by building multi storey on former detached house plots.

Yes, it is a common theme in Europe (not just in Ireland) to blame high density housing for social (or antisocial) problems, whereas the issue is that those problems exist already and are just made more visible by high density housing - their source lies elsewhere and scattering people around just makes the problems easier to hide.

People who think high density and high rise causes these problem should visit Hong Kong in particular and other Asian megacities in general. More dense that we'll ever possibly do in Ireland in the foreseeable future and with less of these issues.

LirW

I don't know, I grew up in plenty of high density areas and I think since I'm alive I've never heard back home that there are social problems because of high density.
The problems are created when certain ethnic or social groups are housed and left alone to rot away. The way areas like that are built isn't important.

Mickiemcfist

mrslancaster wrote: »

did it say how many storeys? maybe the buildings in ballymun & other places were just too high. is there a happy medium that most would be ok with?

What correlation do you think height & social issues have? Like living at a certain altitude damages brain cells or something?

As said above, ballymuns issue was due to the density of unemployment, little to no infrastructure & nothing for youths to do other than congregate to drink & do drugs

KellyXX

Topgear on Dave wrote: »

A friend of mine bought an apartment around that time and is still in NE.

Do not underestimate that bit about being "very stressed out for a good few years". It is a very bad thing.

Taking out large mortgages is not to be sneezed at, you literally tie yourself to a property and a debt.

Its not a good idea for everybody.

(and whatever you do, dont listen to the estate agents and their "property ladder" ****e) :cool:

So what are their mortgage payments, and how many more years to pay? And what would their rent be if they hadn't bought?

Personally, having worked out the numbers, I would have been far better off buying as soon as I had a job. Even if I'd have bought a 1 bed apartment I'd be far better off than I am now.