The rental market in Waterford City

spankmemunkey

Has anybody else realised or noticed that the rental market in Waterford is non existant?

I was just looking on Daft for a browse really, there are only 7 houses to rent on daft in Waterford City.

This cant be right? the prices are crazy too, 1700 for a 3 bed no apartments even to rent, i see alot of social housing going up and apartments, but wat about the people who are working paying taxes the middle income earners, no way could we afford to rent in this city nor are is there anything available.

something wrong with the system.

Its not far of non existent everywhere.

Over regulation and undersupply in the rental market means it wont be changing any time soon.

Best bet is to ask at work if anybody has a rental property or call into a few estate agents/rental management companies and express your interest there.

spankmemunkey

bit of a disaster alright

BBM77

https://www.boards.ie/discussion/2058268781/the-rental-market-in-waterford-city

No, it’s true alright. The city had 12.7% population growth in the last census. And house building came to a stop for years after the crash and still has not recovered. Supply is way behind demand.

Wanderer78

https://www.boards.ie/discussion/comment/119786093#Comment_119786093

a common misunderstanding and not 100% true reflection of whats occurring in our property markets, due to decades of financialisation of our property markets, we are now no longer capable of providing ourselves with this critical need, we re also not the only country experiencing this failure, and arguable ideological collapse, this is now so serious, nobody truly knows what to do about it. our major institutions keep defaulting towards polices that are amplifying the problem, eg, new central bank rules allowing increased borrowing towards purchasing, this will simply further increase the price of property, by increasing the private sector money supply, i.e. the credit supply. credit has become one of the main tools of financialisation of our markets, but this is largely ignored, credit is created by our private sector financial institutions, i.e. banks, the financial system has in fact become one of the main drivers and creators of this problem, and again, nobody truly knows what to do about it, so, we re stuck!

spankmemunkey

https://www.boards.ie/discussion/comment/119786509#Comment_119786509

you clearly have a background in economics my friend🙂

There are a huge amount of properties being built in waterford at the moment so i cant say there arent houses being built.

Foxwood still going

Field beside it now has about for 95 more unit,

Social housin development recently finished behind musgraves

Davy Flynn are building a large amount of unit behind there again

Frisby is building again opposite golf course and theres a new apartment block being built near inner ring road, units are there, alot are being assigned to social housing, i think there needs to be more build to rent apartments near the city, it feels like you have to be really well off oe really poor to get a house in Waterford, i suppose ireland un general

GandhiwasfromBallyfermot

Its definitely in a bad place alright. I remember I rented around Waterford with friends for 5 or 6 years while we were starting our careers after finishing college in WIT. It was the best craic I ever had because we were still kids really but had real jobs with real disposable income without any of the adult responsibilities. I remember at that time paying 720 quid a month between us, so 180 each, for a four bed house on the Dunmore Road which was pricey at the time. Those days are long gone and I feel bad for todays kids in college and those coming out of it who don't really have a choice but to move back home with their parents or spend 900 quid for just a room in an overcrowded house.

spankmemunkey

sorry about my grammar and spelling in last post, no glasses!!!😆

Its a scandal, i hear the housing crisis but i dont hear the rental market, I hear young families who cant afford a mortgage but what about single people? i havent a clue wat single people do in this country to rent a place on your own, theres no choice but to share if you can

Wanderer2010

I sometimes feel like an absolute mug for working and paying taxes only to be treated with complete contempt by the government. The only way to buy a house in Ireland these days is to have an extremely well paid job and zero debt, and even then its a struggle.

I see some of these social housing developments with all the mod cons, top BER ratings, a roof over your head for life. And some of these people didnt work a single day in their lives and they get handed these big modern houses for half-nothing.

Thats a broken and unfit for use system, no matter which way you look at it.

Wanderer78

https://www.boards.ie/discussion/comment/119792045#Comment_119792045

the resentment towards welfare recipients is understandable for workers, but it has virtually nothing to do with them at all, we took a complete wrong turn in regards housing a couple of decades ago, and now the whole process is in deep sh1t, with no clear solutions in how to resolve it, and our main political parties are dead set in continue with the modus operandi, it will never work, it was never going to work, theyre in deep sh1t, so we re in deep sh1t!

Wanderer2010

https://www.boards.ie/discussion/comment/119792147#Comment_119792147

Regardless of all that, certain sectors of societies or downright wasters who just dont want to work can walk into a BER B1 fancy house with all the mod cons just by virtue of the fact that they are on some housing list, whilst most working people have to jump through endless hoops just to secure a house a fraction of the quality.

I know you love to see the best in people but trust me a lot of these people in social housing couldnt give a flying fcuk about the regular joes out there who work, just as long as they have their car, big tv and 3 holidays per year. Dont bother defending them either, you wont change my position.

Wanderer78

https://www.boards.ie/discussion/comment/119793144#Comment_119793144

i actually come from a well known social housing area, id like to think ive learned a thing or 10 about such situations, unemployment is actually extremely complex, particularly long term, its generally due to long term multiple social system failures, in particular our educational and health care systems, most long term unemployed would actually be struggling with highly complex psychological issues, from learning disabilities, behavioral problems, psychological disorders, generational trauma, and beyond.... i.e. their most critical of needs have never been truly met by the state, and theyre simply unable to provide them themselves, many, if not most, being completely unaware of what their actual needs are, for example, requiring psychological help, therapies and supports etc etc

its also important to realise, some of the disorders involved causes people to simply not give a fcuk, theyre hardwired to, many, if not most of these individuals would simply end up in the world of criminality, in which we have no real modes of treatment for, and this may very well remain to be so, thankfully the numbers of individuals with such issues is extremely low, but i truly believe, most long term unemployment is possible to eradicate, if only the appropriate services and supports were implemented. i truly believe most individuals that remain on long term unemployment should in fact be assessed for such issues and disorders, i suspect the cases of positive diagnoses would be found to be extremely high.

again, the resentment towards those on welfare is understandable, but theres actually a lot of myths the life on welfare, again, ive grown up in it, and the reality is actually extremely depressing for most, but of course, there are some that benefit well from it...

the reality of many, if not most on welfare is extreme precariousness, extremely high chances of long term mental health issues, addiction problems, behavioral problems, lower life expectancy, physical and emotional violence, the list goes on and on and on....

again yes, some do have a comfortable existence on welfare, but most certainly dont.....

this was well proven yet again during covid, as the amount of money received by new welfare recipients had to be urgently increased to almost double, almost immediately after its implementation, showing, standard welfare payments simply arent enough to survive on, the increased covid payments greatly helped the individuals and households that received so, and also greatly helped the economy at large. this proves that simply giving people more money both helps them and the economy at large, proving radical ideas such as a ubi would probably work, with issues im sure....

its also important to realise, most money received by welfare recipients is spent almost immediately back into the economy, benefitting us all....

its also important to realise, the chances of employment post long term unemployment is extremely low, no matter what occurs, i.e. post training and education etc, and if employment is found, the chances of advancement to more comfortable wages is virtually nil, i.e. most would remain in low waged jobs for life, making purchasing of property impossible for most, and of course theres exceptions now and again, but.....

its actually not about seeing the good in others, but to see whats actually deeply at play here, theres plenty of research supporting all of this also, but as said, most has come from my own judgments and experiences....

you also wont change my mind either, so....

tobey

https://www.boards.ie/discussion/comment/119793144#Comment_119793144

this is true. i see far more unemployed people I know in Audis then the people i know working. drive around any social housing and the quality of the cars outside houses would Suprise you

Wanderer2010

https://www.boards.ie/discussion/comment/119797132#Comment_119797132

And most of them couldnt care less about how unfair the system is once they have their 3 holidays and new set of wheels. Its genuinely better if you dont work and pretend you have long term depression, the state will bend over backwards to give you everything you want.

Yellow_Fern

Regulation is increasing. The state knows it is only making the situation worse, and as population growth continues at a brisk pace, the availability of rentals will be a disaster for years to come. For years we had an artificially cheap market due to emigration, and houses were far simpler so we should keep up with demand, but regulation and thus build cost keeps increasing.

PropJoe10

There's currently one house (at 2400 euro a month) and 3 apartments available for rent in Waterford City on Daft. I know not everyone uses Daft to rent out places but that is insane.

hardybuck

The number of landlords leaving the market has doubled.

Some of that will be due to private landlords thinking that now is a good time to get out because they feel that the increases in prices is approaching it's peak. But it's also because of the continued hassle of operating with all the various restrictions. It's harder for the amateur do stay afloat in what has become a heavily regulated environment and all that comes with it.

The general perception of the PRTB is that their policies and decisions are heavily weighted towards tenants. I know some really decent people who've had tenants do a proper number on them and the PRTB weighed in behind the tenants.

At the moment you can't evict someone, and you hear of some horrendous cases where landlords are actually paying tenants to leave their properties because they've refused to pay rent, refused to leave and are threatening to break up the place before they eventually go.

Rental caps at the moment won't allow the market rate to be charged unless it's a new build or a substantially upgraded property. You also have Councils coming in performing inspections - and around 90% of properties fail to meet the required standards that are now in place.

You also have plenty of NIMBYism going on where people just don't want rental properties, or anything involving apartments, to be built in their area. Politicians will on the one hand be moaning about the housing crisis, but on the other hand they'll object to nearly anything getting built in their constituencies.

With all this going on in the background it's not surprising that there's not many houses to rent.

The Spider

https://www.boards.ie/discussion/comment/119804881#Comment_119804881

Also and I can’t believe this isn’t brought up enough, is the taxation on landlords, it’s been pretty well established that the vast majority of landlords own one or two properties, however the tax that they have to pay to the government is 52% that’s over half of what they get in rent goes to the government. Of that 2400 a month mentioned 1248 goes to the government leaving the landlord with 1152 a month, let’s say the mortgage is 1050, that’s 100 euro a month or 1200 a year if the property has a management company they have to pay them 2500 a year, so operating at a loss, same goes for the rental at 1700, except worse the government gets 884 of that 1700 leaving 816 for the landlord, let’s say the mortgage is even 900 a month that means theyr3 at a loss of 84 euro a month and they still have to pay management fees, repairs etc.

now before someone comes in with the old ‘the landlord will own an asset at the end of it’ yes that’s true if they stay the course, but the course on most cases is over 30 years, a lot won’t stay that long, house prices have increased but they’re only back to the levels last seen around 2006, coincidentally when most landlords bought their properties. Those guys are voting with their feet and we can see the mass sell off, and let’s be clear there’s no one cashing in, they’re walking away debt free, even if they managed to sell it 10-20k above what they bought it for all those years ago the government steps in again and takes 30% capital gains tax, they’ve essentially been providing a housing service for years without being paid.

There is an obvious solution to all of this and that’s to cut the tax landlords pay to 10% say, if you do that and people actually have around 500 euro a month after all the taxes etc, more may stay in the market, because right now it’s a mugs game, zero profit and doing the governments job for no pay as well as risking the asset with damage etc.

The trouble with this country they’ve used the stick again instead of the carrot, let’s have an eviction ban as soon as it’s up the landlords will run for the hills again and there’ll be amass sell off, whereas if they cut tax you might have people staying and looking to invest.

Thos stuff isn’t rocket science, it was low corporation tax that brought in all the multinationals don’t know why the government can’t see this

Quitelife

Seems like you have a better chance of been sorted if your unemployed and on the housing List youll get a social House at some point, in the mean time HAP will sort your rent.

If your working you give over half your wages to pay rent with no hope of having your own place to call home.

Yellow_Fern

https://www.boards.ie/discussion/comment/119805014#Comment_119805014

This shortage is exactly what so many right leaning economists warned of.

spankmemunkey

there was a thing on the news other night about social housing getting better energy rating upgrades with external and internal insulatiion, one house on that row of houses was privately owned and there were no allowances for his house despite the fact that his taxes were most likely paying for his neighbours new insulation, the social system in ireland sucks and rewards peoples mistakes in life