The Rent is Too Damn High

myshirt · 13-11-2013 09:48PM #1

Rents are just going up and up and up here.... particularly in Dublin.

It's really reaching breaking point.

Is now the time to don the war paint and take a leaf out of Jimmy McMillan's book? Grab this by the balls and set up a political movement.

Is the rent too damn high?

https://www.youtube.com/watch?v=ZNXFF5ZY_Ug&feature=youtube_gdata_player

FearDark · 13-11-2013 09:51PM

Isn't this the second time today?

Protip: Don't live in Dublin.

The Dom · 13-11-2013 09:52PM

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

Mint Sauce · 13-11-2013 09:55PM

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

What kind of rent have you been paying?

Montroseee · 13-11-2013 09:55PM

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

This is just simply not true unless you're a fool.

daRobot · 13-11-2013 09:57PM

Montroseee wrote: »

This is just simply not true unless your a fool.

Always gives me a chuckle

Sir Digby Chicken Caesar · 13-11-2013 09:57PM

move somewhere cheaper...

Tangatagamadda Chaddabinga Bonga Bungo · 13-11-2013 10:00PM

The homeless centres around Dublin city centre are quite affordable. You have to balance the cheap price though with the over powering smell of urine and a small chance of being assaulted while you sleep.

Swings and roundabouts. Swings and feckin' swinging roundabouts.

The Big Smoke · 13-11-2013 10:00PM

Montroseee wrote: »

This is just simply not true unless your a fool.

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

Gongoozler · 13-11-2013 10:04PM

Yep. Seems I'll have to pay about a hundred more a month than my last place just for the same thing. Going to have less and less money for everyday things.

Montroseee · 13-11-2013 10:05PM

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

They may have paid a substantial amount of house price with their own cash, if not they have seriously downgraded I'd bet. I pay 1.2 k monthly also for an apartment with others in the same building selling for 300 k.

cali_eire · 13-11-2013 10:06PM

It's getting way to Joe Duffy for this time in the evening ... this debate raged already today on boards. Your going to cause me to open more wine.

Daith · 13-11-2013 10:08PM

Supply and demand. Didn't NAMA buy alot of stock but they seem to be keeping the supply down to get a better price. For the tax payer of course.

BonkeyDonker · 13-11-2013 10:09PM

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

Buy-to-let tend to be paid back in a much shorter period - generally about ten years. SO the repayments will be high.

Mortgages on the other hand tend to be paid off over a much larger period so while the payments are lower, the overall cost could be higher.

But back to the OP - rents in Dublin are going up as the housing stock has ran out, and as all the developers are either bankrupt, in the process of going bankrupt or on the run, there is nobody to start building again.

Mint Sauce · 13-11-2013 10:14PM

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

So the apartment was just over 100k 7 years ago, or now that what it is worth now?

As for comparing the 650/month mortgage, either they have a dirt cheap house, or gave quite a substantial deposit, if still using the paying a house of in 7 years arguement.

The Big Smoke · 13-11-2013 10:22PM

Mint Sauce wrote: »

So the apartment was just over 100k 7 years ago, or now that what it is worth now?

As for comparing the 650/month mortgage, either they have a dirt cheap house, or gave quite a substantial deposit, if still using the paying a house of in 7 years arguement.

Why does it matter what the apartment is worth? They were paying the going rate rent wise for a 2 bed in the city centre. Of course they give a deposit. It's a 40 year term and they're in good jobs.

If I had the money I'd be buying at the moment.

Mint Aero · 13-11-2013 10:25PM

This is why everyone should be buying houses, why aren't we doing this?

The Big Smoke · 13-11-2013 10:27PM

Mint Aero wrote: »

This is why everyone should be buying houses, why aren't we doing this?

Not everyone has the money...

I'm saying if I was secure in my job and had a decent amount saved up I would buy a gaffe.

Mint Sauce · 13-11-2013 10:33PM

The Big Smoke wrote: »

Why does it matter what the apartment is worth? They were paying the going rate rent wise for a 2 bed in the city centre. Of course they give a deposit. It's a 40 year term and they're in good jobs.

If I had the money I'd be buying at the moment.

It doesn't. However, you were attempting to back up an arguement of paying off a property within 7 years if they were paying the same in a mortgage instead of rent. This is why I brought the price up based on the figures you quoted.

A 40 year term, is a little different to 7 years though.

I dont know which city prices we are talking here, but based on the general demographic of boards I assume its Dublin, and I would be very surprised to see a decent apartment there at that price.

The Big Smoke · 13-11-2013 10:38PM

Mint Sauce wrote: »

It doesn't. However, you were attempting to back up an arguement of paying off a property within 7 years

WTF are you on about, please point out where I said 7 years? Also I meant as an investment, they'll have a hell of a lot more money now because they won't be paying high rent for nothing and the added benefit of owning a house in Dublin.

The Big Smoke · 13-11-2013 10:41PM

Mint Sauce wrote: »

I dont know which city prices we are talking here, but based on the general demographic of boards I assume its Dublin, and I would be very surprised to see a decent apartment there at that price.

To further counter your horse**** of a post. http://www.daft.ie/searchnew_development.daft?s[cc_id]=roi&s[a_id][]=ct1&s[route_id]=&s[a_id_transport]=0&s[address]=&s[txt]=&s[mnp]=&s[mxp]=350000&s[mnb]=&s[mxb]=&s[mnbt]=&s[mxbt]=&s[pt_id]=&s[house_type]=&more=&tab=&search=1&s[search_type]=new_development&s[transport]=&s[advanced]=&s[price_per_room]=

It's amazing what you can find whenever you venture outside boards.ie Mint Sauce, you should try it.

Princess Consuela Bananahammock · 13-11-2013 10:44PM

myshirt wrote: »

Is now the time to don the war paint and take a leaf out of Jimmy McMillan's book? Grab this by the balls and set up a political movement.

No, the time for that was about 4 years ago. Youtube link fixed.

https://www.youtube.com/watch?v=ZNXFF5ZY_Ug

Mint Sauce · 13-11-2013 10:48PM

The Big Smoke wrote: »

WTF are you on about, please point out where I said 7 years? Also I meant as an investment, they'll have a hell of a lot more money now because they won't and the added benefit of owning a house in Dublin.

You didn't say 7 years. But check the posts that you quoted, it gave the suggestion that you thought it was possible.

The Dom wrote: »

It's got to the stage, where seven year's rent (if you had it) would buy you the house you're renting (or at least it's not far off that in my own case).

Madness.

Montroseee wrote: »

This is just simply not true unless you're a fool.

The Big Smoke wrote: »

It is actually, a couple I know where paying €1200 a month in rent for an apartment and just purchased a 3 bed house. Their mortgage is €650 a month now and they can supplement it by renting out a room.

Montroseee quoted The Dom, and you quoted Montroseee. I'm not trying to be smart. I'm just reading the thread as I seen it.

Now I agree its possible to buy a property now, if you have the funds, investment, get in at the right time, find a suitable place, etc etc.

Its just getting a combination of most or all of the above. Something which is not easy or as straight forward.

myshirt · 13-11-2013 10:51PM

Princess Consuela Bananahammock wrote: »

No, the time for that was about 4 years ago. Youtube link fixed.

The rents weren't too bad then though, if you had a job of course.

As of now, they are too damn high. With every % point they go up, all I can think is Jimmy McMillan was right.

Mint Sauce · 13-11-2013 10:52PM

The Big Smoke wrote: »

To further counter your horse**** of a post. http://www.daft.ie/searchnew_development.daft?s[cc_id]=roi&s[a_id][]=ct1&s[route_id]=&s[a_id_transport]=0&s[address]=&s[txt]=&s[mnp]=&s[mxp]=350000&s[mnb]=&s[mxb]=&s[mnbt]=&s[mxbt]=&s[pt_id]=&s[house_type]=&more=&tab=&search=1&s[search_type]=new_development&s[transport]=&s[advanced]=&s[price_per_room]=

It's amazing what you can find whenever you venture outside boards.ie Mint Sauce, you should try it.

Well I dont live in Dublin my self, but thanks very much for your aggravated response before allowing my to defend my posts with out having to come to that level.

cali_eire · 13-11-2013 10:52PM

It's also one thing to see a property on Daft, it's another to be able to get it. Many of these properties are already sale agreed with competitive bidding situations for the more desirable locations.

Mech1 · 13-11-2013 10:59PM

Be very aware of who your bidding against!

Dont take the estate agents word as gospel, knock into the house owner if poss to confirm bids.

Mint Sauce · 13-11-2013 10:59PM

cali_eire wrote: »

It's also one thing to see a property on Daft, it's another to be able to get it. Many of these properties are already sale agreed with competitive bidding situations for the more desirable locations.

And some properties that are showing sale agreed either go back on the market beacuse either one or both of the parties are not ready to proceed, or are put up to give an untruthful impression of the housing market.

cali_eire · 13-11-2013 11:03PM

Mint Sauce wrote: »

And some properties that are showing sale agreed either go back on the market beacuse either one or both of the parties are not ready to proceed, or are put up to give an untruthful impression of the housing market.

if they take someone else's offer over yours and the sale closes you can be pretty sure it's legit and from stats from the Property Price Registry is happening in Dublin at an increased pace so it's not all smoke and mirrors folks.

Mint Sauce · 13-11-2013 11:07PM

cali_eire wrote: »

if they take someone else's offer over yours and the sale closes you can be pretty sure it's legit and from stats from the Property Price Registry is happening in Dublin at an increased pace so it's not all smoke and mirrors folks.

Maybe in cases where the contracts exchange and the sale closes, but there are plenty of properties that go to sale agreed, and go back on the market due to one party pulling out for what ever reason.

cali_eire · 13-11-2013 11:13PM

Mint Sauce wrote: »

Maybe in cases where the contracts exchange and the sale closes, but there are plenty of properties that go to sale agreed, and go back on the market due to one party pulling out for what ever reason.

The stats of the closed sales don't lie (The Property Price Registry Only Records Closed Sales - not ones that fell apart); sure, some sales fall apart due to failed financing, inspections issues, cold feet or general disagreement but more and more sales and closing. In Desirable parts of Dublin right now the biggest issue with the market is availability of houses.

The Rent is Too Damn High

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