The Rent is Too Damn High

Mech1 · 13-11-2013 11:21PM

cali_eire wrote: »

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.

And possibly false bids driving it up.

Mint Sauce · 13-11-2013 11:23PM

Mech1 wrote: »

And possibly false bids driving it up.

That goes back to trusting/not trusting the agent if they say there has been other bids, or if an earlier bid has been accepted/rejected.

homemadecider · 13-11-2013 11:25PM

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.

How on earth is that possible? Even if they were paying a high rent like €2,000 per month, that's €168,000 over 7 years. You'd do well to buy anywhere decent with that money - you certainly wouldn't be able to afford somewhere that commands a €2,000 rental with that money.

TL;DR you're talking out of your arse.

cali_eire · 13-11-2013 11:30PM

Mint Sauce wrote: »

That goes back to trusting/not trusting the agent if they say there has been other bids, or if an earlier bid has been accepted/rejected.

It also goes back to being a savvy buyer armed with a bit of common sense and information. Know what things have been selling for in the area by talking to multiple sources, judge how busy showings of the property are to see if the interest is legitimate and set a price limit that it's worth to you and dont go higher than that.

Montroseee · 13-11-2013 11:45PM

cali_eire wrote: »

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.

This is very true. I visit my grandparents who live in Dalkey quite regularly and would absolutely love to buy there. The houses that go up for sale are always sold within a few months and often involve a bidding war. People are regularly getting over the asking price of their properties (In one case 8% over it) now. Sadly, the price of even a modest enough semi in this area will cost at least 650 k so for now it's only a dream.

The Dom · 14-11-2013 12:10AM

homemadecider wrote: »

TL;DR you're talking out of your arse.

Mind your manners, yeah.

We're renting a one bed cottage in Dublin for €1100 a month right now and not too long ago a cottage around the corner from us (similar to this one) sold for €92,000. That's almost exactly seven years of our current rent.

In fact, here's a 1 Bed House in Dublin 8 for €85,000 (most likely they'd sell for less):

http://www.lettings123.ie/blog-2/files/908ef9352f2d4b005d30a0061bfc53e7-0.html

Go and ask the tenants on that street how much rent they are paying.

Like the OP said, rents are crazy in Dublin and if you want a house, close to the city and / or near enough to a Luas stop for example, then they can be downright astronomical.

So, maybe in future you should take your own council when it comes to which part of the anatomy it's best not to talk out of.

Montroseee · 14-11-2013 12:15AM

The Dom wrote: »

Mind your manners, yeah.

We're renting a one bed cottage in Dublin for €1100 a month right now and not too long ago a cottage around the corner from us (similar to this one) sold for €92,000. That's almost exactly seven years of our current rent.

In fact, here's a 1 Bed House in Dublin 8 for €85,000 (most likely they'd sell for less):

http://www.lettings123.ie/blog-2/files/908ef9352f2d4b005d30a0061bfc53e7-0.html

Go and ask the tenants on that street how much rent they are paying.

Like the OP said, rents are crazy in Dublin and if you want a house, close to the city and / or near enough to a Luas stop for example, then they can be downright astronomical.

So, maybe in future you should take your own council when it comes to which part of the anatomy it's best not to talk out of.

Im not trying to be smart but you could do a lot better for yourself. I'm renting in a 2 bed apartment in clontarf for 1.2 k a month.

keeponhurling · 14-11-2013 12:17AM

Sure property is a sure thing, can also go up.

Plus it's good to get your foot in the property ladder. rent is dead money of course.

The Dom · 14-11-2013 12:24AM

Montroseee wrote: »

Im not trying to be smart but you could do a lot better for yourself. I'm renting in a 2 bed apartment in clontarf for 1.2 k a month.

€275 is not too bad for these particular townhouses / cottages. We are friends with another couple across the way and they are paying €230 for theirs. All these cottages are the old 1 Bed type where the whole of the upstairs is a bedroom.

The reason they fetch those much is mainly because of the proximity to town but that's all by the by really as even if you could find a landlord to rent a 1 Bed townhouse to you for €200 a week or something, as you can see, you can get them for around €80,000 and that's why I made the comment about seven years rent almost buying you the house you're renting.

The simple fact is that for many people that is the case and landlords don't seem to be short people that are willing to pay it either. When any of these cottages come up for rent, people are queuing outside the places on a Saturday.

I think a large part of it is that people that work in town will save on transport costs / parking costs etc if they can just walk into town or cycle etc and so they factor that into what they are willing to pay for rent and so these landlords around here know damn well what they will get.

Montroseee · 14-11-2013 12:32AM

The Dom wrote: »

€275 is not too bad for these particular townhouses / cottages. We are friends with another couple across the way and they are paying €230 for theirs. All these cottages are the old 1 Bed type where the whole of the upstairs is a bedroom.

The reason they fetch those much is mainly because of the proximity to town but that's all by the by really as even if you could find a landlord to rent a 1 Bed townhouse to you for €200 a week or something, as you can see, you can get them for around €80,000 and that's why I made the comment about seven years rent almost buying you the house you're renting.

The simple fact is that for many people that is the case and landlords don't seem to be short people that are willing to pay it either. When any of these cottages come up for rent, people are queuing outside the places on a Saturday.

I think a large part of it is that people that work in town will save on transport costs / parking costs etc if they can just walk into town or cycle etc and so they factor that into what they are willing to pay for rent and so these landlords around here know damn well what they will get.

Fair enough, I can see the logic in renting here for the reasons you mentioned. Proximity to town is the only thing this area has going for it, it's truely horrible (lived there for 21 yrs).

The Rent is Too Damn High

Comments