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Dublin - Significant reduction in rents coming?

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Comments

  • #662
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    WhiteMemento9 wrote: »
    I say that and then see this advertised in D12.

    A bedroom in a shared house which is owner-occupied looking for females only at the bargain price of 1100 a month.

    https://www.daft.ie/dublin/house-share/walkinstown/3b-moeran-road-walkinstown-dublin-1167334/

    Has the pandemic affected peoples sanity this much?

    Wow, that is insanity. 1100 for a bedroom in D12? Slice 40% off that and it would just about be realistic.


  • #663
    WhiteMemento9
    Registered Users Posts: 1,573 ✭✭✭WhiteMemento9


    Assetbacked wrote: »
    Wow, that is insanity. 1100 for a bedroom in D12? Slice 40% off that and it would just about be realistic.

    It is obviously an ex-Airbnber that isn't grounded in the new reality just yet.


  • #664
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    WhiteMemento9 wrote: »
    I say that and then see this advertised in D12.

    A bedroom in a shared house which is owner-occupied looking for females only at the bargain price of 1100 a month.

    https://www.daft.ie/dublin/house-share/walkinstown/3b-moeran-road-walkinstown-dublin-1167334/

    Has the pandemic affected peoples sanity this much?

    Its been online for over 24 hours and has only 98 views and most of that is probably Boardsies gawping.

    To the advertiser, think again my dim witted friend.


  • #665
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    It's definitely not cheap but in fairness that room looks larger than some apartments I've seen.


  • #666
    bo0li5eumx12kp
    Banned (with Prison Access) Posts: 1,355 ✭✭✭bo0li5eumx12kp


    ^^ Yeah that's a sweet looking room.

    For 1100 of course it's steep but, looking through daft, jebus - were building standards just that poor in the past?

    There are far more dumps than not in the room rental section.


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  • #667
    polaco
    Registered Users Posts: 58 ✭✭polaco


    This another good example house in Crumlin in 1hr went from 1750 to 1950
    https://www.daft.ie/dublin/houses-for-rent/crumlin/290-kildare-road-crumlin-dublin-2036657/
    I think landlords still very confident they can get big money


  • #668
    Assetbacked
    Closed Accounts Posts: 2,969 ✭✭✭Assetbacked


    polaco wrote: »
    This another good example house in Crumlin in 1hr went from 1750 to 1950
    https://www.daft.ie/dublin/houses-for-rent/crumlin/290-kildare-road-crumlin-dublin-2036657/
    I think landlords still very confident they can get big money

    To be fair it has 3 bedrooms and is very close to the city centre. There's next to nothing on Daft close to the city centre with three beds and being offered for rent of less than €2k.

    If the going rate for a room in a shared house was 600/700 we would have a much better rental market!


  • #669
    GocRh
    Registered Users Posts: 252 ✭✭GocRh


    polaco wrote: »
    This another good example house in Crumlin in 1hr went from 1750 to 1950
    https://www.daft.ie/dublin/houses-for-rent/crumlin/290-kildare-road-crumlin-dublin-2036657/
    I think landlords still very confident they can get big money


    Fairly normal to see prices changing in daft, I reckon agents do that to put the listing back on the top of the list as adverts are ordered by date of creation or last update.


  • #670
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    GocRh wrote: »
    Fairly normal to see prices changing in daft, I reckon agents do that to put the listing back on the top of the list as adverts are ordered by date of creation or last update.

    Could they be increasing the price based on the number of enquiries received, thinking there is greater demand?


  • #671
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    GocRh wrote: »
    Fairly normal to see prices changing in daft, I reckon agents do that to put the listing back on the top of the list as adverts are ordered by date of creation or last update.

    Could they be increasing the price based on the number of enquiries received, thinking there is greater demand?


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  • #672
    TSQ
    Registered Users Posts: 283 ✭✭TSQ


    polaco wrote: »
    This another good example house in Crumlin in 1hr went from 1750 to 1950
    https://www.daft.ie/dublin/houses-for-rent/crumlin/290-kildare-road-crumlin-dublin-2036657/
    I think landlords still very confident they can get big money

    Jeezus, youd think people would learn how to take decent photos before listing a place at that price.:confused:


  • #673
    polaco
    Registered Users Posts: 58 ✭✭polaco


    Hubertj wrote: »
    Could they be increasing the price based on the number of enquiries received, thinking there is greater demand?

    It could be I dont know but he changed price within few minutes.
    TBH is Crumlin such good place to live I dont know I am not familiar with that area


  • #674
    Ozark707
    Registered Users Posts: 941 ✭✭✭Ozark707


    polaco wrote: »
    It could be I dont know but he changed price within few minutes.
    TBH is Crumlin such good place to live I dont know I am not familiar with that area

    TBH if the price was changed on the same day I would ignore, that is a regular enough occurrence.


  • #675
    polaco
    Registered Users Posts: 58 ✭✭polaco


    I think demand is still very strong I am getting some emails like "Please be advised that there are a large number of enquiries for this property. We will be in touch if we need more information, or if a viewing becomes available". or I am not getting respond at all.
    Even all AirBnb did help much.


  • #676
    Ozark707
    Registered Users Posts: 941 ✭✭✭Ozark707


    polaco wrote: »
    I think demand is still very strong I am getting some emails like "Please be advised that there are a large number of enquiries for this property. We will be in touch if we need more information, or if a viewing becomes available". or I am not getting respond at all.
    Even all AirBnb did help much.

    Are these at prices pre-Covid or lower than that?


  • #677
    Yellow_Fern
    Registered Users Posts: 2,569 ✭✭✭Yellow_Fern


    Estella White Greens wrote: »
    ^^ Yeah that's a sweet looking room.

    For 1100 of course it's steep but, looking through daft, jebus - were building standards just that poor in the past?

    There are far more dumps than not in the room rental section.

    What is your issue with the building standards in the pics?


  • #678
    polaco
    Registered Users Posts: 58 ✭✭polaco


    Ozark707 wrote: »
    Are these at prices pre-Covid or lower than that?

    Some prices are bit lower. Number of places steady increasing this good sign I hope.


  • #679
    Ozark707
    Registered Users Posts: 941 ✭✭✭Ozark707


    polaco wrote: »
    Some prices are bit lower. Number of places steady increasing this good sign I hope.

    Supply has gone through the roof since Covid so it is natural that prices have also come back considerably enough as well. The question is whether this was a temporary increase in supply or not.


  • #680
    polaco
    Registered Users Posts: 58 ✭✭polaco


    Ozark707 wrote: »
    Supply has gone through the roof since Covid so it is natural that prices have also come back considerably enough as well. The question is whether this was a temporary increase in supply or not.

    I wonder if next week when we'll get to "new normal" is going to change anything with supply and demand?


  • #681
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    Ozark707 wrote: »
    Supply has gone through the roof since Covid so it is natural that prices have also come back considerably enough as well. The question is whether this was a temporary increase in supply or not.

    Thats just it though- supply has not 'gone through the roof'.
    If you look at the various websites (DAFT etc) there are fewer than a couple of hundred additional units available.
    In the context of the over-all market- that is peanuts.

    Its going to take a considerable amount of time for things to 'normalise'- the further opening of the economy today is not a 'new normal' by any means.

    Until such time as supply side issues are resolved- and they aren't- prices aren't going to move anywhere fast.


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  • #682
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    The_Conductor wrote: »
    Thats just it though- supply has not 'gone through the roof'.
    If you look at the various websites (DAFT etc) there are fewer than a couple of hundred additional units available.
    In the context of the over-all market- that is peanuts.

    Its going to take a considerable amount of time for things to 'normalise'- the further opening of the economy today is not a 'new normal' by any means.

    Until such time as supply side issues are resolved- and they aren't- prices aren't going to move anywhere fast.

    It also looks like 3rd level students will have some level of on campus attendance in the next semester so many may decide to look for accommodation in dublin and other cities.


  • #683
    polaco
    Registered Users Posts: 58 ✭✭polaco


    The_Conductor wrote: »
    Thats just it though- supply has not 'gone through the roof'.
    If you look at the various websites (DAFT etc) there are fewer than a couple of hundred additional units available.
    In the context of the over-all market- that is peanuts.

    Its going to take a considerable amount of time for things to 'normalise'- the further opening of the economy today is not a 'new normal' by any means.

    Until such time as supply side issues are resolved- and they aren't- prices aren't going to move anywhere fast.

    I have been checking Daft almost 3 times a day I started 2 weeks ago so I have few searches saved for example houses/apt 2 bed min up to 2000e two weeks ago 437 today 672 and this number slowly increasing. There other thing big LL like Vesta, Ires or Occu they have only one ad for 1bed, 2bed and 3bed but they have number of them available.I think big jump in supply is going to happen once Cherrywood apartments are finished (3000 units) they meant to be ready in Autumn that obviously changed. I agreed with you still low number but defintely better the 3 moths ago.


  • #684
    Ozark707
    Registered Users Posts: 941 ✭✭✭Ozark707


    polaco wrote: »
    I have been checking Daft almost 3 times a day I started 2 weeks ago so I have few searches saved for example houses/apt 2 bed min up to 2000e two weeks ago 437 today 672 and this number slowly increasing. There other thing big LL like Vesta, Ires or Occu they have only one ad for 1bed, 2bed and 3bed but they have number of them available.I think big jump in supply is going to happen once Cherrywood apartments are finished (3000 units) they meant to be ready in Autumn that obviously changed. I agreed with you still low number but defintely better the 3 moths ago.

    What I would say in addition to what you have said is that probably 3 months ago the asking price was probably what you paid. Now I have heard of several anecdotes of reductions of ~15% on the asking price. So there is not necessarily a need now to wait for a another couple of months to see if prices continue to go down, if there is somewhere you like and is outside your range see if they will negotiate.


  • #685
    polaco
    Registered Users Posts: 58 ✭✭polaco


    Ozark707 wrote: »
    What I would say in addition to what you have said is that probably 3 months ago the asking price was probably what you paid. Now I have heard of several anecdotes of reductions of ~15% on the asking price. So there is not necessarily a need now to wait for a another couple of months to see if prices continue to go down, if there is somewhere you like and is outside your range see if they will negotiate.

    Yes I heard the same from agent I have offered 1800 for 2000e cottage but somebody gave 1900.


  • #686
    Blut2
    Registered Users Posts: 2,891 ✭✭✭Blut2


    The_Conductor wrote: »
    Thats just it though- supply has not 'gone through the roof'.
    If you look at the various websites (DAFT etc) there are fewer than a couple of hundred additional units available.
    In the context of the over-all market- that is peanuts.

    Its going to take a considerable amount of time for things to 'normalise'- the further opening of the economy today is not a 'new normal' by any means.

    Until such time as supply side issues are resolved- and they aren't- prices aren't going to move anywhere fast.


    To be fair now:


    lH7SzQh.jpg


    The figures show supply has most definitely gone through the roof. Thats an unheard of increase in supply in the context of the last decade in Ireland.


  • #687
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    I think there's a difference between supply increasing and several months of supply stacking up as a result of suppressed demand.


  • #688
    Ozark707
    Registered Users Posts: 941 ✭✭✭Ozark707


    Graham wrote: »
    I think there's a difference between supply increasing and several months of supply stacking up as a result of suppressed demand.

    I would tend to agree with you but the only thing I would say is that even during lockdown people were taking places (I am basing this from what I personally observed when a keenly priced place came along it was let within a couple of weeks).


  • #689
    Blut2
    Registered Users Posts: 2,891 ✭✭✭Blut2


    Graham wrote: »
    I think there's a difference between supply increasing and several months of supply stacking up as a result of suppressed demand.


    That could definitely be a factor, we should know a bit more in a month or twos time now that Ireland is opening back up. But its still pretty disingenuous to claim supply isn't through the roof when we're now sitting at almost 2,000 apartments available (and increasing fast), compared to an average of around 750 over the last 5 years. A circa 300% increase is "through the roof" by any definition and certainly not "peanuts".


  • #690
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Almost like 3 months worth of supply stacked up together?

    No doubt there's almost 3 times the amount of property listed. I genuinely don't think supply has increased much other than a few AirBnBs running for cover.

    The immediate question is, has demand been stacking up too?


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  • #691
    Ozark707
    Registered Users Posts: 941 ✭✭✭Ozark707


    Graham wrote: »
    Almost like 3 months worth of supply stacked up together?

    No doubt there's almost 3 times the amount of property listed. I genuinely don't think supply has increased much other than a few AirBnBs running for cover.

    The immediate question is, has demand been stacking up too?

    I have noticed a very big increase in places coming on for less than say 1600 (so they were not previously Airbnb as some of them seem pretty run down). That would indicate that demand is slipping lower down the market as well. Now that restrictions around viewings are essentially lifted I would imagine someone who is currently paying a lot (>2400 for example) will possibly start looking around. I can see 2k being the new 2.4k at this rate.


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