Dublin - Significant reduction in rents coming?

Leopardstown/Sandyford apartment prices have been mental for years. Its miles away from the city center, and has no nice "village" feel like you'd get in Ranelagh or even other suburban places like Monkstown. But it has comparable high prices to those far more desirable areas.

I'd wager a huge part of the demand was local workers in places like Microsoft being happy to get somewhere within a 5min walk to work. But with so many of those people WFHing now indefinitely I'd expect a bigger drops in rents in the area than in many of the surrounding suburbs. Theres not a whole lot else going for it than proximity to the local workplaces.

perfectkama wrote: »

with a ban on evictions in place who would chance renting if it were further extended higher risk in the market = less supply

What less supply? Supply in Dublin is at multi year highs...

https://bl.ocks.org/pinsterdev/raw/234b4a5310a14a32e080/

awec wrote: »

Proximity to the Luas. 20 minutes to city centre, 2 minutes to Dundrum. 10 minutes to Ranelagh. Right beside the M50, so easily accessible. Most apartments have parking, etc.

It has no night life and is a fairly boring area, but it's not without it's benefits.

20 minutes to the city center would be extremely optimistic. I've gotten the LUAS to town from there many times and you're looking at closer to 30min.

Proximity to the LUAS isn't enough to justify apartment prices on a par with Donnybrook or Ranelagh either, though. Commute times to town from lots of of suburbs in South Dublin on the DART line or LUAS line are comparable to Sandyford (or better). But most of those suburbs have lots of other positives going for them - villages full of restaurants/shops within walking distance, or nightlife, or much closer proximity to town, or access to the sea... etc

Essentially without an office tying someone to Sandyford/Leopardstown I would really struggle to see them justifying paying the same rent for an apartment there vs one in Donnybrook/Ranelagh/Blackrock/Dalkey/wherever.

power to the people bargains galore....

Do these agencies have any idea what impact they are having. Sherry Fitzgerald are seeing significantly more private investors leave than enter the rental market and this was before covid. The rental market from here on will be overpriced apartments in the docklands.

Could it perhaps just be the sense of entitlement today’s younger renter bracket has that’s the problem and not the rental market... be careful what you wish for.

https://www.rte.ie/news/2020/0701/1150803-threshold-tenants-landlords/

if they get their way they will reduce supply a total communist org trying to socialize private rental accommodation LLs

Latest monthly updates:

https://bl.ocks.org/pinsterdev/raw/234b4a5310a14a32e080/

>10% increase in supply MoM

Avg rents continue to decrease across most categories.

The volume of apartments available is really going through the roof. And thats before the 350eur covid payment, and the employment support payments, that combined 900,000+ people are currently on are cut off. And before any announcement of the universities not coming back in September. And before they potentially try to add the thousands of units of student accom to the private market...

I would be extremely worried if I had a property going to be available to rent in the coming months. Its all very good news for renters though.

JimmyVik wrote: »

Exaggerate much

This time last year there were approx 750 apartments on the market. Now its closing in on 2200.

A near 300% increase in available number of apartments year on year. And on top of that the available number of apartments has been going up by over 10% a month, for months consistently now, with no sign of stopping...

I'd say "through the roof" is underselling it if anything.

JimmyVik wrote: »

2200 is not a lot of supply. Thats not through the roof.
And as someone who spent 3 weeks trying to get one and found the vast majority were actually short term lets, when eventually i could contact someone, im not buying that there are 2200 available to rent long term. How many of those are short term only? Because they arent much use. Not to me anyway.



Dont get me wrong. I would love if the supply went up, but its no good if you cant rent them long term.

You have to remember also that these numbers are likely a huge underestimate of total available stock (due to multiple properties in developments under one ad). I didn't expect supply to have increased so much again in the last month, thought it would have started to plateau by now.

Assetbacked wrote: »

This place in Sandymount is being advertised on 2295 until the end of the summer "(due to COVID)" following which the rent rises to 2545.

https://www.daft.ie/dublin/houses-for-rent/sandymount/24-wilfield-sandymount-dublin-2046371/

I wouldn't mind a landlord having the ability to charge what they want if it was agreed with the tenant, but noting our RPZ rules, is that permissible? I nearly would say the 2295 asking rent isn't too bad for a nice enough 3-bedroomed house in Dublin 4, but the 2545 is mental at about 850 per room per person.

The other point I am wondering is about the "(due to covid)" aspect of the ad; does the landlord seem to think that all the workers from GCD will be back by then as well as college students so demand will rocket? It's only 8 weeks away and indications are that this would be incredibly ambitious; it's not even confirmed whether schools are back by then.

I have noticed this a few times as well. I assume the quoted monthly price will be the 2545 from the outset (to comply with RPZ rules) but that the cut 250pm for 2-3 months. I would also venture that anyone looking now is bargaining on the asking price so you would probably be able to secure a reduction on the 2545 price.

lcwill wrote: »

Sorry if this has already been asked in this thread, but if rents do fall, what is the process for lifting RPZ restrictions? Are there automatic triggers (i.e. rents drop by x%), or is it a political decision for each area?

I doubt very much if the RPZ restrictions will ever be lifted .
If rents fall by 10-15% they will still be too high and landlords would shoot them back up to previous levels as soon as the market allowed.

The_Conductor wrote: »

Presumably a tenant could trigger a rent review- using the same mechanisms as a landlord- seeking a reduction of a max of 4% per annum on a pro-rata basis. Tenants, of course, might prefer to argue that they shouldn't be restricted to a 4% reduction- however, thats a having your cake and eating it scenario. If you want to dump RPZ restrictions- you accept it applies across the board.

Why would tenants want to dump RPZ restrictions
In a falling market the market will set the price and in a rising market RPZ will keep rises to a minimum
Many tenants will over the next few months negotiate a rent reduction
If the landlord refuses he could be left minus 2 months rent ,EA fee for leasing the apartment ,renovation costs,and still only get what the previous tenant offered