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Rent are coming down in Dublin national |
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news report
 Monday January 27, 2003 23:06 by dave murphy - tenant davemurphy164 at hotmail dot com anywhere i please
 cheaper rents for all Rent are coming down in Dublin The word on the street from estate agents and people who are looking at rental property is that RENTS ARE COMING DOWN!! Yes you heard it here first and you probably wont hear it in the Irish Times or other newspapers because they rely too much on property advertising. Rent are coming down in Dublin The word on the street from estate agents and people who are looking at rental property is that RENTS ARE COMING DOWN!! Yes you heard it here first and you probably wont hear it in the Irish Times or other newspapers because they rely too much on property advertising. I have had several first hand experiences in Dublin of estate agents telling me I can offer 20% less than the landlord is looking for because properties have been empty for weeks and they can’t find anyone to take it at the asking rent. I have noticed properties advertised for a number of weeks falling in rental price as landlords and estate agents are forced to get real about the level of rent they are demanding. www.daft.ie is advertising a number of properties whose move in date was weeks ago but they still cant fill them. In one block of apartments the tenants have been informed by their landlord that their rent will be coming down by 100euros next month. This is a long over due development and it is every tenants duty now to haggle with their landlord and offer only 70% of what they are demanding. The balance of power is shifting from landlords, who are going to become desperate, to tenants who are going to have more to choose from and cheaper options. We are in a recession world-wide and Ireland is loosing jobs fast. The Fianna Fail Mafia have let Ireland become too expensive for companies to make enough profit so they are moving to cheaper countries. We are getting an international reputation as a rip off country. I look forward to seeing the speculators in private residential accommodation going into negative equity and getting severely burnt. They have pushed up prices by buying several homes instead of letting people who need a home buy one. Hopefully they will learn a lesson. Most Irish people cant afford to buy and are struggling with their rent since landlords have been charging whatever they want. There was a half hour Trevor McDonald TV special last week about the imminent property crash in the UK, projecting a 30% fall in the next 3 years. The Irish property market is a lot more overheated that the UK one so it could be a lot more than a 30% drop here. So my advice if you are renting is to shop around and haggle like mad because its becoming a tenants' market! mail your stories to me if you like |
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Comments (4 of 4)
Jump To Comment: 1 2 3 4"In one block of apartments the tenants have been informed by their landlord that their rent will be coming down by 100euros next month."
Somehow I doubt this is true.
Some of this is caused by the number of investors which went into the market. For the second half of last year, if you owned a house in Dublin for more than a couple of years the banks were pushing you to buy another house with no cash required. You would combine the mortgage on the two houses (your residence and the new 'investment' property) and get a 80% loan, using your built up equity instead of a deposit.
This caused a lot of property to go into private rented - which is now coming on the market at the same time that the labour market is tightening. From talking to a couple of people in estate agents the projected rent yield is now being scaled back i.e. rents are coming down. This is hurting a lot of of people who now pay mortgages on two properties and are having trouble renting the second one out at the promised rate.
Watch out for some relief on rent against tax etc. being upp'd - these people have a lot more clout than the renters.
collect 200$ and pass go.
i enjoyed reading this last year.
http://ireland.indymedia.org/cgi-bin/newswire.cgi?id=14234
I had heard this from a few friends who were looking around for a new place recently, but it's good to hear it more "officially" as well.
Surely the property market will follow? If the rental market has reached saturation, what does that mean for the demand for property?