€2,100 May 11
€2,350 Apr 17
€2,546 Apr 08
Im seeing a growing number of places (like this one) offering a months free rent.
Meaning rent to be paid in this case over 12 months is just over 1900 pm
ONE MONTH RENT FREE. SPACIOUS 2 Bedroom (2 double) apartment in MODERN complex beside Dublin Castle. 4th floor…
Not sure I have ever seen that ever like, for residential rents. Not unusual in commercial.
This is usual practice in NYC I believe to mask drops. So the likes of the Daft report which was just released becomes less valuable as it cannot capture this. All prices now should be treated as aspirational.
I have seen a number of them on the Daft.
In my view even €1900 for this apartment is still too high, they should drop the price further down, if they want to let it fast (maybe down to €1500-1750 level).
I am starting to think you might be right. I personally now know of 2 people who have jacked in their places and moved down the sticks as they know that it will be next year before they would have to go back into their offices (if ever as they can WFH anyway).
Rent free periods are a great strategy to preserve the capital value of an investment property due to the rent control / RPZ rules. The key with rentals is to preserve a high ‘headline rent’ figure, e.g. €2,100 in this case, even if that involves giving a rent free period of 1 month that reduces the actual average rent per month significantly over the 12 month rental term.
If you were to pursue the more standard approach of just advertising / accepting €1,900 per month under the lease then it would take a very long time to be able to revise the rent upwards to €2,100 (if rents recover in the medium term) under the RPZ rules.
I have also seen a couple of ads on the Daft with 2-month free rent.
There will be no upwards rent revision for the next 3-4 years
Still available 1.5 months later