Anecdotal on the Rental Market

ALL Cannys that I have spoken to over the last few weeks and months tell me that they have their unsold (because they all do want to sell at the ‘right’ price) properties let. I know there are a lot of empties according to Census figures, etc but I am not experiencing Cannys being unable to let. Perhaps just a timing issue - other Cannys still trying to sell who may make their way eventually to the rental market or indeed wake up from their slumber and try to get some sort of a return on their investment. Anybody else experiencing the same?

I’ve no anecdotal evidence but some Cannys are having serious problems getting rid of properties.

About 5% (1,102) properties have been empty for over 6 months!!
And the average time to rent is now over 6 weeks … ost_ID=122

Thanks DE. We have to accept what the real evidence is telling us. It’s just that from my own Canny clients and from speaking to other accountants in the run up to the tax retun deadline when this kind of thing becomes relevant, I’m hearing the same story that Cannys are all eventually letting but of course having to be flexible on the rental price.

I’ve been keeping an eye on rentals as always. I focused in on my local area, and now browsing Ashtown rentals is a real pain in the arse as several of them have been up so long that their histories take up half a page. The realization slowly sinks in that dropping the price might just be the key to letting places.

I’m still pretty shocked at how a lot of them going about their business. I’m leaving my apartment next weekend. I managed to extend the lease for a week by saying I’d accommodate viewings during the extended period. I was happy to do this as I knew the state of the local rental market and I also had an inkling that the LL/agent would pitch it too high to get any viewings.

Well, I was paying 1200 pm, and there are a glut of 2 beds in the area for between 1150-1250, some of which look nicer than mine. So it seems a smart move would be for them to try for 1200 again at best, and then drop right away to 1150/1100 if there’s no interest. Or maybe it would be smarter to proceed directly to 1100.

The ad went up the other day - they’re (I’m not sure if this is coming from the LL or agent) advertising it for 1300. It seems that mortgage rates and the idea rent should always go up are still guiding factors for many.

I’m happy. I will not be disturbed by viewings.

Hook and McDonald have been advertising apts to rent in the Metro each Thursday for the past few weeks.

It started at 1300 for 2 beds now its down to 1250.

1 beds are still at a scandalous 1050.

I’ve been looking at a move to Dublin and have been keeping an eye on rentals for several months - since the spring. The houses that are within our pre-set budget are getting nicer and nicer all the time.

What I observe is that each wave of new houses that comes on the market is slightly bigger/better than before for the same money and that houses that stick are the ones that are even slightly over the “going rate”. Then they really stick.

However, from looking originally at smallish 3-beds, we now have a choice including some nice (sometimes really nice) 4-beds houses.

Anything with a 2 in the initial digit can stay on offer for a LONG time.

I’m looking to rent in Dublin as well. Rents have definitely fallen a little in the last few months, not fast enough for my liking though. I still think it’s ridiculous to pay €1,300 for a two bedroom apartment in Tallaght. I can get that in Galway city centre for €900.

One of the things you’ll notice about Dublin rentals is the homogenous nature of the prices, regardless of area.

A most dangerous tactic in a competitive market, pyshco-cartel-pricing to lower is to admit you are not living up to the dream.

We’ve just signed up for another year in the same apartment at the same rent. Last year I thought we got a good deal. This year I figure the rent we’re paying is good to fair.

I didn’t ask for a cut because quite simply there is nowhere out there that’s better for the same price or less. They didn’t ask for an increase either.

I’m very interested to see what happens with rents over the next 12 months.