My own sense is that rents are definitely down. Many landlorrds appear to be offering incentives such as 1 month rent free in order to mask the price drops.
Its not clear yet whether there has been a significant decrease in the amount of international students but there are certainly reports of decreased numbers of domestic students moving out of home and into rental properties due to many courses being offered online.
Assuming less activity as would seem to be suggested in this report I would expect to see more obvious and pronounced rental drops by late October early November.
It looks like to me that there is almost 2 markets. One being the REIT’s where they are still holding out for rents which are unattainable and thus in effect not for rent. I would agree that rents seem to have dropped in the non REIT sector. I am noticing as well individual rooms are having to drop their prices quite a bit (this is from a FB group for expats here that I am a member of).
Level 5 will knock the last leg from under the rental market. Who wants to spend big bucks to spend the next year in a shoebox apartment in Dublin, Cork or Galway? Not anyone who can WFH i.e. most of the public service, plus financial and legal services.
The big story this Autumn is not the annual parade of students desperate for digs but its opposite - students complaining that they were suckered into renting before they were told their lectures would be online. If they can quit their tenancies, there will be mayhem in the rental market.