Covid 19 Rental Market


#1

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.


#2

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).


#3

EUR1100 for a modern two bed in the city centre Dublin 2

EUR900 2 bed Dublin 1

These prices arent far off post crash levels.

Not reflected across the board obviously but perhaps owners just getting ahead of the curve


#4

There goes the rental market …

This was to be expected given the seeming colllapse in international student numbers.

Remains to be seen whether these will appear on the general rental market or whether they will be used as replacements for Direct Provision centres.


#5

Good point re the replacement of DP. Even if it is it should alleviate pressure in the rest of the market as I presume they would have been sourcing on the open market for the replacement of DP.


#6

Normalisation.


#7

Plenty of 3 bed houses for 2k and under in Dublin now…

Stoneybatter

Knocklyon

Firhouse

Lucan

Glasnevin


#8

3 bed Apts/flats in Rathmines now showing up for under 2k per month.

Not sure what these would have gone for 12 months ago. Maybe 3k per month?


#9

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.

Will Air BnB ever recover?

The RTB disgraced themselves with a report for Q2 20202 which buries the quarterly drop in Dublin rents by highlighting the neutral annual trend. I’m sure the French rental tenancies board reported sustained demand year-on-year for Parisian apartments in June 1940.
https://www.rtb.ie/images/uploads/Comms%20and%20Research/RTB_Rent_Index_2020_Q2_%28WEB%29_Final.pdf

The sales market is very different. Not many are selling and construction has stopped. Houses with gardens are in demand.


2 bed, Pembroke Square, Grand Canal Street (-580, -28%)
#10

Figures updated for 01/11.

Avg 1-bed (apt): €2071 on 1st Feb -> €1603 on 1st Nov (-22.6%)
Avg 2-bed (apt): €2497 on 1st Feb -> €2020 on 1st Nov (-19.1%)

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


2 bed, Pembroke Square, Grand Canal Street (-580, -28%)
#11

2 bed ‘Penthouse’ in Sandyford for 1900


#12

Quite thoughtful of Google


#13

Could also indicate they are not expecting as much demand from their own workers


#14

Yeah its a sign of further softening of rental.

Id expect Novembers monthly stats to tell a tale.


#15

Virtue bollox. Pr hungry wan*kers.


#16

I would be surprised if there was much of a drop in November, still many LL’s looking for unrealistic rents out there.