Is it possible to get cheaper rent?

There are loads of 2 bed apartments in dublin city centre up for rent at about 1400 or so. What are the odds that asking an agent for one of these apartments at 1200 would get any positive response? How long are these apartments standing idle? I’m considering moving but don’t want to pay more than 1200 for rent (with my girlfriend) and am thinking about approaching agents to see if we can get a few hundred off advertised prices. I want to take advantage of the current state of irish property. Renters are the only people who can.

Go in for 950.

If there are so many test the water with few.

What have you to lose?

Hello Ste,

I intend to rent an apartment in the nor too distant future but I don’t intend to pay the current rate, if people are not willing to lower their prices then I will wait where I am.

At the moment I am monitoring the areas that I am interested in and specific apartment blocks that I would like to move into. I have installed the PropertyBee to track the time on the market of specific properties and whether there have been price reductions or not. When an apartment’s rent moves into the ball park that I am interested in and has been on the market for a length of time (> 1 month) then I will make an offer below the asking price. I have an advantage that PropertyBee allows me know how long the property has been on the market and any reductions. This information is very advantageous when dealing with the agent. It takes some work, i.e., finding suitable properties, adding them to favourites in daft, letting PropertyBee weave its magic.

My advice, install PropertyBee and work from there.

PropertyBee is worthwhile. Also useful is monitoring whole areas or developments using irishpropertywatch and you can see the price range LLs are asking and whether apartments are clearing or empty for months.

I’ve just moved into a new 2 bed for €350 less than what is the current benchmark asking price in this development.

There is so much overhang in supply that you can take your pick and name your price. Go hard and haggle ruthlessly

I was keeping an eye on 2 bed city centre properties a few months ago with a view to renting one. Around March/April if you searched for 2 bed accommodation in the city centre under €1600 there was always between 96 and 105 results. If you do the same search today its 196 results.

I know 1600 is a bit higher than what you want but it highlights the sheer volume available. Students will bring down these numbers but its August 27th and a lot of them will already have something.

If you wait until the great white hope (students returning) is removed then you probably wont have any problems getting something.

Yeah, I’m waiting at the moment for students to be nicely settled in before engaging a letting agent. They would definitely use this tactic at the moment to drive up the price. Sitting tight right now is the best thing to do, rents are under pressue.

Good point. Wait until late October - it’s wet, dark, cold and there is no hope of a student with €1600 a month showing up. Depressing times for LLs. Good times for renters.

Link
I’s say some of these landlords would be only 2 willing to get rid of them. All have been on the market for more than 4 months so they might be a good place to start looking/

Friends of mine just rented a two bed house in Blackpitts area for €1,000. The asking price had been €1200 on daft. The guy had been trying to sell it and couldnt. He bought the place years ago so could afford to drop his rental price. The newer built apartments for around the same price might take a bit longer to drop their prices seeing as the mortgages may be more recent and they may be less inclined to take a hit. Nontheless, over the next few months I expect to see rents come down a fair bit. Give it until mid October/beginning of November and we’ll have a better idea.

it’s been mentioned before, come rental renewal time i’m placing adds around my area, in shops and papers seeking an unfurnished house to rent. i am tempted to put on it “realistic rates only”. if i get a better offer than where i am, i can put it to my current LL for a rate drop drop or i’ll move.
“no time wasters please i.e. properties that are also for sale”.

in fairness we have a great deal, the LL was really glad she got us as she had a run of bad lodgers that trashed the place. €700 a month for a modern 3b in a nice area. to buy it over 30 years we’d be paying €1600 a month. i worked it out before but i think we’d save €300K by renting for thirty years.

the tide is definately turning, the last house we rented was a 2B for €700, last oct they wanted to put up the rent an extra fifty so we moved to a 3B for the same money. we met our ex-lords and they haven’t got anyone for six months now. recently they started flogging it, at the price they are asking it will never move.

Chaos

Last October there were about 175 2 beds to rent in D4.
A little over month ago that figure was 292.

Over the past month, the number of 2 beds to rent in D4 dropped to 171.
I figured that might be students who were offered places in the first round CAO offers.

Yesterday the figure was back up to 191 again.

Students so far have certainly not reduced the number of apartments available, but they might be slowing the increase.

The above figures don’t take into account places like the Alliance Building where one or two ads covers literally hundreds of apartments.

-Rd

Granted I’m not in Dublin but I moved to a 1 bed cottage over the weekend at 20% off what the landlord was asking.
Drive a hard bargain, a sensible landlord will not want vacant property.
Also if the landlord happens to find work quiet lately (as a lot of people do) he’ll be even more eager to have cash coming in.