Newstalk - Rental Expose

A notice period would apply, as specified in your lease or under the Tenancies Act.

Another reason to love Irish rental conditions :frowning:

Thats about what I expected, & why, while I’m keeping an eye out for a new rental I’m also keeping a weather eye on the LL, & why their renting.

As the guys says the owner has the right to sell once he gives you the required amount of notice, further more the general law society lease gives the LL the right to show the property with reasonable notice in the last couple of weeks of a tenancey.

Doen’t the act kind of contradict itself there with the length of notice for 4 years or more bit as a part 4 tenancey only lasts four years and then it all startrs over again.

Did you also notice the bit about how the 2004 act takes over from all previous acts with regard to Private residential tenancies in 2009, so little old laddies who think that they have a live long tenancey… well they don’t and some nasty EA might advise a developer or her Land Lord of this.

Brian, you seem to have something of a fixation with little old ladies… :wink:

Daft rental inventory to Q1 2007 but now growing again. The last deflation in rents began in 2002-2003 I think. This time around the employment situation for economic migrants and the increasing number of disappointed vendors (accidental landlords) seeking a way of covering holding costs; might see a quicker reaction re rental values.

breathing heavily bdown the phone to them… mmmmmm :open_mouth:

Hi Brianmac,

Can you expand on that bit a little? I’m looking for a rental now and am completely innocent! A few high quality places I’ve viewed have been available a while without shifting; and agents have even begun calling me back :slight_smile:

Think I should make an offer? I find the rents a bit on the high side.

“Shortage of supply” is the standard cry of property interestes used to whip up prices.

That and “fundamental strenght” … the expectation is that the average buyer/renter in the street won’t both to research the market before parting with their hard earned cash.

What have the Romans ever done for us? Well they gave us this little gem …

Caveat Emptor***

Blue Horseshoe

The thing about the rental market is that renters are extremely price sensitive and fluid in terms of tenure.

If I see a place 100 euro a month less of similar size and condition near me I’ll move .

House buyers generally cannot do this thus prices are sticky on the way down.

The current massive supply ramp is going to lead to a few people pricing at sensible levels and renting fast and others having to cut.

At the moment the VI’s are bleating the rental yield is boomer than ever which landlords are happy to believe and attempt to rent at.

The problem is most students and renters cannot stretch that little bit higher per month(there is no magic interest rate bullet here) and simply cannot afford to pay at similar rental prices to mortgage rates.

I fully expect rental market massacre sooner rather than later. There’s no way twice the supply last year can equal higher rents this year for very long.

Or how about the landlords that will only rent to the high end of the market. They hold their property vacant for months and months hoping to snare one of the rare corporate renters whos company is picking up the tab. There are 133 properties on Daft for rentals in Dublin City with an asking rent of €5000 or higher! Theres even a property on there with an asking rent of €18,000 per month.

While I agree that rents will head south quite soon I would be hesitant about predicting a massacre. If places start become available closer to town at relatively reasonable prices, places like Bray, Donabate, Swords etc could see many heading for the exits as the price differential wouldn’t be enough to justify remaining in those outline areas. Over the past few years we have usually had one room to let in a nice area on the Southside (close to UCD) for a relatively cheap price and many of the people coming to look have been staying in Bray and further out. This year we were inundated with replies when compared to previous years (it was at the start of September) so I think there is still a bit to go before there is a collapse in rental prices. If I’m wrong and they do collapse I think even Comical will throw in the towel :wink:

a large chunk of people move into new rentals at two times of year late spring: families relocating and trying to get close to decent schools, or Sepand october: young profesionals, graduates and students going to college, as most people take one year leases and renew for a year at a time they tend to move at the same time of year each year.

In late november you get students that are badly organised or have only lasted a month in their last place before getting kicked out, you also find grads that weren’t offered their first choice jobs or did’t stay in their jobs to long. I know this is a massive generalisation and there are other people looking out there, but these are some of the people looking at the moment and a landlord would like some proper security and good tenants which these aren’t. So if someone with good references (previous landlord, work, bank refs are not worth shit as the disclaimer is bigger than the ref) shows up and is interested most landlords would strongly conider a slightly lower offer. Possibly offer a larger deposit, landlords look at this as extra security even though they really have limited reasons for taking anything from this deposit under the PRTB

Another factor I could see causing instability in the market is the possibilty that a lot of recent places put up to rent may be forced rentals i.e. failing investments where the owner needs cash but, does not have the experience or capital to stay in the rental market for too long. Eventually two years down the line he/she will be forced to exit.

loads of those places are on twice or even three times, I had one place up for about €7,500 - €8,000 with three different agents, it took about 3 weeks to rent and we got a long term tenant. Most of these LL are waiting for a long term tenant. As for the stuff around 18k per month Ailesbury road is nice and aren’t the Mexican Embassy looking for a place after their place was sold earlier this year.

Anyone else catch part 2 of this issue on Newstalk this morning? More talk of exploding rents (stand back boys, it’s ticking :wink: ).

They had the Daft economist on and he was dancing around the fact a little bit. I though it extremely strange that he didn’t mention the incredibly massive rise in rental listing on Daft. Maybe he wasn’t aware :wink: .

When talking about the rate of rent increases, he couldn’t support the “explosion” thesis. He was moere guarded, talking about “central Dublin”, some city centres around the country. He also clearly referred to rent increases over late 2006.

Reading betwen the lines I think he knows that rents are already coming down gradually as whole, but due to the old fun and games of year-on-year percentages, it is only visible as a “slowdown”.

However, the overwhelming majority of listeners unaware of the rocketing level of vacant supply and the drop in CPI measures of rents in recent months, would not have picked that up. They will soon enough as the data matures. It looks very like the disingenuous, but ultimately unsupportable spiel about prices in the early phases of the present crash.

Do you work for the Calrsberg Agency Brian?? :wink:

clutching at straws.

The thing that really scares me and is ultimately going to cause the most damage in this country is that the average person doesn’t seem to take a step back and think about it.

The media (if i’m allowed this generalisation) know this and abuse it…mostly out of self interest, I’m quite sure…pretty sickening, but the price will be paid (albeit not by them of course, but by us all)

re read my comment, does look like i am beig very optimistic. some of the places take ages to rent and get a realy low yield but the LL are looking at the tenants almost as house sitters for their prize investment that they hope will grow in value, rather than get them an income. half of these LL’s just like the kudos of being able to say that they own a place on Ailesbury road, or 6 places on Morehampton Road or a couple of places on Clyde Road

He should have been, I texted in, but they seem to have not got around to reading the text :stuck_out_tongue:

Where are Newstalk getting the data that rents are exploding? If someone can identify a single market in the world, where rents have exceeded wage inflation in the medium term I’d be interested. :unamused:

The last report from Daft in August showed that their rental index had fallen (back to 2002 level) least we, or Newstalk forget.