Now somebody is very wrong here. Daftwatch is showing the exact opposite - a 20% (approx) increase in properties available for rent. This is ridiculous…
The time frame for their report is up to Q1 2007. Which is ridiculous , apartments for rent are up 60 percent since then.
That’s what I thought too at first, they’re reporting up to the end of Q1; March 31st, or almost to the day when rental supply bottomed. It’s up significantly since then.
But there’s something else that doesn’t tally. Daftwatch shows a slight uptick in supply in Q3 '06, but the Daft report appears to show a fall in every quarter in '06. It would really help to understand this discrepancy if Daftwatch went back further. Also, everywhere else in their report, Daft refer to the first 5 months of 2007, i.e. up to May.
Here’s the full Daft rental report, for those that haven’t seen it: daft.ie/report/
Just when you think that most VI commentators are showing signs of ‘pulling back’ a little, good old Fintan McNamara comes out with this gem!
Yes Fintan, complete ignorance of the facts is the way to go! I suppose Fintan is going to advise all his buddies to buy in this ‘buyers market’ as it is a sure bet.
Well this will make for an interesting comments thread on the daft site!
I’d imagine most of these are waiting in the sidelines for houses to fall to more meaningful levels - staving off the worst of a crash - the pent-up demand effect:
…more tenants deciding to remain in the rental sector due to high house prices
…demand due to a “demographic bulge” among people of renting age
…high levels of immigration
Please make sure he is remembered when the s**t hits the fan and people are looking for someone to blame. He should be near the top of the list.
MOD edit: jake76 please take it easy on the insults.
How are the rental prices collated? Asking the landlords who advertised on daft what the actual agreement was (as opposed to the advertised sought-for price)? Just that many people can and do haggle and negotiate down the price. Any have any ready answers?
The daft report is redundant and already bears out what people here said three months ago (that declining rental supply was due to rental properties being put up for sale on the market).
Move along please.
I’m sure renters would have haggled just the same last year too though - so while the figure might not be 100% accurate, the trend is probably close enough. Renting a place isn’t like selling a house, you can’t afford to hang about with your price a couple of hundred quid above everybody else, because you just won’t get the interest and that costs you money.
Having said that, looking at daftwatch I’d imagine the figures over the next few months will soften a bit anyway. On the one hand, investors have been taking supply off the market in order to sell - alot of these guys will probably return to the rental market if they can’t sell. On the other hand, potential buyers staying out of the property market will increase demand - this could continue for another year or so and help maintain rents even while supply seems to be rising.
Hang on a sec, I’m confused, is rental supply currently up or down ?
YOY who knows?
But supply is currently up from the figures that were released in that DAFT report…
Currently, it is up.
However, the daft report is for Q1 of 2007. During that time, supply did go down by about 20% as borne out on daftwatch.
That Daft report can be binned along with the ESRI report as both are dealing with a situation that’s ancient history at this stage.
They say an hour is a long time in politics,well 3 months is an eternity in the property market in this climate.
The only facts I gleaned from the ESRI report is that house price reductions accelerated between feb and march 07.
And is it up YOY or just since the decline?
Also are we sure that we are “right” and the report is wrong/out of date?
It’s actually for Q2 2007, but I’d imagine that the surge in supply we’ve seen since supply bottomed out in mid-March (I’m ignoring the Xmas dip) hasn’t quite fed through to asking rents yet. Like the property market, people will try to maintain a higher asking price even if circumstances eventually dictate that they must accept a lower amount.
Anecdotally, I watched some apartments in D9 go from 1250 to 1350 quite rapidly, before receding back to 1300 or so.
We’re both right actually.
The rental supply figures are only inclusive until end of Q1 2007.
The rental cost figures are from May 2006 - May 2007.
So in otherwords daft are being deliberately misleading about the state of the rental market by picking the statistics to present it in the best possible light.
Daft throwing their lot in with the other vested interests.
Well said Housebuyer and you won’t see a guest blogger on DAFT pointing that shit out!!!
What’s worse is that lazy journo’s and our national broadcaster will trumpet that guff without question.
I think we pin members need to form a lobby group that will issue statements in response to this.