48k covers everybody. In practice renters are generally under 35 so outside of a few sectors their salaries in Dublin are generally lower than the average wage, they are also usually single so it’s usually 1 to bed (but not neccessarily a room). My friends son has just moved into rented accomodation (with his girlfriend) - he’s in a good job (compared to his peers) in one of the big four. His father told me he just got a raise to 48k and that he’s earning more than any of his friends. He’s in his late 20s and is paying 1100 a month for a 1 bed flat in south suburban Dublin (rathfarnham/terenure sort of area) - 48k leaves you 36k after tax according to the tax calculator I looked at . At the bottom of the heap in a minimum wage job you get about 28k that leaves you 24k, 38k leaves you 31k. People in IT under 30 are generally earning up to 55k - which leaves you 39k - there are exceptions but the vast bulk are coming in at that kind of rate - 5 years experience in the right skills can get you up to 70k, maybe 90k if you contract - but those are developer jobs - the content scanning, email sending, call centre support jobs are generally in the 50s and these are the bulk of jobs. 4 lads renting a two bed apartment happy to live in close proximity can do it for 5-600 per month but you wouldn’t do it for long!
Given the official inaction or rather tacit encouragement of the current status quo, it would appear therefore that, (unless theres a change of Government/public policy), the new normal will be for the market to be benchmarked to working, childless couples of the domestic variety at the mid end (2k to 3.5k per month) and transient, single migrants/students at the lower end with the open border/mass migration treadmill keeping the whole thing afloat by placing a floor under the market at the bottom.
With all of the above basically existing more or less to provide the higher end of the multi national/tech/pharma sectors and their spin off beneficiaries with tax free status and a steady supply of affordable labour in a feedback loop of sorts
Personally id view this as unsustainable for much longer in base political terms. We’re already seeing the beginnings of populism in Ireland over the past few months. Its growth is inevitable within such an environment. And as we know, once something goes mainstream in Ireland, be it hard core catholicism, crass materialism or extreme liberalism, it tends to gain critical mass fairly quickly.
Yep - if you allow the free movement of capital the immediate corollary is the free movement of labour. Borders won’t stop people who want to get out of countries drained of capital and hope - they will head to the places where that money has gone.
I’d rather see exchange controls come back and a removal of tax havens - this has some chance of working - immigration controls don’t work. Stop the kleptocrats in Russia, Africa , India and China hiding their money and it will stay in these countries as will their people.
The casual and institutional racism against immigrants is just that - it’s not ‘populism’. Having just been at a social event where a girl broke down in tears having just been racially abused I’m in no humour for this kind of stuff. I can remember London in the 1980s - ‘Hey Paddy - got any bombs on you?’ , ‘Hey Paddy - fuck off back to Ireland’ - I presume that was ‘populism’ as well?
Well no matter what its labelled as, the rhetoric is clearly on the increase. And competition for shelter (rather than IRA bombing campaignd) being one of the underlying causes.
London and Dublin are ranked as some of the worst cities to live and work in the world as an expat.
That’s according to InterNations, the world’s largest expat networking group with 3.5 million members from 420 cities, which released its Expat City Ranking 2019 report.
InterNations defines an expat as an employee sent abroad on a corporate assignment or classed as a new international hire. This will also mean that the experiences of that certain demographic could significantly differ from a local — especially being away on corporate assignment can entail bonuses, such as relocation stipends for example.
The report surveyed more than 20,000 expats, representing 178 nationalities and living in 187 countries or territories, on various aspects of expat life. It asked expats to rate more than 25 different aspects of urban life abroad on a scale of one to seven. Those ratings were then bundled into 13 subcategories, and their mean values were used to draw up four topical indices: Quality of Urban Living, Getting Settled, Urban Work Life, and Finance & Housing. It then got an overall rating.
At least 50 respondents had to participate for cities to be part of the ranking — 82 cities made the final ranking.
While expats rated London and Dublin highly for career opportunities and progression, they both scored badly when it came to anything monetary related.
The report found that London came very close to the ten worst expat cities, ranking 70th. The UK capital scored poorly across a number of indicators, such as performing the weakest in the Local Cost of Living Index (74th) and more than five in seven survey participants find the local costs too high (vs. 38% globally). Expats also have trouble finding affordable accommodation (78% negative responses vs. 44% globally) and are dissatisfied with their financial situation (34% vs. 26% globally).
Similarly, Dublin ranked 72nd due to coming last in the world for finance and housing (82nd). Expats are especially dissatisfied with the affordability of housing (88% negative responses vs. 44% globally) and have trouble finding a place to live in (86% find it difficult vs. 32% globally).
Just like London, 30% of expats in Dublin are unhappy with their financial situation (vs. 26% globally). Almost three-quarters of the survey participants (73%) rate the local cost of living negatively (vs. 38% globally). A Brazilian expat said, “the cost of living is a turnoff, finding an apartment is a nightmare.”
Chalk it down - rents began to “soften” the year pervious to the release of Attack of The Virus. Interesting.
A soft landing for landlords and REITs im sure. Someone will have to bail them out
repossessions where banks take over the rental of houses away from landlords need to be streamlined. This would keep renters in the accommodation provided the renter keeps paying an agreed amount, and then wipes out the landlords equity.
The government doesn’t have the money to hold up every industry. Landlords are not critical, once the accommodation is continued to be used. Landlords whose equity gets wiped, will come back for more equity investments for new houses because greed means they will participate so long as there is profit. Banks put more capital into houses, so should be saved first. And their participation is senior debt, where the first loss is held by the equity.
For €237 per month, our researcher was presented with a bare mattress propped up against a wall at 29 Great Charles Street, off Mountjoy Square in Dublin 1.
The mattress was taken down every night and placed on the floor, where it was sandwiched between a wall, a sofa and a washing machine.
There were three other tenants in this one-bedroom flat – but they had actual beds.
“It’s back to sort of Dickensian times,” Prof Sam McConkey, an infectious disease specialist at the Royal College of Surgeons, said.
It is interesting how the property ‘entrepreneurs’ in this report are not Irish, and the various Universities are ‘shocked, shocked I tells ya…’ that this is all going on.
Never a bad time to share the clip below!
In fairness, the 1st landlord was Irish. An auld lad with a border accent. Too miserable to even use an intermediary to collect the cash/sell the vouchers for the laundry!
The last landlord had an Irish name though he wasn’t shown or heard on the report - he was using that Brazilian lad as his minion.
“huge rent increases”
They never put any meat behind the headline.
Whats the difference in yield on the 3 bed semi, or 2 bed apt/townhouse in the area?
With the price increases due to lack of supply the yields are just not there in many places. Even in terms of building, the juice isnt worth the squeeze on so many sites.
What are yields on sites in Cork?
A family member obtained what was probably the very last jumbo rental contract for a docklands apartment before covid19 hit-the one year lease expired today. It’s a one bed that isn’t suitable for a couple working from home so they just didn’t renew without even asking for a reduction. The agent reckons he’s looking at around a 15% drop.
I know someone who is moving into the Docklands now. Secured a reduction of just under 25%. This is a high end place.
Colleague in work was distraught today. They are renting a place in a not so salubrious part of Dublin and have been told this morning that their rent is increasing to €2000 a month from €1850 which was already cutting them to the bone. They have kids and are trying to save for a house and this is killing them altogether.
I’m 10 years in my own gaff now and thought I’d be moving upwards but thats out the window altogether, counting my blessings that I’m not caught in a rent trap, we’d be living in the back of nowhere now if we had to house three children and rent.
I’m glad my kids are still in primary school, hoping by the time its their turn to venure out into the big bad world that things are better for them than the current generation starting out.