Rental market

This has been listed since 20/11/07:
daft.ie/212253

Renewed every day. You’d think they’d shave a bit off the rent.

I can see rents dropping anecdotally in the area. New listings in Rockfield are typically 1500-1550 now (compared to 1600 in Nov/Dec)

EDIT: Topic title changed, thanks TUG!
EDIT: Changed again, as it was misleading

There have been zero viewings as far as I know. I have someone who is keeping an eye most of the day.

There are three from this block on Daft. There was another a week or two back and they dropped rent to 1550. They managed to get a tenant. I was told they agreed on a price below the asking.

It is disheartening to see people holding out like this - while the supply / demand situation plays itself out, tenants will still be squeezed or have their choices limited while the penny drops with landlords. A friend recently had her rent revised upwards in one fell swoop from €1600 to €2300 ! A quick mention of the PRTB brought it down to €1800, but not without a ratty conversation with the letting agent. Neither the PRTB nor Threshold were much use.

This kind of holding out for really high rents is killing liquidity in the rental market. I myself want to move to somewhere closer to work but I refuse to pay anymore than Im currently paying. So I stay where I am. Theres a mexican standoff going on in the rental sector.

This sort of thing is very intrusive lads. I’m changing the topic title and keep it clean, it’s not quite glee but it’s not far off…

That’s the landlords right. Goodness knows they paid enough for the right to ask what they want. If it means empty apartments that’s their choice, if the get people willing to pay it fair play to them.

I’d have just moved out I think.

What use would you expect them to be. I think after 4 or 5 years there’s a certain amount of protection in terms of increases having to be in line with the market. If she’s been there less than that then the landlord should be allowed to ask whatever they want, and risk the tenant leaving.

Whatever you think is happening in the market, nobody has any right to demand lower house prices or rent. It’s a negotiation, and it’ll take as long as it takes.

-Rd

It’s not even on the same continent as glee! It’s “incomprehension”

If you don’t like the topic it’d be better to remove it than butcher the subject.

If you can best option in such a scenario is to get the hell out asap.

Did you see the original topic title??? :open_mouth:

Of course I did - I wrote it.

ok so we have a situation where many many landlords are HOLDING OUT for a HIGHER PRICE!

Ask your self : How do they do this? Can they hold out indefinitely? Arent they incurring losses every month? What the hell is going on?

Now - we have gone over this briefly in some ancient topics I will do a search for them later and link them. But the gist of it is:

A massive amount of buy to let purchasers over the past few years bought on INTEREST ONLY loans. Alot of them were interest only for 10 years time frames.

Now the next question for debate is : Where does that leave us? How will this effect rents? What other implications does this have for the housing market? How are these people likely to react when their investments yield NO RENT and not only ZERO CAPITAL APPRECIATION BUT NEGATIVE EQUITY?

I have thought about this and I just can’t figure it out. These LL are loosing money every month when they have tenants. Firstly how can they justify this. Then they loose 2-3 months rent as I write. One I’m thinking about has had no viewings but yet has not dropped the rent. This just blows me away. The only reason I can think of is stupidity or wishful thinking. Could somebody become a LL and not do any research. Not take the time to understand the market.
It is pissing obvious that the answer is yes. Our LL for example is going to loose a fortune. They just don’t seem to realise it. :unamused:

Probably because rental income is not the primary goal, capital appreciation is.

thepropertypin.com/viewtopic.php?t=2281

^^^^^^^^^^^^^^^^^^^^^^^^^

READ IT AND WEEP

Doesnt it all tie in nicely with Morgan Kellys warnings of banking system collapse?

Check out some of his facts and figures:

arandomwalk.com/forums/index.php?showtopic=121

*For governments, read public money, public spending on services etc.
*
So the developers screwed the ordinary Irish people with their greed for massively overinflated profits, facilitated by their friends whose ear they had at the Galway races and now as the economy takes a downturn, they walk away and who is left to pick up the financial pieces…

Almost like untouchables