Rental prices and general market condition

Hi all,
Hope I can pick your brains, and learn a bit from your experience, about the current state of the rental mkt.

I’m in the market for a rental house, ideally in Dublin 7/9 area (Glasnevin, Drumcondra, Phibsborough… walking distance to town) after returning to the country in Dec. I was out of the country for 1 year so last time I was on the market was 2.5 years ago, and I’m a bit out of touch. I got a couple of mixed impressions looking through the archives, sometimes people saying negotiate hard, others saying to turn up to viewings with references in hand and move quickly on nicer houses. Is this something that’s changed over time?

I’ve viewed a few places, and could sign a lease tomorrow on a 2 bed terrace on a very nice street at EUR1200 pm. This was one where I “moved quickly” and so didn’t negotiate on rent. But looking at it again (in daylight), I’m wondering if I’m compromising too much (area good, living rooms good, BUT upstairs carpets shabby, kitchen shabby, etc.). What I don’t understand is whether I’m in a buyers’ or sellers’ market. If the latter, this is an OK deal, if the former then I’m probably rushing in needlessly.

Can any pinsters give an insight into the market, maybe from experience renting or landlording?

Are rents for decent houses still dropping?
Is there generally room for negotiation on rent?

I live in the same area and was looking for the same type ofproperty. The problem you face is that most of the rental properties going are very poorly furnished and often need some tlc, and this is regardless of whether they are ticking the boxes for location.

It’s hard to know what to advise you without knowing the property and knowing if there was any other interest. It’s worth asking for a reduction but only if no one else is willing to pay asking-that is self-evident but is the nub of the issue.

6 months ago we looked at a 3 bed mid terrace newly refurbished (they previously let it to the oh so desirable ‘three professionals’ who proceeded to wreck the place), it was being let unfurnished. There was big demand at 1200 pcm. We were disappointed to lose out, but ultimately found a great place slightly outside our area of interest (a little down clonliffe road) for 1100, again newly refurb (this time the tenants burnt it down with a stray fag).

Now, to the business end of things. Personally from experience i think to get a decent condition 2 bed you should be pleased with paying 1000-1100 or anything less. A 3 bed 1100-1200. If you’re willing to compromise on condition or furnishing then knock 50-100 off it.

There are not many nice places out there. Even when supply is high in this market most of it is horrible. I know drumcondra and glasnevin pretty well, phibsboro less so. If you want to give me the property details work away and i’ll tell you what i think or know. If it’s in one of the nicer redbrick sections of the area then the price may not be off the wall, it’s always a risk trying to obtain a reduction as someone with slightly lower standards will come in over you.

  1. Only if the asking rent is unrealistic to start with.
  2. Same answer really.

It is hard to comment without having seen a place, but for 1200 EUR you could get a 3 bedroom place in Drumcondra:

A decent 2 bedroom place in Phibsboro shouldn’t be more than 1000 EUR.

Some charts. Asking rents are fairly stable and moving more or less in line with the general market. Bit of a bounce in Dublin 9 but it’ll be interesting to see if it doesn’t correct back down. There might be a bit of a downward pressure over the coming months with the changes to the Rent Supplement scheme.

These charts are created from ‘Snapshot’ data that is available in the quarterly Rental Reports.