Rents in Dublin up 10% - Examiner

This time 2 years ago you couldnt have given away an apt if you tried,it was almost a dirty word.How times change.

That figure is wrong.
PRTB index for apartments in Dublin show 995 to 1022 from q4 2012 to 2013. Check it out yourself.

Do you have a link Buddy?

The source for the article is none other than the Director of the PRTB, Annemarie Caulfield,one would expect her to be able to work an ould calcultor yolk afore running her yapper to anyone with a set of ears.

I’m on the phone but it’s easy to Google. All their figures are wrong. Dublin rent for are up by 3.75% in the year.

If the figures cited are correct, then it might not be that much of a surprise. Excluding family unit renters who may need 3/4 bedrooms, if potential tenants who are individuals or couples are not seeing value in the prices being sought for houses/rooms in houses, then it’s logical/rational that they would shift to an alternative, better value product … in this case, the recently unfashionable apartment.

Now, if only buyers could apply the same logic and instead of all trying to cram into a small number of perennially low supply areas of the capital, they looked to spend their hard end cash in better value neighbouring locations, then we could see a number of healthy trends in the market … a) a more transactions, b) more “up and coming” areas emerging (we see this happen in may other cities around the world, but significantly not in Dublin), c) the reduction of bubbles in tightly localised areas, d) better value for all buyers.

But then again, a key problem with normative economics is that it’s based on the “rational man/woman” assumption.

Blue Horseshoe

Anecdote from the rental coalface:

A friend shows rental properties for a letting agency.

100’s of people (many foreign) are turning up for viewings, regardless of location or condition of property. Many are eager to hand over deposits and an advance of rent on the spot.

Basically you could let a dog kennel at the moment.

My own view is that it’s the lure of a big city…where else does an upwardly mobile 20/30 something want to be?

Did anyone see the BBC 2 programme on London - Mind the Gap? Dublin is the Irish version of this.

Supply of rental properties is a lot lower than the the Daft figures suggest given the number of short term rentals being advertised.

At least 50% of properties advertised in D1 & D2 are short term rentals

Ask any tenant , prospective tenant , letting agency or landlord in Dublin city centre and they will all tell you that the market is red hot.

Anyone who says otherwise is engaged in wishful thinking.

Best of luck to any prospective tenant or existing tenant who feels that they can limit the rent increase to circa 5% - dont forget and bring you copies of the latest rent reports with you , I am sure the letting agency or landlord will be happy to study them.

Thats my experience also.
The problem is likely to get worse in the coming year IMHO.
Pretty horrific for anyone looking to rent at the moment and not good for the economy.

[wanders off topic]

Sorry, HB, but I’d have to strongly disagree with your belief that Dublin is in anyway analogous to London. The only similarity between the two is that that they are both capital cities. Why not compare Dublin to Riga, Tallin or Athens?

While Dublin will attract some inward migration from the rest of the country, London will exert a stronger draw than Dublin across the country and will also syphon off population from the Irish capital. Dublin does not look like London either economically or demographically. At best, Dublin is a satellite of London, much as the UK cities of Liverpool or Cardiff are (the city is a significantly lesser metropolis than either Manchester or Birmingham). London attracts significant amounts of international migration, Dublin, despite what some commentators might suggest, is not a migration magnet.

IMHO, comparing Dublin to London becomes economically dangerous as it create the false perception that incomes and prices in the capital of a small peripheral European economy should in some strange way be in line with those in the engine of the world’s 6th (or 7th depending on who’s figures you trust) largest economy.

Blue Horseshoe

[/off topic]

Still off topic. Cardiff is about the size of Cork so that would be like comparing Dublin to Cork and we cant be having that.
Birmingham is in decline since the end of the heavy industries
Riga and Tallinn are much smaller and declining populations
Athens is much bigger but has even more problems than all cities combined
Londons population has been declining since WW2

None are an exact replica but Dublin does suck up any resources/jobs just like London.

In the last year, we have had alot of pre 63 units being made illegal particularly around the CC, public transport costs going up, The amount of people working in Dublin going up by 3% or 16k according to the QNHS, and I think we built less than a 1k homes last year in all of Dublin? all this is putting pressure on Dublin rents particularly around the CC.

Anecdotal alert, a family member rents out a 2 bedroom house in the NCC, The rents at peak in 2007 was 1500pm, then fell to its lowest of €1050pm in 2010 and is now at €1400pm.

Any opinions on the following: we have had net outward migration of 400k people since 2007/2008 - where did they all live?

We have had net migration of around 120k since 2007/08.

cso.ie/en/releasesandpublica … yr1Jvl_sW0

And despite this the population in 2013 is higher than it was in 2007/08

Very Good Question.
I left in Early 2010.
A lot of the people of my trade that I have met along the way were living with the parents (Late 20s early 30s mainly),
Others still have the wife and Kids at home while they have left to keep up payments and put Bread on the table.
They are still included in the emigration Numbers but
no House became available when they left because the Wife and Kids are still at home.
If there was Data on the Number of people in the Emigration No.s but who have the Dependants at home in would be quite insightful.

In 2009 - early 2010 I lived in an Apartment in Northwood in Santry, A soulless place but it was cheap and things were tight enough at the time.
It was a 4 bed with 3 bedrooms locked, I was the sole tenant in the apartment.
It was right next to Ben Dunnnes Gym. The entire Development felt about 25 % occupied but I don’t know the actual No.s
The main attraction was the short lease and the secure Parking .
A guy in another apartment in a share upstairs told me they were in Nama ,
I doubt if that is true now because I saw
one in that Block for sale in the Allsop auction in February.
Before that it was a house share in Drumcondra.

At the peak of the market 1 bed Zoe built apartments in D1 were renting for €1,100 per month.

Today an apartment in Bachelors walk is for rent at €1,250 per month.

It is also worth noting there are 34 one bed apartments for rent in D1 broken down as follows:

17 are short term lets with rents ranging from €1,600 to €2,700 per month
7 will be available for rent in the future (21 March to 15 May)
10 are available for viewing today (assuming they are still available)

I

*Today an apartment in Bachelors walk is for rent at €1,250 per month.

It is also worth noting there are 34 one bed apartments for rent in D1 broken down as follows:

17 are short term lets with rents ranging from €1,600 to €2,700 per month
7 will be available for rent in the future (21 March to 15 May)
10 are available for viewing today (assuming they are still available)*

Right on the money. There is a massive supply shortage in City Centre Dublin which is not going to change any time soon.
The shortage of Grade A office accommodation means that when building recommences in the city centre / docklands area it will be offices that are built and not apartments - so rents are likely to remain strong.

As has been correctly pointed out by several posters on this board many times before; ignore the headline population number and focus on the age groupings. The current driver of population growth is in a cohort that will not be active in the property market for at least 20 years, while the groups that currently are active within it have been experiencing shrinkage coupled with income drops and tax increases.

Blue Horseshoe

waterfordwhispersnews.com/2014/0 … ss-levels/

Rent Levels In Dublin At Historic ‘Taking The Piss’ Levels

Sometimes this joker nails it!