Rent prices in Kilkenny

jiggajt

I was just looking on an accomodation website and there are a number of double rooms for rent in Kilkenny advertised for 400 euro a month?? Is it me or is this 100 euro a month more than normal.

There are a number of other double rooms for rent in the 280-300 a month bracket which are in the same estates as the ones advertised for 400.

There's nothing special about these rooms as i have seen pics. Is this just house owners struggling to pay bad mortgages trying to get as much as they can or are rent prices actually going up??

Stephen

I'd say its the mortage thing. Rent is going down nationally, as it should with the property crash.

Angus MacGyver

No way would i pay that in kilkenny.

EKRIUQ

Overall rent for houses haven't raised that much

jiggajt

I guess they'll find it tough to rent those rooms so. Im just surprised there is so many people looking for that much.

DenMan

One of our clients is based in Kilkenny (Tilbury Place). They are renting a 3 bedroom apartment in Urlingford for 750 p/m. Not familiar with that part of the country as yet. House prices for renting are falling. Hopefully you can find something very soon.

catbear

i've been following rent decreases via Daft for months now.
i'm currently paying €700 a month for a 3 bed semi unfurnished (we have our own beds etc in anticipation of buying in the long run - when prices are realistic)
anyway here's a recent inventory of houses available for rent in Kilkenny urban area
aug 27 126
sept 1 132
sept 7 116
sept 11 136
sept 17 141
sept 19 126
sept 24 123
sept 29 130
oct 8 132
oct 15 143
nov 06 155
as you can see 126 at the end of Aug jumping to 155 this week. there is huge oversupply and it will get bigger as more people who can not sell their investment properties revert to renting them to cover mortgages.
prices have also been dropping, i've been targeting houses for under €800, in aug there was 60, there were 86 the last time i checked.
if you want to track particular rental prices then http://www.irishpropertywatch.com/index.php is the one.

a clearer picture of the inventory increases in kilkenny is dramatically displayed in graph form at http://daftwatch.atspace.com/daftcounty_11.html
it is truely carnage, five times as much stock as this time last year!!!!!

do not be surprised that in twelve months you will get a whole house for the same price as a double room now. it happened in germany after their property bust in the early nineties.

if you want to expand your interest in boom/bust, then drop into www.thepropertypin.com

Firetrap

Hopefully the prices of buying the things will drop too. Prices in the city are still very high

jiggajt

Well as a homeowner who rents out the remaining rooms in his house i hope neither of those things happen! Interesting statistic about the availability of rental houses though.

Firetrap

From today's Irish Times

Price cuts of up to 40% and tax breaks in Kilkenny

THE LATEST batch of units at a large mixed-use scheme in Kilkenny city comes to the market with price cuts of up to 40 per cent as well as tax breaks.

The ambitious MacDonagh Junction scheme, focused on the area around the city's railway station, incorporates retail and office elements as well as 100 apartments.

The final 30 units go on sale this weekend. One-bed apartments are priced from €150,000, two-bed apartments are priced from €192,000 and three-bed units are priced from €231,000.

Prices have been cut by around 40 per cent since the units were last launched this time last year.

Parking spaces are included in these prices. Last year they cost an extra €20,000.

All units qualify for Section 23 tax relief. Purchasers of Section 23 units can offset the qualifying relief against rental income from any type of property in Ireland.

Joint selling agents Douglas Newman Good New Homes and DNG Ella Dunphy will be opening show units this weekend to give potential buyers a flavour of what is on offer.

Firmly aimed at the investor market, prices also include a rental furniture package. Twenty of the 30 units on sale this week are already let and are achieving rents between €650 for one-bed units up to €900 for three-beds.

The retail element of the €300 million new quarter in Kilkenny city opened for business in 2007 and has 31 shops including Dunnes Stores, TK Maxx and Virgin Megastore and three more to open by Christmas.

An attractive element of the scheme is Workhouse Square, a food court area housed within a series of listed buildings.

Stephen

€650 for a one bed shoebox? In Kilkenny? Are people insane?

catbear

it's truely crazy.
i'm ten minutes walk from there renting a three-bed house for €700 a month.
why would anyone want a one bed appartment for €650 when there is a growing stock of houses available.
if i bought one of those appartments last year i'd be feeling very sick right now.
but if you think that's bad, then take a gander out to the grange on the granges road.
it's bizarre. there's 17 houses, i think they were pitched at half a mill each.
four or five of them are occupied but there's ten that are just sitting there empty. perfect finish on the outside, plants and paving perfect but inside they're not finished.
it's like as if the builder could only finish if he had secured a sale.
i can't find them on daft or any other website so maybe the banks don't want to further depress the market, i don't know.

on the daftwatch count of properties for rent in the kilkenny urban area under €800 the count is now 92, up from 60 at the end of august; 50% increase of supply in just under three months.

EKRIUQ

Firetrap wrote: »

From today's Irish Times

Price cuts of up to 40% and tax breaks in Kilkenny

THE LATEST batch of units at a large mixed-use scheme in Kilkenny city comes to the market with price cuts of up to 40 per cent as well as tax breaks.

The ambitious MacDonagh Junction scheme, focused on the area around the city's railway station, incorporates retail and office elements as well as 100 apartments.



Parking spaces are included in these prices. Last year they cost an extra €20,000.

I know someone who payed €329,000 plus €20,000 for a car parking spot now all for sale at €230,000

jiggajt

Here's an example from daft:

Double room for rent in clongowan, waterford rd sharing with owner occupier. 12 month lease. Not en-suite. 450e !!!!!

If rents are going down then how come this guy is trying to get almost twice the going rate for an ordinary double room outside town!!

Firetrap

I wonder is the owner chancing their arm? It does seem a bit high IMHO.

jiggajt

I thought that too but its being let by an agency. Surely they of all people would be aware oflocal prices. There are a number of propoerties for 300-400 in places like robertshill, Ashfield and lintown placed nest to ads for the same type of rooms in the same estate for 100 euro cheaper!

I think its just some people who think that just because they put down solid wood floors or a habitat couch or a designer kitchen that it gives them the right to charge through the roof but what they dont realise is that renting is mostly about location and price and thats it!

Firetrap

Yeah, have to agree with you there. I'd say they'll be waiting for tenants with rates like that....

catbear

jiggajt wrote: »

I thought that too but its being let by an agency. Surely they of all people would be aware oflocal prices. There are a number of propoerties for 300-400 in places like robertshill, Ashfield and lintown placed nest to ads for the same type of rooms in the same estate for 100 euro cheaper!

I think its just some people who think that just because they put down solid wood floors or a habitat couch or a designer kitchen that it gives them the right to charge through the roof but what they dont realise is that renting is mostly about location and price and thats it!

there is no such thing as an official rate, only a going rate and the way things are going rates have to go down. the agents have no say in what their client wants to charge, they only advertise the property for them.
if you're thinking of moving soon, i'd wait till after christmas.
i met a lady recently who setting houses for rent, she's very busy with new houses that have never been let before because they couldn't be sold.
if you do see a place you like, don't be afraid to offer less than than their asking, you have nothing to lose.
i read a story recently about property agent who tried to persuade a client to drop her asking price to sell her house. in defence she said "but i put new curtains in, that makes it at least three thousand more".
all i want is an unfurnished house, not easy to come by.

PaulKK

wrote:

jiggajt wrote:

I thought that too but its being let by an agency. Surely they of all people would be aware oflocal prices. There are a number of propoerties for 300-400 in places like robertshill, Ashfield and lintown placed nest to ads for the same type of rooms in the same estate for 100 euro cheaper!

I think its just some people who think that just because they put down solid wood floors or a habitat couch or a designer kitchen that it gives them the right to charge through the roof but what they dont realise is that renting is mostly about location and price and thats it!

catbear wrote: »

there is no such thing as an official rate, only a going rate and the way things are going rates have to go down.

You may want to re read that quote, he said of local prices, not offical.

jiggajt

My space bar let me down but i take your point.

catbear

crap, i honestly thought it was a spelling mistake until you pointed it out.;)

Conway_Damien

jiggajt wrote: »

Here's an example from daft:

Double room for rent in clongowan, waterford rd sharing with owner occupier. 12 month lease. Not en-suite. 450e !!!!!

If rents are going down then how come this guy is trying to get almost twice the going rate for an ordinary double room outside town!!

I would say that he is in a 2 bed apt up there and has seen that they can get 900 pm for those, falling now tho

Loveless

slightly off-topic, but where is a good place to look for rooms to rent in Kilkenny? currently paying 310 for a double room with en-suite but i'm sure there must be better value around. Tried 'daft.ie' but only found a few suitable..

catbear

have you tried the Kilkenny People? Supervalu in loughboy and Superquinn have notice boards. (is notice-board one word?)

the latest on daft is.......95 properties to rent for €800 or less. it was 60 at the end of August, thats more than a 50% increase. at this rate rents will drop much further than expected. January will be interesting.

catbear

well the pricedrops are happening. check out two bed apt in lintown for 500 europeans a month. think what you will of Lintown but it a sign of what's to come for the rest of the kilkenny rental market.

http://www.daft.ie/searchrental.daft?search=1&s[cc_id]=c11&s[a_id]=993&s[mnp]=&s[mxp]=700&s[bd_no]=&s[search_type]=rental&s[furn]=&s[refreshmap]=1&limit=10&search_type=rental&id=646032

catbear

new site launched, www.rent.ie
it's an offshoot of daft but the scale is better, bigger pictures.
it's expected that the introduction of the BER ratings will drive down prices even more in the new year, especially if you are looking to rent a new build.
it's a extra point to haggle a good rate with.

catbear

a friend viewed the appartments in McDonagh juction last week. it was night time and she asked the EA how many of the appartments were occupied and he said all of them, the only light on was in the one she had just viewed and the only other person she saw up there was another EA that she recognised.

she also viewed another appartment elsewhere and put in a low-ball offer of 8% less. the EA said that they had a number of perspective clients interested at the stated price. the property is still been advertised as for rent and my friend has got no call back as she was promised.

when will EAs stop ****ing people around and be honest, it's in their interest to get properties rented. meanwhile the supply continues to increase as the number of potential renters contracts. i thought were out of denial.

EKRIUQ

catbear wrote: »

when will EAs stop ****ing people around and be honest, it's in their interest to get properties rented. meanwhile the supply continues to increase as the number of potential renters contracts. i thought were out of denial.

I don't think Estate agents are showing your friend apartments for the fun of it, maybe if they wanted the apartment they can still offer the asking price if they can't afford that then they should be looking for a cheaper property don't expect people to be on their knees begging for you to rent a apartment.

catbear

the bottom line for any EA is volume, not price.
my point is is that EAs have not adjusted to the new reality, there're not persuading their clients to be meet offers.
i was in with an EA today and their basic line was that landlords have to meet their mortgage repayments. i said the market dictates the price. my rent is still cheaper than anything she has on her books because i went through the local paper for my rental.
she said rent prices were not going to drop anymore, i told her i'd bet fifty € that in six months the average on her books would be lower. she didn't argue it.
she also had no comeback on the fact there has been a 300% increase of properties for rent in Kilkenny since oct 06 on Daft.ie. she didn't dispute that either, she knows the volume is growing.
and to top it off, i got a call from the Co.Council asking if we were still interested in affordable housing, we didn't qualify in 06 so how do they know if we qualify now. the simple answer is is that they are desperate to move their properties in a crashing market.
right now there is no reason to beg for rentals, but there is every reason for
for landlords to be actively seeking good renters.
that's my point!