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rental saturation

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  • 30-03-2009 3:14am
    #1
    kingofthecastle
    Registered Users Posts: 70 ✭✭


    looking to buy an apartment in the charlresland area, but would need to rent a room out so as to comfortably pay the mortgage. so just to test the market i put an ad on daft a few days ago for a room to rent at a reasonable price. Still have not got any calls which is worrying, anyone else find this to be the case, are there now too many apartments and houses for rent or share in greystones/charlesland, or is it just the time of year?


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    #2
    mikedragon32
    Closed Accounts Posts: 6,939 ✭✭✭mikedragon32


    There could be many factors affecting your lack of a response... Are there cheaper shares available on Daft? Do they have pictures? (I realise your ad can't)

    Perhaps there's not much movement in the sector?

    To be honest, if I was a prospective sharer, I'd be annoyed to have wasted time/money responding only to find out you're doing a form of market research.


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    #3
    kingofthecastle
    Registered Users Posts: 70 ✭✭kingofthecastle


    mikedragon32 wrote: »
    To be honest, if I was a prospective sharer, I'd be annoyed to have wasted time/money responding only to find out you're doing a form of market research.

    Shame on me, for wanting to know how affordable my mortgage is going to be. there was me thinking that i was just being prudent in a time of severe economic uncertainty


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    #4
    DTinthegrove
    Closed Accounts Posts: 71 ✭✭DTinthegrove


    kingofthecastle wrote: »
    looking to buy an apartment in the charlresland area, but would need to rent a room out so as to comfortably pay the mortgage. so just to test the market i put an ad on daft a few days ago for a room to rent at a reasonable price. Still have not got any calls which is worrying, anyone else find this to be the case, are there now too many apartments and houses for rent or share in greystones/charlesland, or is it just the time of year?

    Yes, the rental market is a flood, looking at the trends on Daft would tell you that.

    I don't understand your logic. Just wait for the prices to fall so you can buy the flat without having to rent a room(?)

    Seller are all keeping to a simular high price. Offer at least 20% below the asking and at some point some one will need to sell (with the state of the nation and all that)

    I have notice some movement in 3 bed house which is good. from 540k peak to 430k, still over priced at that mind.


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    #5
    kingofthecastle
    Registered Users Posts: 70 ✭✭kingofthecastle


    DTinthegrove wrote: »
    I don't understand your logic. Just wait for the prices to fall so you can buy the flat without having to rent a room(?).

    my logic is very understandable,although i have a secure job my wages have decreased by about 15% in the last few months like most people's and with the forthcoming budget, who knows much more it will decrease in the short term or in the medium term. i dont need to rent a room to afford a mortgagae now but i may do in the near future if things continue to go the way they are going. Initially in the downturn greystones as an area seemed to weather the storm well in relation to the rental market, this from what you say would appear not to be the case anymore. i may therefore have to consider buying elsewhere, not all areas seem to be as saturated on daft with rooms to let as greystones


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    #6
    ash760
    Closed Accounts Posts: 13 ✭ash760


    All I can say is that I rented out a two bed in Charlesland in February. We were told to expect a poor response. We received in excess of 10 calls and had it rented within days of putting it on daft.


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    #7
    DTinthegrove
    Closed Accounts Posts: 71 ✭✭DTinthegrove


    ash760 wrote: »
    All I can say is that I rented out a two bed in Charlesland in February. We were told to expect a poor response. We received in excess of 10 calls and had it rented within days of putting it on daft.

    SSSSSHHHHH.........Don't upset the other 79 people trying to rent property in Greystones. Fairplay to you mind.


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    #8
    oscar.d
    Closed Accounts Posts: 26 ✭oscar.d


    we put our 2-bed on the market for rent, had about 6 viewing and it was rented in less than 2 weeks (12 days to be precise) from the date we put it on the market. We weren't the highest asking rent but not cheapest either. I don't know where you get your data from DTIngrove but that's my personal experience.


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    #9
    DTinthegrove
    Closed Accounts Posts: 71 ✭✭DTinthegrove


    oscar.d wrote: »
    we put our 2-bed on the market for rent, had about 6 viewing and it was rented in less than 2 weeks (12 days to be precise) from the date we put it on the market. We weren't the highest asking rent but not cheapest either. I don't know where you get your data from DTIngrove but that's my personal experience.

    Great news Oscard......I'm just getting my numbers from Daft; there are 79 properties for rent in Greystones....This is historically very high...........30% of these are in Charlesland......alot have been on for a long time......but this rental saturation is a national trend, at the moment.

    Its not unfeasible that with no one buying, things could be looking up for rent at the right price, from Daft data on average it's taking 310 days to sell. (www.irishpropertywatch.com)

    From yr experience it looks like rental of two bed houses is popular in Charlesland anyway.


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    #10
    ash760
    Closed Accounts Posts: 13 ✭ash760


    Daft is not a representation of the number of properties to let. While we understood the ad automatically deactivated after two weeks, it didn't and must be de-activated. Our tenants said that most of the properties they had called about were already let out.


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    #11
    DTinthegrove
    Closed Accounts Posts: 71 ✭✭DTinthegrove


    Interesting observation. So why don't the advertiser just change the advert to read.....****All Ready Let*****. Surley this would be better for all involved. What benefit is it to the auctioneer having property advertised which has already gone because it gives the impression of saturation?

    Most of the other property on daft have been on for months, i mean months.....mainly because they were trying to sell (at a price not acceptable to the market) but couldn't so now they are trying to rent.

    I still believe the number of property for rent is historical high and saturated ie supply is much more than demand at the moment. May be not for two bedhouses.


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    #12
    MrsA
    Closed Accounts Posts: 321 ✭✭MrsA


    It is really not relevant to the OP how long it takes a 2 bed townhouse to be let, he is in a different situation, he is considering if he will be able to rent a room in a house, rather than the whole house.

    I think renting a room could be a much more difficult process, you are looking at a very niche market for that sort of thing.

    M


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    #13
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    The OP is looking to rent a room so while some posters might have rented their flats pretty easily, it's a different situation here.

    Plus sharing with an owner-occuper gives less rights then a tenacy.
    If there were two identical rooms but one with an owner and the other was a house share with tenants, I'd be looking for cheaper rent to share with an owner.

    Don't forget many owners resent their lodgers watching "their" TV and cooking in "their" kitchen :rolleyes:


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    #14
    The Guide
    Closed Accounts Posts: 167 ✭✭The Guide


    You will have to nag your friends till one of them gives in and decides to move in with you. Otherwise I would imagine its hard enough to let a room - usually friends stick together in this kind of thing - How about trying to let to students - your on the bus route to Bray Senior College and UCD - although it would be August or September before that would be an option.


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