rents fall to lowest in a decade

ei.sdraob

http://www.daft.ie/report/

rents fall to lowest in a decade they say

theres a silver lining to all this



Ronan also has an excellent blogpost on subject

murphaph

Looks like the only things still increasing in price are government controlled. This money is going on public sector pay.

Dannyboy83

I'm scratching my head because I was looking at places to rent just last night.
Some houses have increased in rent by up to €200. (e.g. €1000 pm to €1200 pm)

They are probably overshooting purposely, expecting you to haggle them back from the insanely overinflated price down to the grossly over inflated price.

Haven't spoken to them, but I'd say most of them won't accept the above graphed reality, and try to adhere to the Celtic Pyramid stuff.
I expect this will all change after the December budget tho, when the lay offs and emigration begin to surge.

kmick

This is going to throw the NAMA plans which estimated rents would remain stable into some disarray. If rents are low you cant attract landlords. Throw in taxes on rental property, no control on mnagement fees, dont abolish stamp duty and keep mentioning property taxes and all of a sudden property prices keep on falling. Shambles.

Dannyboy83 wrote: »

I except this will all change after the December budget tho.

What are you guessing they are going to do?

Dannyboy83

kmick wrote: »

What are you guessing they are going to do?

In the budget, well, I'm guessing probably 7% off Social Welfare, PS wages, removal or reduction of some exemptions, maybe hammer rent relief or get rid of it.
I think its not just about what we do, but what the UK do.

Anyway, regardless of what they are going to do, to get rid of €4 billion spending is going to be painful for people who are benefiting from the government and the deflation will start.

p.s. the should drop excise duties 20% for Xmas, they would clean up.

minotour

If you are seriously looking to rent you should install the Property Bee addon for firefox. You can then see the the historical data associated with all posted properties, very powerful info if looking to haggle.

Dannyboy83

minotour wrote: »

If you are seriously looking to rent you should install the Property Bee addon for firefox. You can then see the the historical data associated with all posted properties, very powerful info if looking to haggle.

Thats a handy tool I have it installed.
Only problem is that they have figured it out, so instead of updating old threads, they've started just making new threads, which renders it useless unfortunately.

gurramok

Dannyboy83 wrote: »

I'm scratching my head because I was looking at places to rent just last night.
Some houses have increased in rent by up to €200. (e.g. €1000 pm to €1200 pm)

They are probably overshooting purposely, expecting you to haggle them back from the insanely overinflated price down to the grossly over inflated price.

Haven't spoken to them, but I'd say most of them won't accept the above graphed reality, and try to adhere to the Celtic Pyramid stuff.
I expect this will all change after the December budget tho, when the lay offs and emigration begin to surge.

The report says Cork has plummeted so your targets are chancers.

Byron85

gurramok wrote: »

The report says Cork has plummeted so your targets are chancers.

Plummeted my arse. Nobody I know that is renting has seen any kind of substantial reduction in their rent. I was house hunting in August and I didn't notice much of a difference in prices compared to the same time last year either.

Rabies

thank christ I'm not colour blind else that chart would be a nightmare.

Good point with the smokes/drink/healthcare stuff going up and the rest down.

Diarmuid

T.W.H Byron wrote: »

Plummeted my arse. Nobody I know that is renting has seen any kind of substantial reduction in their rent.

Most I know who pushed for a reduction, got one.

T.W.H Byron wrote: »

I was house hunting in August and I didn't notice much of a difference in prices compared to the same time last year either.

You must not be very observant. I'm looking for a place to rent at the moment and the drops are huge.

MikeC101

ei.sdraob wrote: »

http://www.daft.ie/report/

rents fall to lowest in a decade they say

theres a silver lining to all this



Ronan also has an excellent blogpost on subject

Can someone explain what's with the strangely uniform rising and falling of clothing costs (though as part of an overall downard trend) within the year? Is it dropping for sales periods and then rising again throughout the year, peaking and dropping for another sales period? It's mirrored a bit by the furniture and household, so I suppose that suggests that it is.

Edit: possibly it's not all that strange, given how clothing price trends do tend to be fairly standard, with sales in certain months and so on.

Byron85

Diarmuid wrote: »

Most I know who pushed for a reduction, got one.


You must not be very observant. I'm looking for a place to rent at the moment and the drops are huge.

I might say it to the lads in my place again about getting a reduction. We talked about it but we're under a contract so it's a tough one to call.

As for not being very observant, well, Cork is full of dodgy landlords. This time last year a mate of mine was paying €350 a month for a place that he contracted pneumonia from.

bangersandmash

kmick wrote: »

This is going to throw the NAMA plans which estimated rents would remain stable into some disarray. If rents are low you cant attract landlords. Throw in taxes on rental property, no control on mnagement fees, dont abolish stamp duty and keep mentioning property taxes and all of a sudden property prices keep on falling. Shambles.

The underlying NAMA assumptions are becoming even more unlikely before we even get started. I wonder what kind of intervention we can expect from the government to prop up, sorry stimulate the market.

"The more these rents go down, the more property prices will have to go down to make them attractive from an investor's perspective," he told the Irish Independent.

"The assumption with NAMA was that in 10 years time property prices would be at least 10pc above where they are now. For that to happen, we would need property prices to bottom out pretty quickly."

He added that even if property prices bottomed out now, there would still be a major strain on NAMA.

"Property prices being up 10pc in 10 years seemed reasonable, but if we bottomed out now -- and went a further 10pc or 15pc down over the next 10 years -- all of a sudden you need a much bigger percentage increase on the way back up."

The investors will be the people who NAMA will be selling property to -- and they will be looking at property purely in terms of rental income, he said.

http://www.independent.ie/business/personal-finance/property-mortgages/rental-prices-driven-down-to-10year-low-1945376.html

Vyse

T.W.H Byron wrote: »

I might say it to the lads in my place again about getting a reduction. We talked about it but we're under a contract so it's a tough one to call.

You probably need to wait for your contract to be up before negotiating. I'm renting in Cork at the moment for €1150 per month. After Januray I don't expect to be paying over €950.

ei.sdraob

a little bit offtopic

but i had a good laugh at this article this morning


Cuba, Switzerland two property hotspots of 2009
:rolleyes:

cant believe the papers would still print tripe like that in 2009

Taxipete29

T.W.H Byron wrote: »

Plummeted my arse. Nobody I know that is renting has seen any kind of substantial reduction in their rent. I was house hunting in August and I didn't notice much of a difference in prices compared to the same time last year either.

Big difference in what is advertised and the price you negotiate when you go and view a place.

Dannyboy83

T.W.H Byron wrote: »

As for not being very observant, well, Cork is full of dodgy landlords.

I have to agree.
I was in contact with Threshold recently, as my previous landlord has refused to return a €1000 deposit from Jan 2009 onward.
(I actually have to follow this up)

Apparently the PRTB and Threshold are under a lot of pressure, due to the amount of landlords in Cork not returning deposits.

meglome

T.W.H Byron wrote: »

Plummeted my arse. Nobody I know that is renting has seen any kind of substantial reduction in their rent. I was house hunting in August and I didn't notice much of a difference in prices compared to the same time last year either.

I found the opposite. Places in Dublin City Centre that were fetching 1500 at one point now on at 1000-1100.

Byron85

Dannyboy83 wrote: »

I have to agree.
I was in contact with Threshold recently, as my previous landlord has refused to return a €1000 deposit from Jan 2009 onward.
(I actually have to follow this up)

Apparently the PRTB and Threshold are under a lot of pressure, due to the amount of landlords in Cork not returning deposits.

Didn't get my deposit back for my last place either. None of us did.

meglome

T.W.H Byron wrote: »

Didn't get my deposit back for my last place either. None of us did.

And the same for us. I started this thread over in the Accommodation & Property forum to highlight the issue as it seems to be rampant at the moment.

Dannyboy83

meglome wrote: »

And the same for us. I started this thread over in the Accommodation & Property forum to highlight the issue as it seems to be rampant at the moment.

Did you go to the small claims court?
Did you have any success with the PRTB?

EDIT: sorry I just saw the date, I'll keep it to the other thread, thanks

Fratton Fred

We've had a 10% reduction in our rent, but more noticeably, three properties in our estate were fetching $2000 per month last year, they struggled to get $1500 this time around.

Dannyboy83

Well, I'm not surprised with all them Hamas rockets coming down on ya.

rasper

Two of my previous landlord in Cork stalled and delayed on returning my deposit it took threats in the end , one to go to his school where he worked and cause a right scene, and two to go to the revenue, shouldn't give up on those deposits at all

SpringerF

People who have made their rented accomodation their home are being screwed.

Landlords are refusing to reduce rents in such cases.

Rents have indeed gone down for those who are renting a property for the first time. Expect rents to rise as soon as possible afterwards thus forcing the tenants to move on or pay up.

Moving is ok for those with no ties, however landlords look at your situation, gauge whether you will move on or not. Moving on is not so easy when you have kids in schools, bank accounts setup with the address, contact details.

There is a myriad of reasons to influence a decision to move or not.