Lack of rental property in D4/D6

irishguy

Has anyone else else noticed that there seems to be a lack of property/rooms to rent in the Ringsend/Rathmines/Ranalagh/Harolds Cross area? Unless you want to live in a kip with 70's furniture. The places that are half decent seem to be charging a lot more rent than they were 1/2 years ago. I would say in some cases they are asking for nearly what they would have at the peak....

A couple of people I know had commented to this effect to me too, they are finding it hard to get decent places without paying a fortune. Surely rental prices couldnt have rebound that fast?

Korvanica

Im looking in that area too, including dundrum and that area. Prices are MENTAL!

1600pm 2 bed apartment

Do these landlords know theres a recession going on ?

Zamboni

I'm not sure what the level of surprise is about folks.
They are incredibly highly desireable areas for both work and play.

Jehuty42

I think the problem is that they are pretty much the only quiet, entirely non-dodgy areas still within walking distance of the city centre. But yes, rents are still very high and the quality of rental accommodation is absolutely appalling. I've been keeping an eye on daft for months now and I still can't see anywhere that makes a better proposition than living with my parents. I've rented before in Harolds Cross(Terenure side) and Ringsend(Barrow St/Bath Avenue) and unless you're students with low expectations and can share the rent, there's very little out there.

BostonB

They are probably most popular places to rent in the country.

Use a bike and you'll increase your options considerably.

irishguy

I am not surprised, I have lived around this area 6ish years. Whats surprising is that in 09/10 rent prices were a good bit lower and there were a lot more properties available. In the last 1 to 1 1/2 years prices seem to have got back to 05/06 prices.
I assume it is a result of all the job announcements in the last year in Dublin or people having to move to Dublin to find work. I guess there are lots of people on decent money wanting to live in these areas.

I know D4/D6 would not be a good representation of the entire housing market. Anyone have any other insights in other parts of the city/country?

Zamboni

irishguy wrote: »

I assume it is a result of all the job announcements in the last year in Dublin or people having to move to Dublin to find work. I guess there are lots of people on decent money wanting to live in these areas.

I'd say that is a big factor.
Eg. guy loses his job in Talk Talk, jumps a bus to Dublin with what cash he has and gets the first place available in Rathmines on a heap of commuter routes and city centre.
The priority will be getting an income rather than a nice place.
Multiply that by mobile individuals who have lost their jobs nationwide and it goes some way to explaining why those areas will always have high occupancy despite the fact that a lot are destitute holes.

BostonB

Lots of people don't want to have to use public transport or a car to commute to work or college. Those areas have always been big catchments for students too. Basically you shouldn't be surprised by this, its old news no?

irishguy

I am not complaining about price and I know its a desirable area. I was just surprised by the quick turn around of the rental market in the area.

Chris_5339762

I was looking for a place in that area a year ago. Absolutely apalling selection of properties, really disgusting kips (incl. one full of lizards) and estate agents amazed I wouldnt rent any of them.

I've bought a place now, so I'm happy

irishguy

Chris_5339762 wrote: »

I was looking for a place in that area a year ago. Absolutely apalling selection of properties, really disgusting kips (incl. one full of lizards) and estate agents amazed I wouldnt rent any of them.

I've bought a place now, so I'm happy

You would think landlords would cop if they spent a few quid on the place they could charge more to rent it.

Speedy2009

any suggestions on alternative safe locations to rent in Dublin?
Just starting a new job in dublin and looking for a 2/3 bed house/apartment to rent.
Cant even see much as far out as sandyford (green line luas prefered)

it does seem a bit crazy - perhaps its the time of year too aka UCD students just having taken a load of places or people starting graduate programmes?

dearg lady

Basically, don't discount the northside! If you have a look around, there are some nice places in north city centre and surrounds for a lot less than you'd pay for the likes of Rathmines, Ranelagh etc.
Areas like Smithfield, Phibsborough, Drumcondra, Fairview, Marino, East wall have nice places available for much cheaper rents.

Duke Leonal Felmet

I have also noticed this, but I disagree about the 'it's a recession' comments. That's the very reason why prices are rising. When people are not buying houses, where are they living? They rent. And in proportional terms, more young people are renting now than buying. Ergo, the price of rent rises.

alanacadia

The real problem is that a lot of landlords have just sold up /packed up/or went to Nama land
with the revenue robbing all landlords of any way of breaking even its not worth your while if your a landlord trying to pay a mortgage, prtb, insurance, property levy, and now to come property tax on each property,thats without any mainatinence issues as well.
The only landlords that are not affected are the ones that own thier propertys out right ( no mortgage ) at least thay have a chance and thay can be choosey and also hold out ofr top rent.

Thats my input
Cheers

Zamboni

alanacadia wrote: »

The real problem is that a lot of landlords have just sold up /packed up/or went to Nama land
with the revenue robbing all landlords of any way of breaking even its not worth your while if your a landlord trying to pay a mortgage, prtb, insurance, property levy, and now to come property tax on each property,thats without any mainatinence issues as well.

The revenue don't rob anybody.
They initiate laws put in place by elected representatives in a democracy.

big syke

alanacadia wrote: »

robbing all landlords of any way of breaking even

Thata another problem. Why should the "robbing" revenue worry about a landlors breaking even. Too many lanlords feel this entitlement to make money or at least break even every month.

BostonB

There has to be a lot of LL running at a loss now. Has to have an impact on the rental market eventually. But many will have no choice but to keep renting them out as they'll need to service their mortgages. If they have a small or no mortgage then all it takes is one bad tenant to put them is a loss making situation for a year or too.

I know a few that now only rent to family and friends as holiday rentals. Too much grief and costs otherwise.

gurramok

D4(Ringsend)\Grand Canal Dock has Google, thats why you will find it hard to get something. Most employees of Google rent(1000+ employees) rather than buy.

edanto

Googlers & Facebookers & State Street and all the others down there put a lot of pressure on rents. It's the one part of the country where I would think about buying an investment property (pie in the sky - if I had the money for a deposit) since the rent would well cover a mortgage.

Ray Palmer

big syke wrote: »

Thata another problem. Why should the "robbing" revenue worry about a landlors breaking even. Too many lanlords feel this entitlement to make money or at least break even every month.

Becasue if there aren't places to rent everybody has to buy a home. This is a vital service. LL are perfectly entitled to make a profit as is anybody who provides a service. Stop it being profitable and the country will be in much more trouble and what will actually happen is rent will go up. Basic economics dictates what will happen.

Revenue should never make any industry unprofitable nor reduce the service.

edanto

But Revenue have changed nothing!!

All that's changed is that some landlords have realised that their rent won't cover their mortgage and they are also liable for income tax on the rent regardless of the mortgage.

That is the landlords fault and not Revenues.

Anyways, hopefully the government will axe rent supplement in the budget which should bring down rents across the board.

Crazy thing for us to be spending taxpayer money on.

BostonB

I think it was slightly tongue in check.