Rents to rise to 2500 a month in Dublin

Elessar · 13-02-2018 10:26am #1

Just reading this piece on the latest Daft.ie report where the current national average rent price is €1227 while in Dublin it's now €2k a month. They expect the trend to continue until at least €2500 a month before the market starts to normalise. Supply is even more depressing:

With just 3,150 properties now available to rent across the country, the ongoing dearth of supply is undoubtedly a key factor behind the upwards trend in rents. This level of supply is down by more than 20 per cent on the same date in 2016, and according to Daft.ie, is the lowest level ever recorded for this time of year. In 2010, for example, stock across the country was about 22,500, while even in 2006/2007, the number of properties available for rent touched 10,000.

https://www.irishtimes.com/business/economy/dublin-rents-to-rise-to-2-500-before-they-start-to-slow-1.3389643

As someone looking to rent in Dublin soon I am dreading it. I can't see how people afford it.

Of the boardsies renting in the big smoke, how much of your take home pay does it devour?

DrumSteve · 13-02-2018 10:28am

You have my pity.

Try a house share when you come up here; renting on your own (or even two people) can be really difficult.

super_furry · 13-02-2018 10:32am

It's all feeding into rising house prices too. A mortgage of €550,000 over 30 years would leave your with repayments that are cheaper than €2500 a month rent.

God help us if the lending requirements are ever relaxed because it'll be carnage.

Kimbot · 13-02-2018 10:36am

MOD Moved to Accom & Property as its better suited there: take note of the new charter.

maximoose · 13-02-2018 11:49am

Elessar wrote: »

Of the boardsies renting in the big smoke, how much of your take home pay does it devour?

~20%

We have been lucky though. Landlord is an investment company - rent was unchanged for 3 years and now they have started the 4% annual rise but our place (1 bet apt in D8) is comfortably under the average for the area.

I don't envy someone looking to make the move to Dublin now.

DubCount · 13-02-2018 11:52am

There are just not enough properties to rent, and nothing being done to encourage more rental properties to come onto the market. Affordability is only discussed in terms of property purchase prices. Rent controls only help (short term) those already in a rented home. Eventually, only those with most money can afford the limited rentals available. If supply is not encouraged, prices will continue to rise.

Westwood · 13-02-2018 3:02pm

Stay away from Dublin it's disastrous, always was , always will be, spoken like a true dub.

omb0wyn5ehpij9 · 13-02-2018 3:59pm

I'm currently looking for a two bed apartment to rent. I came across a two bed in Belarmine (Stepaside) for 700 quid a week this morning :eek:

Theboinkmaster · 13-02-2018 4:01pm

Westwood wrote: »

Stay away from Dublin it's disastrous, always was , always will be, spoken like a true dub.

That's really helpful insight thanks - stay away from the country's capital where most of the jobs are :rolleyes:

jimgoose · 13-02-2018 4:04pm

BDJW wrote: »

I'm currently looking for a two bed apartment to rent. I came across a two bed in Belarmine (Stepaside) for 700 quid a week this morning :eek:

Faaark! The brother isn't paying much more than that for a fairly big, comfy pad in Battery Park, Manhattan!

Mickiemcfist · 13-02-2018 4:21pm

Not really the most relevant question as the earnings spread in Dublin in fairly large. FWIW I spend about 30% of take home salary.

If you're just moving up, the best deals are a room in a suburban 4 bed house.

belfe · 13-02-2018 6:55pm

Theboinkmaster wrote: »

That's really helpful insight thanks - stay away from the country's capital where most of the jobs are :rolleyes:

... And the salary earned is not for you but for your landlord.

VonBeanie · 13-02-2018 7:08pm

BDJW wrote: »

I'm currently looking for a two bed apartment to rent. I came across a two bed in Belarmine (Stepaside) for 700 quid a week this morning :eek:

Its not expensive enough for that area - its probably a scam

:D

Samuel T. Cogley · 13-02-2018 9:43pm

belfe wrote: »

... And the salary earned is not for you but for your landlord.

Who gives quite a high proportion of it back to the tax man who spends it on providing subsidised housing in the capital to many deserving people and many not so deserving.

stateofflux · 13-02-2018 9:55pm

It is nuts..

4 years ago i was renting a big 2 bed georgian apartment in ranelagh for 650pm
now i am in a tiny studio (an eight of the size) paying 950pm.

the funny thing is back then i only had a part time job /casual dole. now i have a decent full time job and decent salary but my disposable income is the same.

jay0109 · 13-02-2018 10:04pm

And 550 new jobs in 2 announcements for Dublin today. Carnage

awec · 13-02-2018 10:13pm

BDJW wrote: »

I'm currently looking for a two bed apartment to rent. I came across a two bed in Belarmine (Stepaside) for 700 quid a week this morning :eek:

Weekly rent is not really comparable. Properties advertised with weekly rates are usually available on short term lets which are always much more expensive.

Henbabani · 14-02-2018 8:33am

jay0109 wrote: »

And 550 new jobs in 2 announcements for Dublin today. Carnage

350 from the 550 will be available only in 2021...
"
[font=Lato, sans-serif]Separately, pharmaceutical company MSD has announced the creation of 350 jobs.[/font]
[font=Lato, sans-serif]The positions will come on stream with construction of a new biotechnology facility in Swords.[/font]
[font=Lato, sans-serif]Site works will start immediately, and manufacturing is expected to begin in 2021."[/font]

BillyBobBS · 14-02-2018 8:39am

Fail to prepare, prepare to fail. Irish governments housing policy has been a mess for the last 30 years and i see absolutely nothing indicating that is going to change anytime soon.

andekwarhola · 14-02-2018 8:45am

If you made as bad a mess of your own work projects as highly paid government ministers have of the housing sector and related regulation for the last 20 years, you'd be fired in a instant.

Roger_007 · 14-02-2018 9:03am

It's important to remember that the Daft report refers to the asking price for new lettings.
It's also important to remember that Daft are a private company and a player in the market.
Are there any figures available from an independent source based on what existing renters are actually paying?

Fann Linn · 14-02-2018 9:10am

Roger_007 wrote: »

It's important to remember that the Daft report refers to the asking price for new lettings.
It's also important to remember that Daft are a private company and a player in the market.
Are there any figures available from an independent source based on what existing renters are actually paying?

Spot on. The sister in law is in accomodation in Cabra where the state is paying her landlord €1400 pm. She however has to pay another €475 under the counter to them. Asking prices are not relevant when the person behind you in the queue is prepared to pay more.

CruelCoin · 14-02-2018 9:14am

For that money you could pay the mortgage on !!!3!!! x 4-beds where i live, an hour from Dublin.

Christ, is saving 2 hours a day in the car worth the difference?

Malayalam · 14-02-2018 9:24am

Ferfuxake, that is a disgrace.

But why don't people see that even if the ''jobs are in Dublin'' they would be better off looking for a job somewhere else, even if less well paid, because with a much cheaper rent somewhere else they will have more left over for actually living an actual life at the end of the week? What the heck has Dublin got that people flock in there to pay those kind of rents? It always seems kind of smelly, rushed and crowded to me.

I don't know. It's madness.

Mickiemcfist · 14-02-2018 9:28am

stateofflux wrote: »

It is nuts..

4 years ago i was renting a big 2 bed georgian apartment in ranelagh for 650pm
now i am in a tiny studio (an eight of the size) paying 950pm.

the funny thing is back then i only had a part time job /casual dole. now i have a decent full time job and decent salary but my disposable income is the same.

Both of those rents seem pretty good value tbh. 4 years ago I was renting a basic 2 bed in Rathfarnham for 1300.

Samuel T. Cogley · 14-02-2018 9:33am

Malayalam wrote: »

Ferfuxake, that is a disgrace.

But why don't people see that even if the ''jobs are in Dublin'' they would be better off looking for a job somewhere else, even if less well paid, because with a much cheaper rent somewhere else they will have more left over for actually living an actual life at the end of the week? What the heck has Dublin got that people flock in there to pay those kind of rents? It always seems kind of smelly, rushed and crowded to me.

I don't know. It's madness.

Many types of jobs are only in Dublin or only in Dublin with any meaningful supply. My wife can only work where there is a major University and ideally more than one so that's Cork/Limerick, Galway at a push and Dublin/Maynooth. All of which are expensive. Luckily we bought and weren't to snobby about where we lived so pay a very reasonable mortgage in a working class (meant in the true sense of the word) area of Dublin.

Fann Linn · 14-02-2018 9:38am

Samuel T. Cogley wrote: »

Many types of jobs are only in Dublin or only in Dublin with any meaningful supply. My wife can only work where there is a major University and ideally more than one so that's Cork/Limerick, Galway at a push and Dublin/Maynooth. All of which are expensive. Luckily we bought and weren't to snobby about where we lived so pay a very reasonable mortgage in a working class (meant in the true sense of the word) area of Dublin.

Thats my in laws problem. She works in either the Mater or James hospital and her husband is a barman. Both in effect low skilled jobs.

Malayalam · 14-02-2018 9:40am

Samuel T. Cogley wrote: »

Many types of jobs are only in Dublin or only in Dublin with any meaningful supply. My wife can only work where there is a major University and ideally more than one so that's Cork/Limerick, Galway at a push and Dublin/Maynooth. All of which are expensive. Luckily we bought and weren't to snobby about where we lived so pay a very reasonable mortgage in a working class (meant in the true sense of the word) area of Dublin.

Yeah, I can understand, really I can. It can be a bind. In a previous lifetime I worked lecturing in the law faculty of a Dublin University - surprise, surprise! - but in the end, I opted for a quieter life, changed career, dropped the ambitions, took the massive income hit and went to live rurally for the benefits of a less demanding, less expensive life. My children have never forgiven me!

threein99 · 14-02-2018 9:43am

CruelCoin wrote: »

For that money you could pay the mortgage on !!!3!!! x 4-beds where i live, an hour from Dublin.

Christ, is saving 2 hours a day in the car worth the difference?

It could take you 2 hours to get home in the evening if you have to go down the N7/M7

Samuel T. Cogley · 14-02-2018 9:44am

Malayalam wrote: »

Yeah, I can understand, really I can. It can be a bind. In a previous lifetime I worked lecturing in the law faculty of a Dublin University - surprise, surprise! - but in the end, I opted for a quieter life, changed career, dropped the ambitions, took the massive income hit and went to live rurally for the benefits of a less demanding, less expensive life. My children have never forgiven me!

Floot around as a barrister on circuit and live in a Roscommon mansion for 250K :pac: (That's my - poorly conceived - plan)!

rossmores · 14-02-2018 9:48am

belfe wrote: »

... And the salary earned is not for you but for your landlord.

Revenue takes 1/2 that rent from the landlord

Rents to rise to 2500 a month in Dublin

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