Screenshots from the latest Daft.ie rental report published today which show the average year-on-year change in rental prices in Dublin; across the country; and a table showing ‘mortgage v rent’ costs (click to enlarge)
Daft.ie has released it’s latest quarterly rental report this morning.
Some of its findings…
– Rents in central Dublin have risen 46% since 2010.
– Fewer than 1,400 properties were available to rent in Dublin on February 1, the lowest figure recorded since the Daft.ie series started in 2006.
– Fewer than 750 homes were available to rent in Leinster on February 1, the lowest figure recorded since the Daft.ie series started in 2006.
– Just 771 homes were available to rent in Munster on February 1, the lowest figure recorded since the Daft.ie series started in 2006.
– Fewer than 700 homes were available to rent in Connacht and Ulster on November 1, the lowest figure since 2007.
Author of the report and Trinity College Dublin economist Ronan Lyons writes:
Nationwide, there were just 3,600 homes available to rent on February 1st, by far the lowest total since the series started in 2006.
This lack of availability stems from a lack of construction activity at a time when Ireland’s population has grown year-on-year throughout the last decade.
Some of the reasons given for this lack of construction sound plausible at first glance but don’t stack up. For example, it is often said that banks won’t lend like they used to, or that Irish developers are either too bust or too greedy to build.
But none of that explains why Dublin in particular is witnessing such a boom in commercial construction activity, especially new office space.
Or why international developers, who work off relatively tight margins in many other countries, can’t make the numbers stack up in Ireland.
It is SO. FLIPPIN. AGGRAVATING. that it would be cheaper for me to pay a mortgage than my rent but I’m prevented from getting a mortgage because the amount needed for deposit is so preventatively high.
And it’s impossible to save because I’m paying so much in rent.
Yet you’ve been out on the lash every week for the past ten years.
not that it’s any of your business but I haven’t — but are you suggesting one should stay in for ten years to save for a mortgage?! you can’t take it with you, Joni.
If that’s how you like to live your life, Joni, go right ahead.
I managed to save a full deposit in a year whilst also paying 1600 per month rent.
except you really didn’t.
He probably purchased a second hand caravan off the pavees.
Standard 400k gaff. It helps when you’re pulling in 8k a month.
You must work hard.
Agreed Starina
The FG way….get used to it
Then save your money. Why do people in this country just bitch and moan. I suppose it’s the government’s fault you have no savings.
I have a lot of savings. Took a long time to build them, and a few years ago it would have been enough, but with the new rules its not.
The rules are tough but they are also sensible.
Not according to McWilliams –
http://www.davidmcwilliams.ie/2015/02/02/the-central-banks-new-rules-simply-make-life-even-easier-for-those-who-are-already-wealthy
+1
Some people seem to be clamoring for another housing bubble already
Cost of living is killing us. No pay increase in 9 years, High utility costs, extortionate rent while trying save for a house, god help you if you happen to have children and need to work to pay the extortionate rent and pay the most expensive childcare in the world, afraid to even think of getting sick, so fupp off with your flippancy, have some empathy, not everyone is a hot-shot, dainty brown shoe wearing web-based guru, nurses and engineers, teachers, social workers, truck drivers etc are the majority.
Haha enjoy your life suckers.
Hey Banotti, is it true that your favourite song is The Corrs’ “I never loved you anyway”?
Fair play for pulling down 8k a month, you must give good head
Probably average or below. I’ve only experimented a few times. I’m good with numbers which luckily pays well for a 40 hour week.
Joan has how many apartments again?
Doesn’t she own a large chunk of Charlestown?
Those average prices are a bit misleading as they include 1 bed apartments & 5 bed houses.
The PRTB / CSO rent index is what Tennants should use when in negotiations with landlords as they pinpoint exact residences in towns within postcodes. EG on Daft, at first glance you might think that a 2 bed house in Inchicore Dublin 8 is around 1600 but in reality at q4 2016 the average rent being paid for that was €1150.
From that area and looking around the apartments appear to be more 1300+ for two beds in that area. Depending on the area (Clondalkin is cheaper than Ballyfermot and Inchicore is more expensive and the Palmerstown is very expensive etc ) the rents are all over the place.
How many TD’s (Of All parties) are Landlords?
How ridiculous that only Dublin is short separate to the rest of the county and Cork is so skewed to the lower amount.
know someone who rents a house, mould everywhere yet landlord has done nothing and increased rent.
even those who can get places to live are being skrewed!
i’m currently being evicted for getting an environmental inspector in to look at the mould in our gaf. i do not understand the logic of letting a place go to rot out of cheapness – it’s way more expensive in the end!!
Well I have seen pictures of mushrooms in this persons house! pretty bleak stuff! will be an expensive job to fix!
You and starina are roomies?
when energy ratings were introduced they were being touted as being a compulsory factor when calculating sale and rental value. it’s an absolute farce that a property with a BER of E or D are commanding huge rental prices.
No figures for 2 bed apartments, the most common property among the rental stock. Strange!
well most of you fuppers seem to be supporting FG or FF according to the polls, and this is their way. so if you love this problem and never want it fixed, keep being morons and supporting FG and/or FF
Cork is not correct. From someone looking for a house here for the last 5 months, its just not correct
Corpo isn’t building. Rents will rise until there is public housing available as an alternative.
Don’t mourn at the high deposits, they’re the only thing that are stopping a housing bubble.
“Don’t mourn at the high deposits, they’re the only thing that are stopping a housing bubble”
What’s the evidence of that? Or is it just something you heard someone say?
No figures for Armagh?
If they change the mortgage/first time buyer rules this summer as was said might be happening prices will shoot up further
Or increase supply, bring in proper rent controls..
Just a technical/constitutional point: The heading ‘Nationwide’ on the map is incorrect, because it only provides data across the State, not the nation. This is an important point. Presumably the map creators would not refer to the Ulster Final between Donegal and Down as an ‘international’ — that would be insulting and pointedly exclude people born in the North from their own nation — so they shouldn’t do so inadvertently. Language matters. Be nice.
agreed
Isn’t Northern Ireland a different nation?
What is the problem with the heading
You little provocateur you, titter.
Don’t go there, total minefield!
Lot safer than Dublin for the last twenty odd years though, in fairness (not as broadminded, granted)
Recent events would suggest otherwise.. ha
Oh nevermind, I misread.. yeah, safer than Dublin
Does anyone fundamentally disagree with the following:
1. Most people are unhappy with how rents keep going higher at current pace
2. Most people are unhappy with how difficult it is to get a mortgage, given mortgage rules etc
3. Most people believe that it is quite difficult to buy or rent a property given low availability etc
4. Most people don’t want us to have another property bubble given what happened before
5. Most people don’t want a reduction in building standards (quality and size)
6. A lot of people are against high rise developments (in general)
7. Most people were fairly negative on the prospects for property prices, property investment etc in the 2010-12 period, ie sentiment collapsed and is only slowly rebuilding in terms of developers, banks, regulators etc.
Do most people see how these are a very conflicting set of issues that we’re dealing with here? We are probably gonna have to compromise on some elements in order to achieve the other elements (quality vs cost, supply vs cost, high-rise vs supply, easy lending vs bubble risks, attractive for investors and so supply vs rents).
I fundamentally disagree with 6.
One of the huge contributing factors that nobody talks about is how flat Dublin housing stock is.
We need more upward building if we are to provide homes for people who want to live in the city.
Larger apartments in stacks.
Agreed – I’ve been saying for years that, in Dublin anyway, we need to build upwards.
Proper planning is vital though.
Proper planning is vital though.TM
Yup. It’s a thing we have done too.
There are areas with big concentrations of upward accommodation with open spaces and transport links.
We can actually do it, which is the most frustrating thing,
Superscript tag didn’t work.
Disagree with 6 too. Up is best for cities.
Good post. I have a detailed response, but these days BS seems to delete/not post anything they don’t agree with so no point in me posting really.
Most people hmmm.
A lot of houses in this country are owned outright, so a considerable number don’t care about rent rates or difficulty with mortgages.
The people most affected would be the 20-40 year olds, or people who bought in 2007, right before the crash.
20% deposit used to be the norm, this is now reinstated to a generation that don’t know about old school financial planning. (I generalize of course, well aware of the nightmare lot of people are living)
Aye those some ‘idiots’ who will be paying for the pensions of those above them, Financial planning is it… Or just bad luck of the decades.
You know like in the 80s where a mortgage was 2 times or 3 times a yearly salary. Mortgages now are anything from 6 times to 12 times yearly salary.
Financial planning indeed….
“Aye those some ‘idiots’ who will be paying for the pensions of those above them, Financial planning is it… Or just bad luck of the decades”
Yeah JC, there you have it.
McWilliams said the same.. with the 20% deposit, it’s no problem for the wealthy to buy.. and with low yield on interest rates, where do they put their money? Into property .. The young topping up incomes of the older generation/already wealthy is what you have going on.
“20% deposit used to be the norm, this is now reinstated to a generation that don’t know about old school financial planning. ”
Yeah, my parent’s house cost 6k.. they saved 2k of it.
They probably paid something like 2 bob on rent and had two kids as well at the time, and only one income coming too.
You’re not comparing like for like. This generation can forget about kids if they want a house, nevermind only one working.
Financial planning is difficult when you’re not left with a bean after rent/childcare.
Yes we have to build up,
No we dont have to build shoeboxes upwards.
The issue here solely is the Market, Developers do not want to build until their Margins reach X which is substantially more than Y where smaller margins in the likes of Germany France Netherlands are the norm. We need better incentives for Residential Building but no not the kind where the developer gets to stick in 30% more stock by reducing the size to unlivable boxes.
There has to be compromise but the right kind of compromise. These developers are choosing commercial solely because the margins are better. We need Government balance here to incentivise residential construction or temper commercial to make it close the gap somewhat.
It does surprise me that developers from the continent don’t come over. Surely they would wetting themselves at the levels of returns in Ireland?! (Even if they would be lower than what the Irish developers expect, they would still be higher than the returns on the continent.)
They probably have and couldn’t follow local norms.. they weren’t sure what the McElvaney shuffle was all about.
We don’t like them foreigners coming over here doing things more efficiently and cheaper shur.. i.e. Altrad/Siteserv. It’s better all round to keep the brown envelops coming from local sources.
Ah you think builders from the continent could get planning without lining a few pockets?
The politicians would make sure planning was refused to keep the profits safe for the FF and FG builders.
Snap..
Back during the boom I heard from more than one (er, two, actually) continental builder that standards here were actually too low for the high quality materials and practices that were standard in their countries to be competitive on a large scale. I doubt those standards are uniform across Europe, but still. Such a racket.
Re #6, the only folks who don’t want to build up [properly up – like the 23 story place proposed for Capital Dock in Sir John Rogerson’s quay] are those in their expensive leafy georgian period homes in ballsbridge, sandymount areas, the greens and ABP. Just look at the amount of objections Sean Dunne got when he wanted to put a 37 story tower in at Jurys, Ballsbridge.
Dublin needs at least 10 20 story buildings with proper amenities, no car spaces, served by good fixed line public transport (not buses!!). There is tons of space down in the docks to the east of the point (the actual docks layout could easily be rejigged) and the glass bottle site to accommodate these.
The commonest objection is “protecting the Dublin skyline”. Dublin does not have a nice skyline. It has a sh1ty monotonous skyline.
Either you can have a Dublin for the future where people want to come and live in the city in their 20’s & early 30’s or you can have a twee little sh1thole where everyone has to commute an hour a day on sh1tty unionized public transport.
The objections to tall buildings in Dublin are amongst the stupidest things about urban planning in Ireland.
+ so many times I’ve said this over the past ten years
http://www.irishtimes.com/news/environment/most-new-dublin-homes-will-be-apartments-figures-show-1.2526869