Daft.ie latest quarterly report (click to enlarge)
Daft.ie has published its latest report for the first three months of this year.
It found that just 2,700 properties were available to rent nationwide on the website daft.ie on May 1 – the lowest ever figure for stock on the market, as recorded by Daft.ie, since 2006.
It also found the average rent nationwide is €1,366 and that while rents in Dublin are 7% higher than a year ago, rents in Munster, Connacht and Ulster – outside the cities – are up 12%.
Read the report in full here
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On the one hand we need at least 52,000[1] additional properties this year and yet people oppose high density builds: https://www.broadsheet.ie/2019/05/09/co-living-in-dun-laoghaire/
“That’s [the number of additional houses needed over the next 3 year] almost 80,000 rental homes that Dublin needs to build, as soon as possible. The solution is not going to be in hoping that amateur landlords price out first-time buyers in the existing housing stock. Rather, the solution is clearly going to involve new purpose-built rental supply, made by professional developers and backed by long-term international capital. Firms that do this are hardly cuckoos, pushing us out of our nests. They are swallows, each one bringing us closer to a summer.”
[1] Daft report: “[the data] show that the level of supply needed for rents to not change is about 13,000 per quarter, or 1,000 per week.”
COLIVING = TENEMENTS
The definition of tenement has certainly changed if it includes a room with en-suite toilet + shower, a shared kitchen, and an onsite gym, cinema, laundry facilities, games room, and communal areas.
Wow!! And all for the bargain price of 1300e a month!!
I think however you dress this up, under all those sequins and shiny gyms it still sounds alarmingly like a tenement and an absolute rip off to boot.
I agree that the rent on these is crazy – but the rent everywhere is crazy.
The cost of rent is based on supply and demand. We need to increase supply. The more choice available the cheaper the rent. (or we could reduce demand by making Ireland unattractive – e.g. high unemployment)
Rents dropped by 27% between 2007 and 2012 as demand dropped/supply increased.
And while, yes, it is technically a tenement, it isn’t a slum.
That co-living property is not an example of quality high density, it is an example of the s**show that is the Irish “property market”
How do you explain that the 6.7% rent increase in Dublin which is a rent pressure zone and should have no increases greater than 4%?
Existing properties shouldn’t exceed the 4%, New properties to the rental market can be any price.
The patience of a saint, I mean, reallly…
Don’t be so hard on yourself robby, you’re doing the best you can.
Do you actually believe that is what is happening?
What does average rent mean? Two bed house, one room flat, 3 bed house?
2 bed apartment I think
Is it? The average rented accommodation in Dublin 8 might well be a two-bed flat, but it’s more likely to be a three-bed semi-detached house with a garden almost everywhere outside of Dublin and major towns.
“The index is based on asking rents for properties advertised to let on Daft.ie. Figures are calculated from econometric regressions, which calculate changes in
price that are independent of changes in observable measures of quality, such as location, or bedroom number”
I wonder is the record low for homes to rent on Daft a reflection of the market or a reflection of Daft’s tarnished brand. After all, can you really expect to provide a platform for what seems like huge numbers of dodgy ads that, if not outright scams, looks decidedly iffy.
If you had a decent home to rent today, why would you want your offering mixed in with that rubbish on Daft?
that’s nonsense, it’s a function of lack of supply and also people with houses to rent are shifting them very quickly by word of mouth without having to list on daft
Are there other options?
rent.ie has 1,357 properties
daft.ie has 3,046 properties
myhome.ie has 769 properties
property.ie has ???
let.ie has 1,283
but, the first (random) property I looked at (Tramyard, Inchicore) appears on all five.
I’m not sure advertising is really needed for decent properties today. In the past, you’d go to an estate agent who would stick an ad in their window and maybe advertise it on the web, including with Daft. These days, estate agents have such a list of prospective tenants, they can just email those who might be interested and job done, the place is rented and probably with a competition amongst prospective tenants. Who needs Daft in those circs? Indeed, putting your property on Daft might tarnish your offering, such are the incidences of dodgy looking ads on Daft these days.
This is such drivel.
Literally everybody uses daft.
Simple average is surely not a great indicator of anything. Ever.
Dublin hugely skewed by high end pads, places like Roscommon the opposite.
In the rental sphere average figure tells of things like popularity, lack of supply, remoteness, rainfall…….
“Simple average is surely not a great indicator of anything” True.
In this instance the average tells us that things are generally getting more expensive.
The daft document (linked above) breaks the number down by location, size, etc.
“Dublin hugely skewed by high end pads, places like Roscommon the opposite” um, not really. The n average 3-bed house in Roscommon is now €651 (up 8.6% in 12 months), The Dublin high-end (Dublin 4, 6, 6W, 18) is up around 6.4-7.6%
Congrats NAMA and FG,you’ve almost achieved 100% occupancy with little or no real vacancy,nicely done.
On behalf of all the offshore and American investors mazel tov.
yes, FG have governed over improvements in the Irish economy that saw a net emigration of 27,400 people in 2011 to net immigration of 34,000 people last year. A need to borrow €26bn in 2011 to keep the country afloat to balancing the books last year.
Congrats FG indeed!
-they brilliant they filled up all the housing,investors are beyond delighted,now rents can only go up with no downside at all,nicely done FG.
Those 2 stats go sailing in the wind when put up against their record in nearly all State departments…
I suppose it’s how one wishes to read them.
You also need to read their Q1 housing report too, serious cooling in that market in Dublin. Lots of new supply coming. Seems like we really do need purpose built rental units, demand lies here for whatever reason.
With new Facebook campus, 7,000+ people, Google expanding in docklands – now at 16+ buildings in that area, and all the rest, they need to start building ASAP else it will get a lot worse.
FG won’t admit it but they see these numbers as good. always have. same with FG. When property is expensive they see it as the country doin well. “sure they can afford it, they have it so, everyones doin well” .. they’ll never understand a different perspective because theyre incapable of doin so.