Rents have increased by 10.3% in one year
Check out the full Daft Q4 2021 Rental Price Report for more details:https://t.co/EVE40o4f7F pic.twitter.com/NnErp6bJ8V— Daft.ie (@daftmedia) February 9, 2022
This morning.
Meanwhile…
Hardcore.
Meanwhile…
Jaykersus.
Meanwhile…
…Social Democrats Housing Spokesperson Cian O’Callaghan said
“The government’s response to this crisis has been to fiddle with rent caps, which are now set at 2pc. Given the double-digit rent increases replete across the country last year, it is clear rent caps are nothing more than window dressing. They are doing nothing to stop sky-high rent increases.
“The answer to these outrageous and unaffordable rent increases has been obvious for years now – ban rent increases and dramatically increase the supply of public, affordable and cost rental homes. Regrettably, the government is refusing to act – and ordinary people are suffering as a consequence.”
Daft Report here
Left to it’s own devices , the market has done a sterling job in correcting a problem that has been as apparent as titanics ice berg since 2013. In the market we trust!
all hail FFG
Theres nothing free market about it.
Sweetheart deals from the state to tax-free REITs and other “funds”, thats what.
But the market hasn’t been left to it’s own devices
Small landlords have been driven out and vulture funds have had the red carpet rolled out.
The result: Large quantity of rental stock in the hands of a few landlords equals control on supply and cost.
The bubble must burst soon . In Germany rents equate including utilities taxes rates 20 to 25% of a persons income.So by this the average pay must be €6 grand a month .Or €72 grand a year .The average wage here is half that
Our economy cannot sustain that .So get ready for one hell of a crash .I feel due to the east west squabble and the sanctions by rising fuel prices from Russia that day is coming pretty soon
there’s enough demand to keep it going for a few more years yet.
so long as banks are lending and lending rules are weakening, prices will continue to rise higher than inflation
As a middle aged man who’s an average earner with the majority of his mortgage paid off, can I ask a question please! Who can actually afford these rents. These figures seem impossible to me. Who’s paying these rents and how! Excuse my ignorance please.
someone like me, that’s who
you watch all your savings for a home wither and die and count the days until you can feck off again
We pay the rates because we have to. What else can we do? The majority of our income is lining the pockets of a greedy landlord.
“greedy landlord”
Is that your personal experience?
I’m a landlord; one property to pay for my pension. I am not “greedy” and never have been. There are plenty like me.
“One in four Dail members are landlords, is your local TD one?”
Not the most reputable source, but I’d well believe it.
https://extra.ie/2019/12/07/news/politics/landlord-tds-housing-homeless
As usual Paddy is sacrificed on the altar of big business.
https://www.independent.ie/breaking-news/irish-news/tens-of-thousands-call-on-government-to-rein-in-vulture-funds-40918832.html
You left out the word end.
there aren’t Bell, but nice to know you are
Yes thats my personal experience. Sizable rent increases every year, even though we are very good tenants (keep the place well, gardening etc…) and we pay by standing order every month without fail. Landlord doesn’t give a shit.
That’s the question. Like it is the majority of your income! It’s not like there’s a whole pile of people out there earning a squillion bazillion that I don’t know about. How are you having any life! That’s insanity.
Genuinely feel for you. I’m looking at my own son heading in to the same situation and I’m encouraging him to stay put. He’s mid 20’s. He’s missing a bundle of fun he’s supposed to be having at that age but he’d be mad to go out into that world. Something has to give.
By the way I don’t think it’s the Sinn Fein bunch of spoofers that’s the “something that has to give” If they were actually elected nobody would take them seriously. They’d end up doing more harm than good.
I think people are earning a lot better than they used to depending on whether they jump from job to job increasing their income which is possibly why they are affording it. That seems to be the case these days I think. I have bought a house thankfully in the last year (so at least my money isnt being thrown away on rent) but it took us at least 10 years to save enough to get a mortgage and I am an avid saver.
That’s nonsense, chimpy, average wages don’t increase because people are “jumping from job to job”. That’s such a voodoo vision of economics that I’m surprised you’re not the Minister For Finance.
Are you the Minister For Finance?
Johnny Foreigner. Is the short answer. Most 1 beds in town have 4 people in them
ah so it’s the fault of the exploited…
No, it’s the fault of the governments mass immigration policy.
Ireland’s population increased from 3.8 million in 2000 to almost 5 million in 2020.
https://www.worldometers.info/world-population/ireland-population/
Paddy and Bridget ain’t knocking out 5+ kids.
Simple supply and demand.
Also McEntee announced an amnesty for illegal immigrants:
https://www.justice.ie/en/JELR/Pages/PR21000292
But you’re not allowed point this out or your a filthy racist.
how many Irish live abroad ?
A bajillion
How many of them would live at home in Ireland if it was more affordable?
The question was “ who is paying these rents? Not is immigration policy prudent, in the context of our own diaspora.
Janet ably demonstrates how we will continue to have our heads held under the water ’til the bubbles stop. The same people who own the Vulture Funds control & enforce the Woke Rules, from America, where Multiculturalism has been So Successful, via our Media.
The Sacred Woke Rules declare
“Mass Immigration Is DoubleGood”.
Then the bizarre logic is rolled out: Ireland, something, something, has never been able something, something to provide enough houses or jobs something, something for its own population, so obviously, it should joyously welcome more people something, something illegally migrating from countries which would deport any Irish person who arrived there something, something looking for work. Multiculturalism has been selected, imposed, enforced, quietly but viciously. Our politicians have never been so enthusiastic about anything, except maybe tax, but of course, the tax will pay for the cost of immigration, so it’s virtually a charitable donation, right?
Yeah, something, something, whatever you do, don’t criticise mass immigration or you’ll be turned into a waaycist or something, something.
So, our college-educated kids leave in droves, yes they never stopped leaving, to be replaced by semi-literate immigrants who will become rocket surgeons & brain scientists or waypists. The people in the Irish Fiasco Times cheerlead immigration as the newly-arrived are dumped into the working-class areas where nobody even buys the IT, never mind works for it. All hail Mass Immigration! Something, something! Multiculturalism might be the biggest failed social experiment in human history, it might destroy the very nature of every society suffering it’s holy touch but something, something, it must not be criticised, for some, something, something reason. Loike, you don’t want to be called a far roishe waaycist on Twitter.
They’re trained like dogs, wagging their little tails as their master pats their stupid little heads, “good doggie, now I’m taking your food to give to another doggie”, wag, wag, wag.
Hilarious, such a bunch of marks, shilling the rubes, indeed.
So, Diddy, our centuries of mass emigration implies we should have mass immigration, now, right?
Tell me how that works, I need a laugh.
You misunderstood me.
The Boadicea of Belturbet
Something kept quiet is the fact that those who are fortunate enough to afford one of these homes and as such have to get a mortgage.
What sector are the workers coming from?
Maybe we will find if this data is released that the vast majority of workers cleared by mortgage providers are public sector workers.
Are we going to see ,the only people that can buy a house in the future are public sector workers?
As for the rest of us, are we going to be the institutional tenant.?
Doubt that. Public sector pay isn’t high enough. American tech companies employees and people who’ve been given a healthy chunk of money by their families
Yes, Dougall, you know that you’ve hit the nail on the head, Diddy, below, hasn’t even got a hammer. Bertie gave outrageous rises to the Public Sector to buy their vote & those “American tech centre” jobs pay well enough but not like they used to, the Yanks figured us out long ago.
On the other hand, our Public Service is almost entirely middle-aged, a massive chunk of Irish Times-readers who refer to their fellow-citizens as “Natives” but they still probably lash a few quid out for their kid’s deposits.
Job security (public service) is also a plus.
dunno your circumstances obv but have a broker look at your terms
cos it’s going well north whatever that liar lagarde says
seriously have the chat and ask if you’re in a good near term position or know your options (fixing etc)
People are quick to slate land lords but forget they have outlays and overheads as well, they are hurting as much as anyone in this.
I can’t say I have much sympathy if someones investment portfolio isn’t panning out how they imagined.
Lol. Wont somebody please thing of the landlords.
Irish have a long history of rent rip off.
Higher rents equals higher tax returns. The government are more than happy to sit back and rake in the cash.
Yeah, but inflation, high energy prices and cost of living are a problem. Why? Older people vote en masse. The government clearly believes renters don’t vote in sufficient numbers.
That’s my guess anyway.
€1,524 average rent… is that per person; per room; per house; per family?
I understand the term average, but it’s not actually useful without clarity… if that average is for a family of four in a 3 bed house, it actually sounds very reasonable to me. If a single person is paying that for a studio in the wesht of Dublin, it’s not particularly good value…
no that’s an average one bed kip, two bed if you are lucky. A house is when you hit 2000.
Not so long ago there were a lot of pompous comments asking why Irish people are “obsessed with owning a house ” and how we should be more like our continental cousins who rent for life. That’s that question answered
yep, I have friends happy to rent their whole life in Paris, I saw buying a home too much of a commitment, now I see it as the only way to not live at the mercy of people with no conscience, happy to buy the crappest mattresses, couches, and other shabby crap for you to pay through the nose to hate.
hard to find unfurnished rentals also
Now you’re sucking diesel, Janet. The vast majority of rental accommodation in Europe is rented with wooden floors, white walls & no furniture. It’s extremely hard to evict someone, as it is from the unfurnished sector here, so the landlords lash in some Des Kelly cardboard furniture, call it “Furnished” and operate under a different set of rules far more advantageous to the landlord.
The Bellend of Ballinagh
‘so the landlords lash in some Des Kelly cardboard furniture, call it “Furnished”…’
Tenants here do not want unfurnished properties and IKEA is the outfitter of choice.
Don’t do it Janet! Don’t BUY! Are you familar sufficiently wth French Law? To buy a property in France is soo bureacratric. You need the Mayor on your side. Do you know the Mayor of Paris?
I worked in real estate there, I used to draft contracts ;)
anyway I’d be going South
South, you say? I stayed in a beautiful place above all Les Saintes, Saint Tropez, et les restes. No English types – an enjoyment of French wine and triple sec. The view, Shayna hopes to retire there. Safe travels Janet.
Compulsory purchase orders on all REITs at 5c per euro of market value. Said housing stock then sold with government backed mortgages to citizens, with profits invested into infrastructure and pay down of national debt
This is an interesting opinion- Tax shock in Dublin – Paying 52% in taxes is not fair not sustainable. Ireland you are doing it very wrong.
https://www.tiktok.com/@farkao/video/7061725062113660166
Here’s a thought
Foreign Owned REIT/ Commercial Landlords based outside Ireland
Can only collect differential rent from residential tenants
Since they’re not subject to Case V like
Also, this will release 000,000,000’s in HAP back into general building funds with the Local Authorities
Remember them?
Went to apartment viewing this evening.
2000 euro for a smallish 2-bedroom apartment.
If we use rule-of-thumb calculation by which rent should not be more than 1/3 of net income, I would need a salary of around 100000 euro gross income.
There’s another similar apartment being sold in the same building, price is approx. 330000 euro.
If I would get a mortgage for that one, my montly repayment would be around 1350.
For that, I would need around 85000 euro gross income.
If you have this kind of market, it is sick, and it will inevitably go down the toilet again and again and again.
And again.
And any small landlord that took a buy-to-let mortgage, and is now crying in media about taxes, is also a part of this sick system, and is helping it to become even worse.
Hey Horsetheiving, your maths are probably impeccable. Rents are improbable. I think this is an issue that BS was aware of for many years – The Crying Chair posts? I recall one post, from @ 8 years ago, a one bed apartment in, near Ballsbridge was up for Euro2,500 pcm. The Irish Times had a pic of prospective renters, hundreds lining up outside to be interviewed for the prospect of renting a kinda average property. Pretty much, lots were able to afford, your question, and mine – how?
Could Shayna suggest you live – north of the border? Rent is much less – from Newry, sure Dublin is but down the tracks a tad?
Often, I wondered, “What became of the Ghost Estates?”. Swords was the biggest and closest to Dublin, surely, there’s an infrastructure there, by now? Another in Kildare, 1000sish houses built, no connection to buses, nor road network, maybe that’s been fixed? I don’t know! I go to Dublin when Tyrone win All-Ireland Football Titles. I just see Dublin, as a tourist. Clearly, a big problem in Dublin and the surrounds, homelessness. Fr. McSherry to be fair, has done a lot, but? Kinda, “Ask A Broadsheet Reader” – What’s Up With The Ghost Estates?
I see no responses?
What’s Up With The Ghost Estates? – they’re haunted! Badum Tish!!
It’s something I’ve wondered. Legal quagmires over the titles perhaps? REITS tend to prefer less hassle/walk in status.
Also, if left unfinished for many years the unprotected properties can sustain weather damage, vandalism etc.
It would seem like an investment opportunity, if the properties were in ok condition, but at the end of the day, it’s down to the banks and who they lend too. Everything is moving towards international capital and away from indigenous ownership.
The FF/FG should have looked at this, easy solution. Irish Government – take governance – ghost estates. Buy them, provide infrastructure, don’t need to destruct Dublin. Shayna loves Dublin.
This is why I schlep the Earth bare-footed.
And such a beautiful barefoot it is – the pride of Tyrone.