This morning.
The latest report from Daft shows the average market rent between January and March stood at €1,567 per month, double the average rental in 2011.
Via Daft:
‘Perhaps more worryingly, it is not only market rental levels that are increasing but also the inflation rate in market rents, which hit 11.7% in the first quarter of 2022, up from just 1.2% a year earlier and only just below the all-time high of 11.8% experienced in late 2016.
…Inflation in market rents for Dublin 2, for example, now stands at almost 11% year-on-year, compared to -9% a year ago and just 1% two years ago.’
Indeed, this is an important part of understanding what’s different now compared to 2019. In 2019, the rental market appeared to be calming down, with inflation in Dublin, for example, falling from 11% in early 2018 to just 1% in early 2020. The pattern elsewhere in the country was similar, driven by a stabilization and then modest recovery in the availability of homes to rent.
Irish Rental Report Q1 2022 (Daft)
I know, don’t shoot the messenger, they should consider a rebrand…..
shaft.ie?
The market is stitched to the benefit of an oligarchy, where only large sites are being developed.
A major change was announced in the UK in recent days to allow smaller scale redevelopment of lower density suburbs, as would be permitted by votes of households on a street by street basis.
The move has significant potential to increase housing capacity, improve urban environments, while releasing capital from under developed areas.
As Dublin and other Irish cities have largely followed the UK Garden Suburban model, this could offer a way forward here.
https://policyexchange.org.uk/publication/strong-suburbs/
A lot of that data is simply untrue and misrepresentative. The number of homes ‘advertised on Daft.ie’ in Ireland is 851 is how it should read. And what percentage of all rental stock available do Daft.ie have? They don’t know. What we do know is not every landlord advertises on Daft.ie.
Very frustrating to see such misleading headlines and worse, to see the headlines picked up as fact by the likes of RTE.
How do you know that a significant number of landlords don’t use Daft & how might renters access these invisible properties, in the Real World, rather than in your imagination?
How do you know every landlord does use Daft?
Anyway, I never mentioned significant numbers, I said not every. Even Daft don’t claim to have every property for rent.
There other means whereby to find a rented property other than Daft. Family, friends, estate agents, local newspapers, websites etc. Many landlords do not like using Daft due to the deluge of enquiries they inevitably receive.
KCav – A lot of properties have always changes tenancy via word of mouth.
On top of that, no minimally intelligent person who is letting out a flat or house without telling Revenue is going to advertise on Daft or myhome.
We don’t know how many tenancies like this exist, but it’s a fair guess that there are quite a few around.
And how many entire properties are listed on Airbnb?
What difference does the number of properties available on Airbnb make to people looking for long-term rentals?
Apartments that would otherwise be used for long term rentals instead get used as short term Airbnbs. It takes properties off of the market.
Economical with the data context. Still not a great situation though.
This is Daft creating publicity for themselves, and RTE pick it up and run with it, giving free publicity to Daft. If they had had to pay for all the free publicity that RTE has given Daft over the years, it’d come to quite a significant sum.
You’d really wonder why they do this so uncritically.
Then again, maybe you wouldn’t, knowing how the golden circle works in this country.
Fear not, rent control is coming.
And Hiberno-Tories will not like this one at all.
https://www.businessinsider.com/read-the-internal-facebook-memo-detailing-company-wide-hiring-freeze-2022-5?r=US&IR=T
Freezing hiring in Engineering is a foolproof way to cripple and then kill any tech company.
Uber is also circling the drainm but now at a bit faster rate than usual.
Most of IT stonks are red.
But Irish realestate market is still HODLing.
HODL! HODL!