Tag Archives: rent

Gulp.

Anyone?

 

Bewley’s Café, Grafton Street, Dublin 2

The permanent closure of Bewley’s Café on Grafton Street in Dublin due to a combination of financial pressures has attracted much media attention in recent days.

It is most likely that many further closures will occur in the near future, and the enormity of the challenge of recovering from the effects of the Covid-19 recession is now coming into sharp relief.

Memories of the last recession are still fresh and one of its greatest effects was on retail businesses and services.

These effects had visible expression in the great extent of shuttered premises along many business streets and the consequent atmosphere of dereliction and neglect, which no amount of high-quality paving and planting could offset.

During this period much attention was paid to problems with high rents on business premises, and in particular to upward-only rent reviews.

Even when excessive rents resulted in closures, many institutions and landlords seemed prepared to accept this.

Options of abolishing upward-only rent reviews were examined but it was advised that, without constitutional change, this could be done only for new leases.

I cannot say how much has been learned from the last recession. In normal times the legal framework governing leases, defaults, relettings, etc, appears to work in a broadly satisfactory manner, but the current problems surely require much more radical action, with the underlying aim of enabling viable businesses to be restarted as soon as possible.

Whatever changes are needed to the legislative framework, the implementation of these should be readily achievable in the current climate.

Significant contributions from public funds are likely to be part of the solution but all other stakeholders will have to suffer some pain, with institutional investors and owners of large retail centres having to play their part.

Diminished rates of return might have to be accepted for quite some time but a sustainable resumption of economic activity within a reasonable timeframe must be the over-riding aim.

Michael Walsh,
Clontarf,
Dublin 3

Anyone?/FIGHT!

Retail Sector And Rents (irish Times Letters)

Rollingnews

Lee Point student accommodation on South Main Street Brewery Quarter in Cork city

This afternoon.

Eoin English, of The Irish Examiner, reports:

“Residents of Cork’s newest private student accommodation will pay rents of around €1,000 a month.

“Strong interest has been reported in the 420-bed Lee Point complex, which has been developed on the former Beamish and Crawford brewery site on South Main Street, and which opens for viewings this weekend.”

Beamish and Crawford site student accommodation to cost €1k a month (Eoin English, The Irish Examiner)

Google Maps

Trinity College Dublin

This afternoon.

Sinn Féin’s Eoin Ó Bróin released the following statement:

“I have written to the Presidents of University College Dublin, Dublin City University, NUI Galway, NUI Maynooth, Limerick University, Trinity College Dublin and University College Cork requesting a meeting to discuss plans to increase on-campus student accommodation charges by up to 4% per year.

“Sinn Féin and other opposition parties worked hard to force a change in the legislation to ensure that on-campus student accommodation was included in the rent pressure zone legislation. This made it illegal for on-campus student accommodation providers to increase rents by more than the 4% cap.

“While the universities are adhering to the letter of the law they are not recognising the spirit of the law.

“Rising student accommodation costs are placing a huge financial burden on lower and middle income students and their families.

“Most students cannot afford any more rental increases and should not be priced out of the university of their choice due to accommodation costs.

We need to start a conversation about how on-campus student accommodation is financed and what can be done to lower the costs so that universities can provide affordable, good quality accommodation.

“I am keen to meet the head of these universities as a matter for urgency to ensure that students have access to good quality accommodation.

“I have also written to student union representatives seeking a meeting to discuss their concerns about this latest flurry of rent rises.”

In fairness.

Meanwhile…

Eoin Ó Broin seeks meeting with Universities on rising student accommodation costs (Sinn Féin)

Rental Chart in today’s Irish Independent

This morning.

Via Charlie Weston in Independent.ie:

It now costs €70 more to rent than it did last year, a rise of 5.2pc. Over a year, the additional cost works out at €840.

Rents have risen so much that they are now €373 a month higher than the previous peak they hit during the property bubble in 2008, according to the latest Daft.ie rental report.

Dublin rents are up almost 4pc in the past year, with the average monthly cost in the capital now €2,044. This is €76 a month more expensive than the same period last year. This means it is costing a Dublin family €912 more a year for accommodation.

Revealed: Areas with highest rental hikes as country braced for ‘ten more years of rent misery’ (Charlie Weston, independent.ie)

Meanwhile

Anne-Mare McNally, Social Democrats spokesperson on Consumer affairs, and Dublin MidWest by-election candidate, said:

The only solution is to put in place a mandatory country-wide rent freeze for at least two years until increase in supply drives prices down

“Berlin and other cities have recognised that pricing ordinary people and families out of renting is a disaster for a city, for its people and for the economy. Berlin has limited rental increases to the rate of inflation and set caps on maximum rents. We urgently need these kinds of protections here. It’s time that this Fine Gael Government prioritised the ‘locked out generation’ – those for whom even renting a home is now becoming a daily struggle, never mind owning one.”

Fight!

Rental adverts in Dublin

This morning.

Ben Haugh reports in the Times Ireland edition...

The RTB will today announce two new rent pressure zones in Carlow and Macroom in Cork. Rents in Carlow increased by 12.6 per cent over the past year to €879, while they rose by 19.1 per cent in Macroom to €915.

The average rent in the capital was €1,713 at the end of June, compared with €1,599 in the same period last year.

The cost of renting in Cork city increased by 4.2 per cent to €1,177; in Galway city by 5.7 per cent to €1,117; in Limerick city by 10.2 per cent to €973; and in Waterford city by 13.9 per cent to €843.

Pressure zones fail to put cap on soaring rents (Ben Haugh, Times Ireland edition)

Rollingnews

View of Rathgar, Dublin 6, from a drone; The Rubberbandits avatar

As research for a podcast, Blindboy, of The Rubberbandits, tweeted a few questions to his followers.

He asked:

“…how many of ye are moving out of Dublin? Not because ye can’t find work. But because it’s too expensive. And where are ye moving?”

They’re answering in their droves…

https://twitter.com/WillStLeger/status/1173894747842338816

https://twitter.com/AntoinBeag/status/1173905849561096192

Mmmf.

Anyone?

Rubberbandits

Earlier: ‘The Apartment Is Shared With Seven Friendly People’

Pic: Aerial.ie

Twenty four big ones.

Yesterday: I Fought The Law Of Supply And Demand

This morning

The latest quarterly Rental Report by Daft.ie is out.

In Dublin, rent growth in the last quarter was 4.5% compared to a year earlier, bringing average rents to €2,023 a month – with available rentals continuing to slow.

Daft economist Ronan Lyons says:

“Availability on the rental market remains at levels that were unprecedented prior to 2015…For example, in the Dublin market, there were just 1,541 properties available to rent on August 1st. While that’s up from 1,121 two years ago, it’s well below the average of 4,700 for the preceding decade….”

Average monthly rents hit record level for 13th quarter in a row – report (RTÉ)

Meanwhile…