The number of properties for rent in Ireland was 10,904 and 1 in 14 properties reduced the rent in the last week. From the 2nd to the 9th of April 2008 there were 797 rent reductions. The average reduction was €102 per month or 7.4%.
63% of the properties for rent have been listed for 3 weeks or longer.
75% of the properties listed in the last 3 weeks have not been rented.
The report is available in html format.
April 10, 2008 at 8:41 am
Whatever about the drops, the length of time properties are staying available is a real indicator for me. I endured the ordeal of looking at places in late 2006 – there’d be dozens of people viewing and it got decided by lottery. Ads were coming down from Daft after minutes due to the volume of demand.
The demand just isn’t there to match this level of supply. The rental party is ending.
April 10, 2008 at 12:53 pm
I cannot agree more.
There is no shortage of good properties available to rent with reasonable rents. The report is suggesting that there is a problem getting tenants for very good locations at reasonable rents. What chance Dublin 22 & 15?
I think it is clear that the main tenants, the Poles and their fellow East Europeans are beginning to drift back home or to the UK. All that is now needed is the Dept. of SFA to tackle the rent subsidy landlords by cutting the amounts paid by welfare officers by 25% and we will see some serious fire sales.
April 11, 2008 at 11:07 am
Very interesting article in the UK times yesterday, with an even more interesting chart for predicting the potential amount property values will fall. The chart can also be viewed online (by clicking on the link on the article). Unfortunately the chart details only UK and US data….. I’d love to see one for the Irish market! Can anyone do this?
http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article3716586.ece