Rents on the Northside of Dublin now more expensive than the average mortgage!

Degeneration X

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Dublin People - Northside rents continue to surge to record levels

https://www.daft.ie/report



RENTS across the Northside have surged to an average of €1,659, up more than 77 per cent from their lowest point in 2011.

Across the city, rents are now an average of 22.8 per cent, or €330 a month, above their previous peak during the boom in 2008.

The latest Daft.ie rental report shows rents in Dublin are on average 12.3 per cent higher in the third quarter of 2017 than a year previously.

Rents have now gone up consistently over the last 21 quarters, and there’s no sign of the trend reversing any time soon.

There were fewer than 1,300 properties available to rent in Dublin on November 1 - 13.6 per cent lower than on the same date in 2016.

The 3.9 per cent increase in the third quarter of this year means that the four largest increases in rents this decade have taken place in the last six quarters.

In Dublin 1 average rents range from €1,479 for a one bed apartment to €2,206 for a three bedroom house, while in Dublin 7 the figures are €1,387 and €1,911.

Prices further away from the city centre are lower but it will still cost €1,302 to rent a one bed apartment or €1,794 for a three bed house in Dublin 9.

In Dublin 11, it’s €1,193 for a one bed apartment and €1,643 for a three bed house while in Dublin 15, the figures for the same type of properties are €1,173 and €1,617.

Rents are now significantly higher than the average cost of a mortgage. For example, according, to Daft.ie calculations a two bed house in Dublin 11 that costs €1,371 to rent could be bought with a 30 year mortgage costing just €779 a month.

Rents in some parts of Dublin have now risen by 90 per cent from their lowest levels in 2011.

Is this sustainable in the long run or will a crash bring the whole thing down?
 


raspberry tea

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I said to myself I would never work in Dublin for love nor money, it is a joke, even the quality of life is terrible, all the traffic and smog and poolbeg rubbish burning that is going on. No thanks! I prefer fresh air and a good quality of life. You can leave Dublin to the dubs and the eternally optimistic country bumpkins! It is quite simply a rat run, if I was in my 50's I would be out of there, cities are for young people who want to climb the career ladder to dizzying heights, not for the middle aged or the old, they will just struggle there!
 

OrderoftheDragon

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I would love to know how much of this is down to the Dept of Social Protection pushing up rents for everyone, totally unfair on low paid workers but then nobody gives a f3cK about them.....

Dublin's last boom/bust in the mid 90's was caused by Dublin Corporation throwing money at landlords to house all the "asylum seekers(economic migrants)" from Africa who were queuing in their droves at mount st reception centre, there was no direct provision in them days.

The Irish people were absolutely conned back then, but the lawyers made a packet and the chattering classes thought they were great.

Never forget history............
 

Degeneration X

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I would love to know how much of this is down to the Dept of Social Protection pushing up rents for everyone, totally unfair on low paid workers but then nobody gives a f3cK about them.....

Dublin's last boom/bust in the mid 90's was caused by Dublin Corporation throwing money at landlords to house all the "asylum seekers(economic migrants)" from Africa who were queuing in their droves at mount st reception centre, there was no direct provision in them days.

The Irish people were absolutely conned back then, but the lawyers made a packet and the chattering classes thought they were great.

Never forget history............
Interesting theory - do you have a link for this. I don't remember the housing problems of the 1990s all that well.
 

The Rahenyite

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With more landlords dropping out of the market, many of whom are getting back what they paid in the boomtime by selling their properties with increasing house prices, combined with the increase in the population of Dublin/Greater Dublin will only increase the price of rent on the northside and Dublin as a whole.
 

Franzoni

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Interesting theory - do you have a link for this. I don't remember the housing problems of the 1990s all that well.
Prices started rising pretty quick as i remember it....

Mad to think but you could buy a two bed semi for less than 30k in the early 90's.........within ten years the same houses were turning over for just under 200k .......

Part of the reason you have so many pissed off guards ....they can't get the property portfolio going like in previous generations....
 

The Rahenyite

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Mad to think but you could buy a two bed semi for less than 30k in the early 90's.........within ten years the same houses were turning over for just under 200k .......
Affordable house prices, Ireland in 2 World Cups and some decent music around then. What a time to be alive!
 

Franzoni

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Affordable house prices, Ireland in 2 World Cups and some decent music around then. What a time to be alive!
There was also a hell of a lot of corruption as well........you can link a lot of our problems back to the 80's and 90's where a lot of the disillusionment and death of social cohesion set into society because of what a lot of ordinary people saw going on further up the food chain.......

A lot of the problems we have now are legacy issues stemming from those times....the problems in the HSE,VEC,Gardai etc.....these things didn't just come out of nowhere since the Celtic Tiger....
 

gatsbygirl20

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Affordable house prices, Ireland in 2 World Cups and some decent music around then. What a time to be alive!
Some of the music was dire.

Income tax was very high.

Mortgage interest rates were astronomical.

Nobody had decent disposable income, and thankfully there was little to spend it on anyway unless you were some weird show--off with "notions"

People lived in squalor without complaint--in appalling bed sits or in kips of houses they had bought where you left the brown grubby carpet and stained avocado bathroom suite in place until you eventually saved up enough money to replace them

The American concept of the "do-er upper" had not reached these shores.

Neither had the concept of cocktails, decent coffee, packed restaurants, weekends away, city breaks, exotic honeymoons, nail bars, teeth whitening, gyms, pilates, stylish sleek kitchens, credit cards, expensive technology, iPhones, coffee machines, power showers, en suite bathrooms.....

It was a tough enough old gig back in the day. Grim, actually
 

The Rahenyite

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Some of the music was dire.

Income tax was very high.

Mortgage interest rates were astronomical.

Nobody had decent disposable income, and thankfully there was little to spend it on anyway unless you were some weird show--off with "notions"

People lived in squalor without complaint--in appalling bed sits or in kips of houses they had bought where you left the brown grubby carpet and stained avocado bathroom suite in place until you eventually saved up enough money to replace them

The American concept of the "do-er upper" had not reached these shores.

Neither had the concept of cocktails, decent coffee, packed restaurants, weekends away, city breaks, exotic honeymoons, nail bars, teeth whitening, gyms, pilates, stylish sleek kitchens, credit cards, expensive technology, iPhones, coffee machines, power showers, en suite bathrooms.....

It was a tough enough old gig back in the day. Grim, actually
Believe me I know the 90s weren't exactly entirely straight forward. Coming from a family of five kids with one earner. There were no holidays or satellite tv then. Didn't even have a car for a few years at one point in the mid 90s, some families have two or three cars nowadays.
 
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Bertie's Hat

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Believe I know the 90s weren't exactly entirely straight forward. Coming from a family of five kids with one earner. There were no holidays or satellite tv then. Didn't even have a car for a few years at one point in the mid 90s, some families have two or three cars nowadays.
Yep,

My dad built our four bed house and didn't have the money to furnish and finish it, so only about half the house was decorated for much of my childhood. I remember there still being a cold concrete floor in the hallway when I was going to school and the house was usually bloody freezing. Nowadays people would never do it so gradually.

Sent from my SM-J510FN using Tapatalk
 

gerhard dengler

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18% bank interest rate in 1992 certainly didn't help.

We are living now in a time when interest rates - the cost of getting credit - has never been as cheap for such a sustained period of time.

If/when this period of cheap interest rates ends, then the music will stop and the scramble for chairs will begin.
 

Degeneration X

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Funny but true:

[video=youtube;h6u6ww3xuSc]https://www.youtube.com/watch?v=h6u6ww3xuSc[/video]
 

themorrigan

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I said to myself I would never work in Dublin for love nor money, it is a joke, even the quality of life is terrible, all the traffic and smog and poolbeg rubbish burning that is going on.
Even if the rents were cheap, Dublin is a pretty miserable place all round. In theory you're closer to amenities and facilities and so on. In reality you could probably get somewhere useful faster if you were living in rural Carlow. It takes an hour to cross the city at the best of times. It take two hours to get into it at the worst.

And it's a dirty, dour old town for the most part. Even the well dressed people look like they have a chronic illness. There are a few Med shaded specimens here and there, but they mostly avoid the city itself. Away in parts that are hardest to get to. The commute has killed the life of the place. Not that I was partial to the "character" of the place to begin with.

I'm not saying towns in rural Ireland are bursting with energy, but you don't have to pay as much time or money to go there.
 

themorrigan

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Rents in some parts of Dublin have now risen by 90 per cent from their lowest levels in 2011.

Is this sustainable in the long run or will a crash bring the whole thing down?
This can go on, Forever.

It's not credit fueled this time. It's supply constrained. No matter which way things turn, there's always another trick to pump up the prices and rents all over again.
No FFFLAB government will ever preside over large scale housing unit construction in Dublin. Ever.
If the economy collapses again, I honestly wouldn't be surprised to see them knocking houses("derelicts"). Every special interest of every stripe is on board 100% with the present housing policy.

Anyone waiting for things to change is only fooling themselves. There is no bottom to this barrel. Dublin's destiny is to be the Favela on the Liffey.
 

Degeneration X

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Dublin People - More rent tenancy inspections demanded

"Balbriggan resident Paul Carroll has been renting private accommodation for the last 15 years and has dealt with many issues when it comes to his tenancy.

“I haven’t had a single housing inspection since I began renting,” Paul claimed.

“I’ve been in my current house since September 2016 and I’ve had great trouble.

“I currently pay way too much rent for the living conditions I have. I think inspections are the only way to ensure that landlords, good and bad, follow the same rules so we all have good living conditions.”

Paul believes Fingal County Council should enforce fines on landlords who fail these inspections.

“Either they fine them or maybe they fix the problem and then give them the bill to pay after,” he added."

Is the lack of inspectors a sign that Landlords are immune from the full force of the law?
 

Congalltee

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I said to myself I would never work in Dublin for love nor money, it is a joke, even the quality of life is terrible, all the traffic and smog...
Smog? There’s hasn’t been smog in Dublin for 30 years.

It’s amusing how non-Dublin Irish have makey up problem with the city, while non-Irish professional seem to love the place. Except for the cost of rent (which will never be solved while 20% of politicians are landlords).
 


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