Are there rental seasons?

D

Dalh

Registered User
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15
Hi there,
going to be renting out an apartment in January/February coming. I've noticed over the past week or so the amount of properties available mushrooming in the area and to put it frankly I'm worried past myself. None seem to be budging, I'm being told my friends to look at it logically, who wants to move in November, December but I'm still very concerned. Am only looking for the going rate..can afford to drop a little lower and property is immaculate with great quality furniture etc.

Any reassurance or advice appreciated!
 
Dalh said:
Hi there,
going to be renting out an apartment in January/February coming. I've noticed over the past week or so the amount of properties available mushrooming in the area and to put it frankly I'm worried past myself. None seem to be budging, I'm being told my friends to look at it logically, who wants to move in November, December but I'm still very concerned. Am only looking for the going rate..can afford to drop a little lower and property is immaculate with great quality furniture etc.

Any reassurance or advice appreciated!
Click to expand...

In my experience of renting property over the last 6 years, the season doesn't make too much of a difference. Having your property's rent advertised competitively is more important. Also paying for the premium ad on daft makes a big difference.
The amount of properties for rent in Swords for example has more than doubled in the last year. Rents have come down and it takes longer to rent them......sorry !!!
 
As landlord said, there are more properties available.

Plus there are a number of foreign nationals heading home or to other countries where there is work - I'm at risk of losing my tenants as the guys all work in construction and have really struggled in the last while.

Though I do think there are certainly some seasons which are better & where the property is located will also affect them. Most people don;t want to move around Xmas (there will always be a few but overall, people prefer to wait til Jan/Feb). Students look around Aug/Sept. Summer months tend to be abit quieter also (if no college nearby).
 
Yeah I was looking on daft and will definitly be putting it as premium ad. So if I price competitively (it's in a good location) and look after the place I should rent it?
 
Just to give you some perspective on the market from a renters perspective.

I was looking at a two bedroomed place that was going for a ridiculous €1,300 p/m. I said I was interested, but would be willing to go €1,200 p/m. The landlord said that she would consider the offer. Meanwhile, I went looking elsewhere and found a slightly two bedroomed place for €1,200. I offered €1,100, landlord countered at €1,150 (didn't expect any negotiation) to which I said I would think about.

Next day, the other landlord calls to say she'll let me have the apartment for €1,200. I apologetically told her that I had found a better place below her price. She wasn't willing to discuss lower prices further, so I ended up taking the other place.

As for foreigners going home? Well, I'm not so sure about that. When I was viewing properties, the only people who were at viewings were foreigners.
 
Thats what I was thinking was the case Raskolnikov and thats fine. I think one thing going for me is that I have a relatively realistic view. I hope!! I just want the right tennant at the right price. In other words if I have good references in todays climate I'd be happy reducing the asking price to get them. Fingers crossed!
 
I don't mean to say there are no foreigners out there...just less:)

Take your time doing your daft advert, take some nice photo's, highlight all the local amenities, transport, schools etc.

We rented recently and took alot of time on the advert, the phone fairly hopped & was rented fairly quickly....but it was in a very good location.
 
Okay, a little reassurance received!! Thanks all. I'll put time and thought into it and be flexible when it comes to negotiating the right tennant. Hopefully the market will pick up in Jan/Feb The amount available didn't budge much since last February so hopefully this sudden increase is temporary.

Thanks to you all again.
 
Some good advice about taking out a Premium Daft ad. I know when I was renting a room out, they worked a treat. You also need to take good photos as well, it's amazing what sunlight can do for even the most drab property. Another thing is to clear out any unncessary furnishings, tatty table cloths or throws are a bad idea.

Final tip, make sure the place is spotless before you have viewings. You might have gotten away with letting a filthy property in the last few years, but you don't have a hope in today's climate where there are so many first lettings.

Advertise everywhere and put adverts up in the nearby shops if you have to. It's a renters market but if you work hard enough, you'll get it rented.
 
I think the main thing is being flexible over the rent. It is amazing how many landlords seem willing to let a property sit empty for months and months.

According to the latest IPW reports the average length of time taken to rent a property is 7 weeks and over 1,000 have a place for rent for more than 6 months.
http://www.irishpropertywatch.com/
IPW said:
Time on the Market
The average time on the market for a rental property in Ireland is 49.8 days.

  • 7 Months+ 1,012 Properties, Average Rent = €1,344
  • 6-7 Months 278 Properties, Average Rent = €1,297
  • 5-6 Months 412 Properties, Average Rent = €1,319
  • 4-5 Months 592 Properties, Average Rent = €1,361
  • 3-4 Months 831 Properties, Average Rent = €1,315
  • 2-3 Months 1,936 Properties, Average Rent= €1,151
  • 1-2 months 3,329 Properties, Average Rent=€1,085
  • 0-1 Months 10,096 Properties, Average Rent= €1,077
Click to expand...
 
Thomas22 said:
I think the main thing is being flexible over the rent. It is amazing how many landlords seem willing to let a property sit empty for months and months.

According to the latest IPW reports the average length of time taken to rent a property is 7 weeks and over 1,000 have a place for rent for more than 6 months.
http://www.irishpropertywatch.com/
Click to expand...


Not very scientific.

A lot of landlords are just renewing the same add on Daft.ie indefinitely if they have more than one property in an area.

Saves them the cost and trouble of renewing it for my other ones in the same area when they become vacant. They just edit the details that need editing when one is empty.

That will skew those results big time.

The person running this site needs to a lot more research. Look at places falling and rising by 150% from week to week. All sorts of reasons could be typos, renting differnt units. Even different buildings. Its clear there is something wrong there with those numbers.
They should verify their results for their reports with random checks to see what the real story is with them.
 
minion said:
Not very scientific.

A lot of landlords are just renewing the same add on Daft.ie indefinitely if they have more than one property in an area.

Saves them the cost and trouble of renewing it for my other ones in the same area when they become vacant. They just edit the details that need editing when one is empty.

That will skew those results big time.

The person running this site needs to a lot more research. Look at places falling and rising by 150% from week to week. All sorts of reasons could be typos, renting different units. Even different buildings. Its clear there is something wrong there with those numbers.
They should verify their results for their reports with random checks to see what the real story is with them.
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Minion, that makes no sense. Daftreport calculates the amount of adverts on Daft.ie that is all. If a landlord is renewing the advert because he has other vacant apartments then the advert still counts because there is still an apartment. I also don't believe that this is what they are doing either as majority of adverts are from agencies anyway These statistics are in line with daft.ie's own report anyway so you're way off in assuming they are somehow massively skewed: http://www.daft.ie/report/shane-kelly.daft

It's about time that people / landlords grew up and realised that people will not pay the money they are asking. There is no need considering that there are so many places for rent.

What came so easily for many landlords, will go just as easily.
 
SteH said:
Minion, that makes no sense. Daftreport calculates the amount of adverts on Daft.ie that is all. If a landlord is renewing the advert because he has other vacant apartments then the advert still counts because there is still an apartment. I also don't believe that this is what they are doing either as majority of adverts are from agencies anyway These statistics are in line with daft.ie's own report anyway so you're way off in assuming they are somehow massively skewed: http://www.daft.ie/report/shane-kelly.daft

It's about time that people / landlords grew up and realised that people will not pay the money they are asking. There is no need considering that there are so many places for rent.

What came so easily for many landlords, will go just as easily.
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My statement above makes perfect sense. That site does not calculate statistics properly and cannot be trusted for accuracy as a result. I wasnt commenting on anything else, just giving some reasons (among many possible, that their calculations could be off. That one above was for a possible reason for the length of time ads are on Daft). For example, can you tell me why the price on the property below has risen by 83%? Just one of many , many examples of ridiculously wrong data in both directions from that site.

http://www.irishpropertywatch.com/viewRentalsPropertyHistory.php?Ext_ID=613213&Site=daft

Just pointing out that a site that has so many figures so far out that they are in orbit cannot be trusted for ANY statistics.

You should link to DAFT, but not irishpropertywatch, which is so obviously inaccurate, because Daft have proper statistics with their data which have been compiled by professionals who know what they are doing. Daft are historicaly much better at statistics and have a reputation to keep, so they are more likely to be accurate.

And despite what you may think, landords are perfectly well aware what price they will get for their property and will adjust the rent according to what price they can get for it at a particular time. If they didnt then nobody would be renting would they?
 
minion said:
My statement above makes perfect sense. That site does not calculate statistics properly and cannot be trusted for accuracy as a result. I wasnt commenting on anything else, just giving some reasons (among many possible, that their calculations could be off. That one above was for a possible reason for the length of time ads are on Daft). For example, can you tell me why the price on the property below has risen by 83%? Just one of many , many examples of ridiculously wrong data in both directions from that site.

http://www.irishpropertywatch.com/viewRentalsPropertyHistory.php?Ext_ID=613213&Site=daft

Just pointing out that a site that has so many figures so far out that they are in orbit cannot be trusted for ANY statistics.

You should link to DAFT, but not irishpropertywatch, which is so obviously inaccurate, because Daft have proper statistics with their data which have been compiled by professionals who know what they are doing. Daft are historicaly much better at statistics and have a reputation to keep, so they are more likely to be accurate.

And despite what you may think, landords are perfectly well aware what price they will get for their property and will adjust the rent according to what price they can get for it at a particular time. If they didnt then nobody would be renting would they?
Click to expand...

I agree there are, and always will be some instances where their stats are off. But in my opinion the trend and overall impression is that landlords are leaving their property on the market for longer and longer.

Have a look at these link
 
I think the properties on the market for a long time could be as a result of big developers looking for a certain rent on an unsold property and leaving it empty rather than letting for less. In my area there is one ad for an apartment which has been there for months and months. It probably relates to lots of apartments that the developer has and it's priced about €100 over the top rate of what the other apartments are going for. The photos are of a show apartment and it had developer written all over it (not literally). Thats just a theory anyway, personally I find the propertywatch website helpful.

On another note, can anyone tell me am I right to go with my instinct of looking after letting the property myself rather than giving it to an agent?

Thanks
 
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