how long does it take to rent properties

[blueskies]

Hi there
Anyone know of recent reports anywhere about length of time to rent property
Thanks

 

[Thomas22]

Irish property watch does a weekly report on the rental market.

http://www.irishpropertywatch.com/viewPost.php?Post_ID=117

Time on the Market

• 5 Months+ 1,377 Properties, Average Rent = €1,349
• 4-5 Months 454 Properties, Average Rent = €1,327
• 3-4 Months 970 Properties, Average Rent = €1,267
• 2-3 Months 1,407 Properties, Average Rent= €1,305
• 1-2 months 1,840 Properties, Average Rent=€1,234
• 0-1 Months 9,965 Properties, Average Rent= €1,120

 

[Ravima]

it depends where property is situated and what standard is it.

a well fitted out new or newly decorated premises will let better than a run down place. If in a new estate/development, then tehre will be a lot for rent, so the better quality and better kitted out ones iwll let first.

also depends on the area.

 

[Steve D]

The graphs in the link below show how the number of properties for rent and for sale have increased.

http://daftwatch.atspace.com/

Scroll down to the Rental graph and you will see that the number of properties for rent on daft.ie have increased from approx 4,000 in April 2007 to approx 16,600 now.

When the supply is increasing like this it is going to take longer to rent properties out and it will mean that in order to find tenants the rents will have to reduce.

 

[murphaph]

When the supply is increasing like this it is going to take longer to rent properties out and it will mean that in order to find tenants the rents will have to reduce.

Indeed, simple enough economics but many landlords seem to believe their mortgage repayment determines the rent the tenant should pay!

Price it correctly and present it well and it will let. I placed an advert on Friday evening, had lots of calls, took first viewings today and first prospective tenant (who looks a great find) has asked to take the house. To me, having an empty property is the worst sin-take a slightly lower rent and tenant that place out!

Increasingly I believe location and type of accomodation will also sway tenants. I believe it's already happening that provincial towns are in big trouble. In the cities, I reckon apartments will start suffering next with the demand for traditional houses last to suffer. But they'll all suffer.

 

[groom]

I recently moved into an apartment on the same day as the previous couple moved out.

The apartment is well located and well priced. We were lucky to get it as there were a heap of people making the LL offers while we were meeting him.

However IPW testifies that this is an anomoly and that there is a vast mountain of properties asking too much and remaining empty for months on end.

So price is the variable that decides how long the property will be on the market.

 

[murphaph]

So price is the variable that decides how long the property will be on the market.

There's one other factor-the landlord's willingness or otherwise to accept social welfare recipients. A blanket refusal to take them excludes a large number of prospective tenants.

 

[aircobra19]

Many exclude other sections of the market too, students, families, pet owners etc.

Its all based on supply and demand in the specific location/area you are talking about. The average figures may not be that accurate if you are in high or low demand area.

 

[lazylump]

I think one rule is don't try to rent a property which is in a condition you would not live in yourself. So may landlords put rubbish and old furniture from there homes into rented property then wonder why it takes so long to rent. I think it's worth it to spend a little extra time and money on the furnishing because it last longer, looks better, rents quicker, an unrented property cost on average 400 euros a week. Recently purchased properties will rent at a loss so don't try to match the mortgage. If the property is nice it will rent. Also I think you would be better off renting it yourself and don't use an agent, use the service Daft provides.

I let a vacant property recently which I think was lovely after putting in on Daft I had 4 calls within 3 days. 3 viewings the 4 person had very poor English and could not find it. I priced it at the top end and all 3 wanted it and I had a tenant moved in within 3 weeks from start to finish.