What is the rental situation like in Drogheda?

G

Google

Guest
Hi,
I was wondering what was the rental situation like in Drogheda. I am considering buying a 3 bedroom house about 1 mile from the town centre - for investment. It is worth about 190k. What rent should I expect on a property like this and is it easy to get tennants for such a property? I know that I can check the local paers, daft etc.. but I thought I would use this message board as a starting point and was wondering if people on this forum had any ideas.
Thanks in advance
 
Re: Drogheda

hi
just sold 3 properties in drogheda.am guessing that property @190K should yield about 650-700 euro per month-not brilliant but my capital appreciation was about 100% over a 6.5-7 year timescale which was pretty good in my opinion.Rents did slump over the last 2 years approx but there does seem to be a recovery now.Still have one apt. there but am now going overseas with my return into budapest where i already am and to the austrian ski market.hope i was some help.
EOIN.
 
Re: Drogheda

This is another factor which is contributing to the property slowdown in Ireland: less demand for high priced properties here due to perceived bargains abroad, sometimes financed by selling properties here... in other words a downward demand spiral..
 
Re: Drogheda

have a house in drogheda for the past four years , 3 bed in centre of town rent 725 have had no problem renting
Theres two new shopping centres nearly built and the MI retail park in the early stages so should bring in more potential tenants
there is also the DIFE ( drogheda institute of further education ) with overseas students and the training hospital
I use NEST lettings on the North Quay as I live in south dublin and found I was no good at sorting out money find them very efficient with good local knowledge ( colin and anita lenihan 041 9800880) and management fees are reasonable

I am a native of drogheda so if you want to give me a general idea where the house is I could give you an idea of what the area is like
 
Re: Drogheda

Google said:
Hi,
I was wondering what was the rental situation like in Drogheda. I am considering buying a 3 bedroom house about 1 mile from the town centre - for investment. It is worth about 190k. What rent should I expect on a property like this and is it easy to get tennants for such a property? I know that I can check the local paers, daft etc.. but I thought I would use this message board as a starting point and was wondering if people on this forum had any ideas.
Thanks in advance
Click to expand...

Hi Google. Let's suppose you buy for 190k and rent for 700 per month and rent for 10months per year on average.

Thats a yield of just 3 - 4 % !! Does that yield justify the risk you would be taking buying in 2005 ?

Unless by investment you hope to make money in capital appreciation. But even the big banks (and there's no vested interest like the bank's interest!) are saying capital appreciation is going to be very low over the next few years.

The banks are predicting low appreciation. There are other signals out there suggesting things could get a lot worse than just low appreciation.

So what are you expectations for this investment ?

Kind regards,
ru2late
 
location is becoming increasingly important in lettin property as supply creeps up to meet demand. in my opinion 1 mile outside town is too far in the preesent climate-unless there is some attractive incentive beside the estate-like a hospital. Which is not the case in Drogheda. Pad
 
Google,

Thinking of investing in Drogheda myself. Have my eyes on a 4-bed town-centre duplex apartment going at around the 200k mark. Would put in around 50k of my own money up front.

I'd be pretty optimistic as regards the future development of Drogheda. As has been said before, construction of two new shopping centres is nearing completion and there is a raft of new development (retail centres etc) on the outskirts of town.

Going to talk to the people at NEST to get some indication of demand etc.
 
Interesting. Any updates Paul, what did you decide?

I am in the process of buying a house in Drogheda, near the station, and am hoping to rent out a room or two!

Thanks!
 
Moneypitt...

Haven't made a move as of yet. Also trying to get time to have a look around Dundalk (college etc).

Hard to get a good handle on what the rental situation is to be honest, I have heard mixed reports from different people.

Keep me updated on how you get on with your lettings!
 
I have a house just outside drogheda and have it rented for the last 18 months at 800 euro per month. I reckon if I had to find new clients I would probably find it hard to get 800 per month so I'm trying to keep the existing clients happy!!
 
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