Following recent reports that the rental market in the UK is starting to pick up it seems the bug has sailed across the waters to Irish shores. According to the Lettings wing of Sherry FitzGerald there are signs (albeit small) of stability emerging in the Lettings Market.
However the signs of stability are more concentrated in sought after locations in the Dublin city centre market and are not the talk of the entire country. This new found good news in Dublin’s city centre they say is due to a “combination of a tightening of supply and resilient demand resulting in more stabilised rents”. Not only that but because of the high level of quality apartments available in the city centre along with public transport facilities and a wide range of amenities, the rental market in the city is more attractive and highly sought after by potential tenants. Poorer located properties… in need of repair that are not accessible to public transport or local amenities are getting the raw deal in the current market as they are no longer attractive to tenants and as a result are taking much longer to rent.
CSO figures show while rents (on privately owed rents) have fallen by 10.9% nationwide in the 12 months to February 2010 the market has remained stable since December 2009 with rental depreciation of -0.7% in the two month period.