By: Cristina Cuevas Exposito
The cost of rent nationwide has continued to rise in the first quarter of 2022, with the average rent increasing by 11% compared to early 2021 according to the latest Daft.ie Rental Report.
This rise comes as the number of rental properties on the market has dropped to the lowest number ever recorded by Daft, with just 851 properties listed nationwide.
The fall in availability is most stark in Dublin, where there has been an 81% drop in rental properties compared to early 2021, with only 462 homes listed on 1 May. The average rent in Dublin is now €2,202 a month, which is up 10.6% compared to the same period in 2021.
This situation will therefore potentially impact home search, as the market now is extremely competitive, with low availability, high demand, and increased rental prices. It also means the way in which real estate agents or private landlords work has changed too…
Industry changes
- High flexibility is required for property viewing. Appointments are booked with limited advance notice.
- Real estate agents are only showing properties at specific times and don´t entertain re-scheduling requests.
- There is usually a first-contact/ first-serve viewing policy, commonly restricted to the first 10-15 applicants.
- Some agents/landlords are asking for potential applicants to provide references in advance (work offer letter, previous landlord references, bank statements, personal BIO) so potential tenants can be pre-screened before a viewing is offered.
- Many agents/landlords are carrying out affordability checks to ensure that potential tenant´s income will sufficiently cover the rent payments.
Although it might sound challenging, at Cornerstone we have talented, dedicated, and driven team and have strategized ways in which we can circumvent the current issues.
Below are some of the ways in which we can secure a great home for you:
- It’s very important that all specific details are provided in the briefing call with your relocation agent, i.e., desired areas, work location, budget, commuting time, local transport requirements…
- We’ll make sure we have all the paperwork and references in advance to be able to secure a viewing and speed up the process.
- We’ll get in touch with our contacts to check if they have any property that might match your requirements
- We’ll review property websites daily and share with you the suitable options through the Cornerstone portal, using the Rental Magic tool to upload and share the selected properties.
- We’ll contact you about short notice viewing appointments, but only if we think the property is worth seeing.
Our Home Search consultants are some of the best in the business and have excellent contacts in the industry. They are out in the field conducting home searches continually, all across Ireland. They have the latest and most up-to-date information on how the market is performing and finding properties that match your requirements.
So, yes, it is a fiercely competitive market, but please do not worry, we are here to help, remove the stress, save time, and offer expert, honest and supportive advice throughout the entire process.
Finding a new home is one of the most challenging aspects of an international relocation but we will work with you or your assignee to make the process as quick, efficient and as enjoyable as possible.
Contact our friendly team to find out more.
