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Friday 19 September 2014

Rental crisis: One-bedroom apartment for €1,350 snapped up in five hours

Geraldine Gittens and Anita McSorley

Published 03/07/2014 | 16:15

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Xavier Court, Dublin 1

A Dublin city centre one-bedroom apartment was snapped up within five hours yesterday.

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More than 40 people queued to view the single-bedroom apartment which was advertised for rent for €1350.

The advertisement went live yesterday at 2pm, and by 6.30pm the apartment was taken off the market.

Brian Keenan of Keenan Property Management, who was showing the house, said the demand for rental housing in Dublin is “huge”.

“The current demand for housing is huge. Everything is moving pretty quickly, more so in days as opposed to weeks,” he said.

Queues for open viewings have also been growing in recent weeks, Mr Keenan said.

The demand was high for the Xavier Court property because it was in a city centre location, he said.

“We would normally hold closed viewings but in this case there was in excess of 40 people at the open viewing.

“I think the demand will continue. It’s increasing. It’s driving up rental rates and people are becoming so desperate. You’re meeting tenants [who are] willing to pay above the standard rate.

“There is a serious shortage of stock on the property market in Dublin at the moment.

Those queuing for last night's viewing were professional foreign nationals working in technology-related areas, Mr Keenan said.

He added: “Stock isn’t on the market because it hasn’t been built in the last number of years,” he said.

Meanwhile Dublin's Lord Mayor Christy Burke has called on the government to fix rent prices, and avert the crisis.

"Price rises certainly need to be controlled and I'd appeal to the government to approach this area."

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