Rents rise to woo investors
An upsurge in rents in Dublin and Cork cities appears to add a further enticement for investors considering taking advantage of current low prices. However estate agents Savills add a word of caution in a recent commentary on the rental trends.
"With unprecedented demand for rental property, rents have really started to ratchet-up in many areas and that this pace looks set to continue," says lettings manager Claria Neary.
However the agents also point out "there's no telling what the landscape of the rental market will look like this time next year – it may well have changed significantly if the banks open up their lending again and those looking to buy leave the rental market for good."
They reckon that all residential rents have increased by about 8pc in areas of Dublin 2, 4 and 6. In contrast apartments across Dublin's suburbs have not benefited from this upsurge and are simply stabilising.
Nor have they seen an above average increase in rents for one-bedroom apartments despite the ban on bed sits.