Following on from the DAFT.ie report, this article in the Irish Times reports yours truly ranting at length.
Ronan Lyons, as usual, has smart things to say:
According to Daft’s most recent rental report, average rents had fallen to €1,300 by last October, the lowest price recorded since late 2006. Although final figures for 2008 have yet to be finalised, Daft’s economist Ronan Lyons estimates that rents fell by between 10 and 12 per cent over the course of the year and he expects similar declines in 2009.
Small towns, such as those in areas designated for section 23 tax relief, are likely to be hardest hit, he predicts. Downward pressure will also be particularly intense at the top end of the rental market. Landlords renting out luxury properties such as penthouses could previously command “prestige prices”, Lyons says, but this is unlikely to be the case now.
“Those take a big hit when sentiment is low.”