Lads, just a thought.
These daft index figures are not actual rents, but “asking rents”.
So what this is showing is that the BTL crowd, under increasing pressure of repayments, are desperately pushing for higher rents. That is not to say that higher rents are being achieved.
In view of the rising rental volumes available, it may be the case that financial reality is causing BTL’ers to push for higher rents, but market fundamentals suggest that in reality they must accept falling rents or fail to rent.
This brings us to the partial successes and failures of propoganda in various areas. Rents rise where renters fall for propoganda that rents are rising. It’s the same old thing all over again – bubble pyschology. You have to remember that Landlords have organisation such as the Irish Property Owners Asociation to coordinate these types of market distorting tactics. These tactics prey on the individual and isolated nature of the renter who has nothing to counteract the false impression formed in his mind. There should be an Irish Property Renters Association or Union.
Rents will only rise if Renters bring about a rise in rents.
My advice is to risk a lease non renewal. Ask for a reduction before you are asked for a rise! Despite the propoganda there will always be a distressed landlord somwehere (hence the rental volumes). Fuedal Tenure in the modern age comes home to roost, dontcha just love it!
Finally, is Freedom lover president or a member of the Irish Property Owners Association? It’s propaganda officer perhaps? It would explain a lot!