Only last week the Irish independent ran its front page with the Headline:
Young couples told ‘rent, don’t buy’ as prices keep falling
Thousands of potential first-time house buyers were last night told to rent rather than buy as prices are forecast to continue falling for the next two years. Read more – Irish Independent
And today the latest press reports suggest that residential rental values could rise as much as 14% by 2013.
Rents predicted to rise as more hold off buying
Figures from real estate firm Savills show that after dropping by 25% from 2008 peak levels, rents are now on the rise again. Read more – Irish Examiner
Whilst the latest Daft report shows nearly a 30% reduction in stock in vacant properties available since 2008- Daft report
All this points to a very strong rental market in Ireland for the future.
With a lack of credit and no confidence in the property market demand is high for a shrinking amount of rental stock.