SOME rental properties in Clare are not being advertised because local auctioneers don’t need to advertise them.
The so-called market rate for some executive properties has increased dramatically in recent weeks due to the chronic shortage of houses and the departure of some small landlords that had one or two dwellings.
A four-bedroom property in Fanore and a three-bedroom property in Tulla were advertised for a €2,200 rental cost a month, while a four-bedroom detached house in Lahinch was on the rental market for €2,250 a month.
Douglas Hurley of DNG O’Sullivan Ennis said in a lot of cases they don’t need to advertise rental properties because they have clients with references who can be contacted from their enquiry waiting list. Mr Hurley acknowledged some of the rental prices being quoted at the moment are “crazy”.
He said they primarily deal with letting rental properties in Ennis and the surrounding areas where a four-bedroom house can attract monthly rental of €1,400, while a two-bedroom apartment can get up to €1,100.
“The cost of a mortgage to live in these houses would be less than the rent. Getting a deposit can be hard unless a person can get help from their parents if they are paying a lot of money in rent,” he said.
Patricia McCarthy of Relocco Newmarket on Fergus said someone moving from a city into Clare could view the rental cost for some executive homes as good value because it gives them a better type of lifestyle.
“It all comes down to affordability and what percentage of your net income is going on rent. This determines whether you can have a life outside of paying your rent. People who are paying more than 40% of their net income on rent are really under pressure.
“Any property that I am offering for €2,000 a month is different from standard properties. It has quality. If a person going into this home is paying less than 40% of their net income, they will have a good lifestyle there.
“There are always people who can afford the expensive properties. The lack of supply is driving rental prices higher and people’s income is not increasing.
“Everything is going up: rent, electricity, home heating oil, refuse bins and motoring expenses. It can be difficult for companies who are bringing in new people to get accommodation without a landlord reference,” she said.
Acknowledging the small number of rental properties being advertised in Clare, Diarmuid McMahon of Sherry Fitzgerald McMahon warned it would be dangerous to read too much into some of the prices being quoted from such a small sample.
He said some of the rental properties that are available are large executive homes that can distort the market somewhat.
“There is a such a demand for property at the moment that agents are leasing them without advertising them because they have a strong database of applicants.
“A lot more potential properties are available that are not being advertised on the Daft.ie website. It is important that tenants register with an agent with their previous landlord references, proof they can make the required monthly payments and that they have looked after properties previously.
“If tenants are organised and have documentation ready, it is not impossible to get a rental property and puts them on a much better footing to get one.
“Unless wages nationally increase significantly over the coming months, the increase in interest rates and the cost of living means the disposal income people have is becoming more limited,” he said.
East Clare correspondent, Dan Danaher is a journalism graduate of Rathmines and UL. He has won numerous awards for special investigations on health, justice, environment, and reports on news, agriculture, disability, mental health and community.