The emergence of COVID-19 has had a tremendous international impact on businesses due to forced-closings and operation restrictions, leaving it unclear as to what the best methods are moving forward. As markets slowly begin to recuperate from fall-outs and lost funds, sectors in Ireland are starting to see eased restrictions as confirmed Coronavirus cases remain low. The economy has also experienced its first set of statistics that show improvements in spending patterns since the start of the outbreak, according to a report by Cushman & Wakefield. Experts are still unsure as to how deeply and permanently the rental sector will be impacted as regulations continue to evolve, although clear changes are starting to be seen.
A 2020 Property Report by MyHome.ie in association with Davy predicts that the full effect of COVID-19 on the housing and rental market is not yet clear, although price reductions and negotiations are seemingly becoming the new norm. The report suggests that newly-listed properties are the most reliable indicator of future price movements and indicated that the annual asking price inflation fell by 2.9% nationally to about €268,000. MyFairShare is a property management tool that lists all available properties via an online platform to ensure easy access to available spaces and pricing in your area – listing all the rental information you need to choose the best-suited place for your needs.
Another direct consequence of the Coronavirus crisis has been the general switch of rentals from short-term let markets to longer-lease use, according to an article by The Irish Times. This means that cities like Dublin, Galway and areas that were previously impacted by rental stock shortages have displayed a massive increase in numbers and availability. In Daft.ie’s recently released Irish Market Housing Report, it shows sales prices in Ireland fell by an average of 3.3% through June 2020. The rental segment however, showed a sharp recovery compared to previous months. The market displayed an 83% jump in one and two-bed apartments in Dublin 1, 2, 7 and 8 compared to the previous year – pushing the number of available rentals in these areas to a five-year high. The report also shows that the average monthly listed rent lands at €1,402, according to World Property Journal. The influx in available properties and alterations to the economy have caused distinct shifts in the segment for landlords and renters alike.
With the increase of rental advertisements and availability, tenants looking for a new space to call their own have more momentum in price negotiations. The CEO and founder of MyFairShare personally negotiated her 5-bedroom flat in Cork from €2400 to €2200; leaving herself and flatmates with an extra €200 per month in their pocket. Our CEO is far from alone in her experience – the managing director of Sherry Fitzgerald’s lettings department, Eileen Sheehy, told The Irish Times that they saw a 68% jump in stock levels listed for monthly rent in just a two-week period. Consequently, tenants are now advocating for rental reductions and offering less money for longer tenancy agreements than previous years. “For an apartment seeking €2,500 they’re offering €2,300,” Sheehy told The Irish Times. For renters, the ability to negotiate can be incredibly helpful – especially for those looking for quality space on a budget. MyFairShare can assist those searching for or renting properties by allowing access to listed housing prices in a wide-range of areas. This keeps users safe and socially-distant while still having access to all of the information necessary to manage, maintain and secure your property.
As world markets adapt to regulations amid Coronavirus concerns, MyFairShare offers a seamless transition and one-stop-shop for all of your home and rental needs. With an inundation of properties listed and competitive pricing, it can be a daunting task to find a home that is right for you. Be aware of your rights as a landlord and tenant to ensure that you are informed of all possibilities and availability regarding your space and pricing. The Irish Property Owners Association offers information regarding rent-pressure zones, pricing and more to keep property-owners updated on their rights and regulations. As price-negotiations are becoming more commonplace across Ireland, MyFairShare encourages tenants and landlords to utilise our online platform to discuss raising or lowering rent – depending on individual zones, needs and entitlements.
MyFairShare’s platform allows for the safe navigation of available rentals via online tours and communications. All enquiries, details and descriptions can be shared electronically, along with all payments, maintenance requests and more. In an era of uncertainty and with the need for decreased in-person contact, our platform provides the stability and security you need to rent or find a space you love.
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