. . . and their verdict: we don't like them. Edel Morgan findsout why young professionals won't rent in an old apartment block
As you read this, somewhere in Dublin a young professional is being struck down by "old block syndrome". Sarah Butler, an associate director of Sherry FitzGerald Lettings, says that symptoms of old block syndrome - the name given by her department to the condition - include an extreme aversion to apartment blocks more than a decade old.
Butler who was involved in letting an apartment in a mature development in Sandymount found that despite its great location, the dated exterior was causing young renters to bolt from viewings in their droves.
"We'd arrange viewings and they'd drive up outside and then ring and cancel. It probably reminded them of an old folks home but it was lovely inside because it had been refurbished .
"Young professionals want a smart pad and want people to know they are living somewhere modern and nice, so older blocks can be a turn-off, although they are often more spacious."
Waterfront apartments in new developments, like Gallery Quay and Hanover Quay in Dublin's south docklands are in big demand despite hefty rents of around €1,650 per month for a two-bed - which is €200-€300 more than a two-bed apartment along Dublin's quays.
"That area mimics the docklands in London, and has an appeal for the young and trendy," says Butler.
Older two-bed city centre apartments rarely fetch in excess of €1,100-€1,200. "It's often not enough to look good on the inside, it also has to look the part on the outside. A landlord can put money into refurbishing an apartment in an older block but the new ones are more appealing."
Barry Finnegan, also of Sherry Fitzgerald Lettings, says there is a dearth of well priced, clean modern one and two-bed apartments in the city centre and, when they come in, "they fly out the door.
"In the more popular docklands developments you can have as much as six to seven people per viewing. Often it's young professionals who don't have enough money to buy a place but want to live somewhere nice. You also get people who have bought a place nearby but have to wait a year before it's ready and want to live in the area in the meantime. Companies looking for apartments for employees can also increase the competition."
In the suburbs, areas without good local amenities are proving less attractive .
"People don't want to have to drive to a shop 10 to 15 minutes away," says Sarah Butler. "On the other hand, Stepaside - which has few amenities - is popular because rents are cheaper at €1,050 to €1,100."
She says a property on its books - a four-bed house in Killiney - is seeking a rent of €1,600 per month "but it's also a bit off the beaten track, so it might end up being reduced to €1,450".
The corporate market is motoring at the €3,000-€4,000 per month level but anything above that is struggling.
All of the agents I spoke to reported a scarcity of three and four-bedroom houses. Mary McGarry Murphy of Wyse says demand is being fuelled by the inward migration of families.
Sarah Butler has also seen a demand from families renovating or extending their own home and looking for unfurnished houses in the €1,400-€2,000 bracket.
Joan Fogarty of Lisney says there is also a lack of good executive houses in Dublin 2, 4 and 6. "People are not buying properties to refurbish and the stock is getting tired. When they 're in this condition they take much longer to rent."
Mary McGarry Murphy says that rents have seen an increase for the first time since 2001, after having stabilised last year. She says the Luas has buoyed Dundrum and Sandyford but hasn't had as much of an impact in Ranelagh and Milltown, where rents were high anyway. Areas within half an hour of the city centre with good transport links on both the north and south sides of the city are faring well in the current market.
The rent an apartment achieves can depend on whether it has a car-parking space. Sarah Butler says she recently advised a client asking €1,600 for a two-bed in Dún Laoghaire to include the car space. "He thought he'd get more if he rented it to a nearby office block but I told him at €1,600 he must offer a car-parking space to a professional."
Anecdotal evidence suggests that young continentals - French, Italian and Spaniards - are very much in evidence in the city centre rental market. According to one agent who declined to be named, they are less into appearances than their Irish counterparts but rarely compromise on location. "Many are used to city living and don't want to live in the suburbs. They have the attitude that they are young and probably won't be here for more than a few years so they might as well be where the action is."
emorgan@irish-times.ie
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