Portlaoise Rental Market

What is the rental market like in Portlaoise. I am thinking of buying a property to rent in the town.

Also does anyone have any opinions on Interest only mortgages what are the pros and cons?

re Portlaoise Rental Market

Looking at the amount of houses advertised to rent in the local papers I would say that the rental market is flooded in Portlaoise. I've heard that the rental for a 3 bed house has gone down to €550 pm. (was €700 - 750 2 years ago.)

Re: re Portlaoise Rental Market

My parents have a house in Portlaoise which they inherited and have rented it out over the years. Their current experience is a large glut of rental accom and growing. This means that a proportion of those looking are undesirables. They have experienced first hand renters who rent a place for a few months and don't clean, don't take out the rubbish etc. secure in the knowledge that there are loads of rentals to move on to. The last few tennants were so undesirable that they have been happy to leave it empty since they left (we filled over 50 refuse sacks with the waste they left behind, they drew lewd drawings on the walls, throw up dried into carpets etc.). They have applied for planning permission for a commercial premises and are going to convert to doctors surgury or something similar.
And not to mention my friend who rented out a room in his house in Portlaoise to a nutcase who stole all his towels, verbally abused him if he came home early and distrubed the renters peace and then tried to burn the house down when asked to leave....
I'm not saying this is the norm in Portlaoise, it's a lovely town really but when there is a glut of rental accom you need to be very careful who you rent to!
MoodyToo.

same thoughts

I would concur with last post. My wife and I recently went looking at the second phase of an estate that is being built on tullamore side of portlaoise. We weren't going to buy but just to look and see for ideas for our own home.

A pushy Auctioneer tried to sell us one as an investment home. I asked what was rental like, he told us 750 a month, would be no problem.

I rang around some of the landlords who had houses in phase one advertised for rent. one said 600. another 550. I asked both if they would give house to me for 500. first said no. other said.. " ok, why argue about 50 euro "

Portlaoise is flooded with houses.
And to back up the point, that estate has since been advertised on national radio. They just aren't selling them.
Portlaoise as a place to live is fine, but to rent property !!! mmmmmmmmmmmmm

enough said

As always thanks for that I had a look alright at a local paper and there is no shortage at all.

Re: Portlaoise Rental Market - Wouldn't touch it with a Barge Pole

Local Auctioneers tell me that there are a glut of properties in Portlaose that the owners can't rent.
I believe a number of buyers were enticed into buying in Portlaose with the Department of Agriculture decentralization plans.
Will decentralization provide sufficient occupancy?
On an aesthetic note and IMHO, there are far more pleasant places to live that in Portlaoise. The town has a distinctive lack of character.

I'm from Portlaoise and rent out a section 23 property for €700 p.m. It's the first letting and it took only a week to rent the apartment. I spoke to the three local letting agencies who all told me there's a glut of 3 and 4 bed houses in the town, but that 1 and 2 beds are in short supply. I wouldn't be in a hurry to invest in a 3/4 bed house in the town becuase there does seem to be a lot of them about. The letting agent I use is http://www.propertyproperly.com/ I'd call all the local agents (listed in local paper the Leinster Express) and ask their advise. They know what tenants are willing to pay and what's on the market.

eamon said:

I'm from Portlaoise and rent out a section 23 property for €700 p.m. It's the first letting and it took only a week to rent the apartment. I spoke to the three local letting agencies who all told me there's a glut of 3 and 4 bed houses in the town, but that 1 and 2 beds are in short supply. I wouldn't be in a hurry to invest in a 3/4 bed house in the town becuase there does seem to be a lot of them about. The letting agent I use is http://www.propertyproperly.com/ I'd call all the local agents (listed in local paper the Leinster Express) and ask their advise. They know what tenants are willing to pay and what's on the market.

Click to expand...

I know the local market very well and I'd suggest you check out all potential letting agents, "property properly" is a great name for a letting business, but are they as good as they say? In my opinion: no.

Carpenter, I'm only relating my experience. Our 2 bed apartment was let in a week. There are 2 other agencies in town and you could always rent your properly direct. I'm not promoting any one agency. I'd suggest to anyone who is thinking of buying to let in Portlaoise or anywhere else to check the local paper for prices and availability of accommodation and talk to local letting agencies about what they think is an achiveable rent for the property you're thinking of buying.

Fair enough Eamon, but I also know that many of these agencies (no names!) are happy to get anyone into accommodation (whether it is complete or suitable or neither) just to get their few hundred euro fee. If there are problems down the road with either the tenants or the property some of them fail to deliver on the package of promises they make ("we'll make sure to vet prospective tenants, keep an eye on the property, sort out any essential repairs/ upkeep etc- don't worry about a thing, leave it all to us"). I know this to be a fact- I know someone who manages a complex and he tells me the agents are only interested in their finder's fee- service is irrelevant. I'm just saying "be careful out there", much in the same way I would advise anyone not to act solely on the advice of a "tied agent" when making a financial decision, that's all.

Carpenter, Understood loud and clear. That's a danger when using an agent. They'll get their finder's fee on good or bad tenants. Best situation is probably to vet prospective tenants yourself and save the agency fee. We're getting off the topic though. The original query was about the rental market in Portlaoise. I'm sure you'd agree with me that it';s worth checking out the local paper and talking to local estate agents and letting agents to get a feel for the local market. I did a lot of research before we bought our apartment and I have heard the same kind of stories as your complex manager is telling. I think I may even have an apartment in that complex. Is it a new complex on the Stradbally Road?

Eamon,
I'll PM on the above.

Hi

Was in Portlaoise at the weekend looking at houses, just wondering is there a want for rentals or are there alot of houses vacant???

was looking into a house on the Borris road? maybe someone could advise me??? was hoping to buy to rent.


Thanks
Ali

Hi Ali,

Get the local paper (Leinster Express) on Wednesday and you'll get an idea of what the rental market is like. Ring the three local letting agents (listed in the Leinster) and you'll get a feel for the market. Best of luck.

Eamon.

Call MovinUp Residential Lettings Portlaoise they are very professional.