Rents in Dublin falling ?

I know the rents for apartments have fallen recently.

I've got a place in Dorset Street Dublin (2 bed furnished) with a parking space coming free in a couple of months.

The rent won't cover the mortgage interest, that's life, but I need to know what to set the asking rent at.

The rent is currently 1300 per month, has been for the past couple of years, there were a lot of people interested when I had it up for rent a year ago.

What should the rent be now with the credit crunch and recession biting.

I'll drop it to 1200 if necessary, or even 1100 or 1000 if I have to.

Any opinions

Re: Rents in Dublin falling

what are other similar properties going for? you might not need to drop it just yet. once you're in the final month, put it on at the current price and judge interest then, if there's little or no then drop it. people will probably try and seek a reduction when they see it so if you put it on at 1300 but are prepared to accept 1200 then you'd have a happy renter who thinks they've got a great deal rather than dropping it to 1200 and not budging thereafter.

Re: Rents in Dublin falling

Check out similar properties on www.daft.ie and be prepared to drop it over the course of a few days if you don't get a lot of interest right away. Keep in mind that a lot of renters are aware that they are in a good position and that it pays to haggle in the current climate.

Re: Rents in Dublin falling

I couldn't imagine you'd have to drop it below 1100 surely? Even going below 1200 for a two bed in that location seems extreme, even in the current climate!