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hmmm said:I question the accuracy of the DAFT report, and I've questioned it for some time. My rent has remained unchanged for a good 5/6 years now, and if anything looking at rents in the area it has dropped in the past year.
As to rents increasing - you hear quite a few of the "newbie" BTL landlords talking about raising rents now that interest rates are rising which is hilarious - they are in for a shock when they approach their tenants.
Duplex said:As rent and incomes are inextricably linked, it is interesting to note that the CSO has reported incomes deflation in the unskilled manual sector in their latest report.
The value of property (in the main) is a function of the income it can generate; hence higher prices/rents are achieved for retail units where foot fall is high. Similarly the value of domestic property is a function of the income produced or productivity of its occupants. In our global economy where cheap labour is plentiful the incomes ceiling is falling; easy credit may give the illusion in Ireland that productivity is unimportant but that's a mere mirage.
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