Renting can be difficult, so here are some tips to help you.
Dublin’s recent jobs announcement putting more pressure on rental market
Business in Dublin is most certainly booming. Even with the uncertainty of brexit pending, we still see new job announcements on a massive scale from companies such as Facebook.
Our skilled workforce and our geographical position along with our corporation tax makes us very attractive to international companies.
The question is can Dublin City provide the accommodation requirements that will inevitably be needed for these new employees?
Recent Job announcements
Facebook announcing 1000 new jobs to be filled in 2019 in their Ballsbrige campus is great news.
The campus actually has capacity for up to 5000 workers.This influx of workers will put a big demand on accommodation requirements in the D2, D4 areas of Dublin.
A good portion of employees of tech firms like Facebook earn up the €100,000+ per annum thus enabling them to afford to live in the surrounding areas of Ballsbridge.
Salesforce have also just announced another 1500 postions to be filled over the next 5 years, these postions will be based in Dublins Docklands.
Alot of these employees will look for Dublin accommodation in the city centre D1 and D2 areas so they can ideally be within walking distance to work.
Dublin Accommodation demand
The demand for Dublin accommodation will far exceed supply and employees will look further out for accommodation with transport links being the most important factor when considering a place to live.
We will see an increase in supply when the Airbnb regulations take affect in June, but this will not make any substantial in impact and demand will still be greater then supply.
For a landlord who owns a property in the city centre and indeed close to the city centre, this is great piece of mind for their investment.
For those lucky enough to own a property that has never been rented before, they will not fall under the pressure zone rules meaning they will be able to ensure maximum return.
So can we as a city sustain this growth? Yes we can, but in order to provide accommodation at a reasonable price to tenants, we need to increase supply – we need to look at planning regulations in Dublin City Centre and beyond and be open to progressing to multi storey accommodation.
We need to plan now for the future of our city, because if our accommodation is too expensive due to lack of supply – well we may not be so attractive to international companies anymore.
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