The website Irish Property Watch has released its latest figures show that from the the 9th to the 16th of November 2008 there were 1,896 rent reductions out of an available stock of 19,349. The average reduction was €93 per month.
The ever popular website thepropertypin.com posted a thread about this and one interesting observation was that perhaps the ECB rate reduction has accelerated the drop in asking prices on the rental market. Why? Because owners of a pincer movement created by falling rates and vacancies. There are many empty properties on the market and that means supply versus demand has a distinct advantage on the demand side, there are too many properties on the market both for sale and for rent. That would lead to a downward trend in asking prices.
The rate drop has an impact on the supply side, now that repayments are dropping landlords will likely …