Trying to find a place to rent in Dublin is already one of life's great pains but it would be appear to be getting even worse. While arriving with a deposit and one month's rent in your arse pocket has become common place at house viewings, Ireland's biggest private tenant has now announced that they will be charging two months rent as said deposit instead of one.
The Irish Times reveals that Irish Residential Properties Reit (Ires Reit), owner of 2,400 apartments across Dublin is changing its policy and it's not the only renter doing so. Stephen Faughnan, chairperson of the Irish Property Owners’ Association (IPOA) told the newspaper:
Most traditional landlords still look for one month’s rent as a deposit, but institutional landlords have introduced two months’ rent or more as a new standard and that is spreading.
Ires Reit's average rents are around €1,500 so this leaves prospective tenants having to fork out €4,500 just to move in.
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Given the high demand for accomodation in Dublin it's little surprise that a two month deposit requirement is a growing trend but Faughnan also points out that arrear issues are actually the biggest reason for the change. You can read his full interview with the Irish Times here.
