Any thoughts that property in "Good Areas" would be protected from the downturn have been dramatically laid to rest. The number of 2 bed apartments listed for rent in Dublin 4 has increased by 70% over the past 12 months and not surprisingly this is driving down rents.

In November 2007 Daft.ie listed a total of 184 two bed apartment for rent in Dublin 4. Today that number stands at 313. The actual increase may be greater. The 2008 figure includes listings for buildings like the Alliance which became available for rent during the past year. With developments such as this, one listing can represent dozens of available apartments.

As dramatic as the overall increases in listings is, the impact on rents is even greater. In 2007 there were a mere 14 2 bed apartments in Dublin 4 asking less than €1600 a month. Today that figure has increased to a staggering 158 an increase of over 1000%.

By comparison the number of 2 bed apartments asking more than €1600 a month has actually decreased in the same period from 170 in 2007 to 155 in 2008. This clearly shows that the huge increase in supply of rented accomodation has driven down rents.

A similar situation exists in Dublin 2. The number of 2 bed apartments listed has increased from 61 to 141, an increase of 135%. The number of listings asking less than €1600 a month has increased from 11 to 63 an increase of almost 500%. The number of listings asking more than €1600 has increased from 50 to 78 a 56% increase.