Indeed, the market itself has changed in recent years, in that tenants are now demanding more because of the higher price of rentals, and in general the whole landlord/tenant relationship is operating in a more regulated environment. Which is why now, more than ever, investors and landlords should look towards the professional letting companies in order to maximise the returns from their investments.

Christies Estates, based in Donnybrook, is Dublin's longest established lettings specialist company, and as such, it has been in a unique position to follow the ups, downs and currently ups of the capital's rental market.

"The market is currently very buoyant, especially in Dublin 2, 4, 6 and the city centre, " said Grainne O'Connell, lettings manager at Christies. "There is currently phenomenal demand at the moment, in part due to the influx of foreign nationals in the corporate, diplomatic and professional sectors, but there is also a good supply of high quality properties to service this market, which, if presented correctly to the right people, can be let very quickly."

According to O'Connell, the traditional bedsit properties in these older parts of Dublin are becoming scarcer as prospective tenants expect more from their accommodation . . . this is due to the advent of career renters who will not accept sub-standard accommodation, but who are also prepared to pay for quality housing.

"We can help our clients to maximise the potential of their investments, " she said.

"We can advise them on the right areas to buy, both in Ireland and overseas, and we can provide them with lettings advice for a foreign investment. Overall, through the service that we offer, we can help our clients to cherry pick the best investments in the best locations, in terms of capital appreciation and rental yields."

In many respects, Christies is not so much a lettings and management company as it is a property specialist, and it offers this consultancy service to each of its clients, where appropriate.

"As yields in Dublin in the rental market are at present region 3%, many of our clients are releasing equity or selling investment properties at the moment to purchase Overseas where the yields are much higher, " said O'Connell. "We at Christies Estates advise on how to maximise the potential of a current investment and the locations overseas which represent solid investment as has Dublin in the past."

Of course, Christies also offers a premium letting service to its clients, a service which benefits from its years of experience in this market.

"Christies can all-but ensure good tenants through its reference process, " said O'Connell.

"But we feel that references in themselves are not enough, so we carry out an interview with each prospective tenant. We are very selective with the type of tenant who we choose."

According to David Bracken of the Dublin Letting Company, one of the leading agencies in the city to specialise in the letting and management of rental properties, the letting market has undergone some radical changes during the last 10 years. Low interest rates and an emerging young workforce have added to the spiralling cost to the first time buyer, and this has been added to by an influx of migrant workers and has put a strain on the supply of quality accommodation to the market. The upside to this is that the standard and design of our homes and apartments has greatly improved due to the high demand in the marketplace.

"The rental market had been doing extremely well until we had a minor blip in the first quarter of 2001, " said Bracken. "Several large employers on the north side of Dublin had to close, some technology companies started to have financial difficulties and this sent a ripple through the market. The builders already committed to projects, speeded up construction on all their major sites and we saw a short term over supply of units.

This also caused rental incomes to drop by as much as 20% on the outskirts of the city but owners were compensated by the increase in value of their properties as the overall housing market went from strength to strength. Rental values are now back to where they were and have significantly increased during the past 12 months."

The emergence of the LUAS lines has significantly increased the rental yields in areas like Dundrum and Sandyford by as much as 30% in the last 18 months.

Areas like Tallaght and Clondalkin that would have had only a moderate interest in the past are now are letting within a working week.

Indeed, Bracken predicts that the LUAS will do for these areas what the DART did for the coastal region of the city.

"30% of people that contact my office looking for accommodation are persons with a financial background from other EU states, drawn to this country by our booming economy and looking for white-collar jobs close the St Stephens Green and the IFSC, " he said. "We tend to deal in properties close to the city centre and along the commuter belt, such as the DART and LUAS lines.

When looking for accommodation they tend to go for a contemporary style with a high emphasis on finish and most regard parking as a high priority.

"An area of confusion for some landlords has been the registration with The Private Residential Tenancies Board, " he continued. "It is quite a simple matter and provided we have the relevant information, and we can register a landlords property in around five minutes. Using a reputable agency gives both the landlord and tenant peace of mind. There are several unlicensed agencies currently operating within the letting market and I would strongly urge both landlords and tenants alike to make sure that the firm is reputable before handing over either the keys to their property or deposit money."

Every landlord has different criteria in relation to their property and, According to Bracken, the Dublin Letting Company does its utmost to accommodate their requirements.

"We take details of all the prospective tenants in our office and keep a log of their details on file, " he said.

"Therefore, when a property comes on the market, we have a readymade list of prospective tenants for each unit. Anywhere in Dublin 2, 4, 6, 8, and 14 tends to let within two to three working days, while outside these areas takes between seven and 10 days."

The Dublin Letting Company can be contacted on 01 478 8000 or by logging on to www. dublinlettingcompany. com