Discussion
Distant said:
I'd always offer less, especially in todays current economic climate. It's a renters market!
I wouldn't be so sure of that. My place went within 3 days at the asking PCM. I was also asking more than it was advised to and probably could have asked a fair bit more based on the interest. There are loads of people looking to rent (well, that was a couple of months ago).
Silver993tt said:
Distant said:
I'd always offer less, especially in todays current economic climate. It's a renters market!
I wouldn't be so sure of that. My place went within 3 days at the asking PCM. I was also asking more than it was advised to and probably could have asked a fair bit more based on the interest. There are loads of people looking to rent (well, that was a couple of months ago).Everything is negotiable. However, as a Landlord I've never accepted an offer below the advertised PCM. I do my research and price the property according to the market. Each time I've been mad e a lowball offer I've turned it down and got the asking price within a few days, often from the original applicant.
The only circumstances under which I may consider a reduction is if the tenants were squeaky clean and were willing to sign up for 12 months as a minimum.
BTW a good tenant is someone with an A1 credit history, no children, no pets and a good job where they spend most of their time. Also, a glowing reference from the previous landlord.
A family with four kids, three dogs, two old bangers and a works van, coupled with a dodgy or non existent credit history are not what I classify as squeaky clean tenants.
If you have got something to negotiate with you have a far better chance of success than if you just try and lowball someone for the sake of it.
Finally, the rental market in most areas is very buoyant. Mortgage rates are at an all time low and demand is high.
pp
The only circumstances under which I may consider a reduction is if the tenants were squeaky clean and were willing to sign up for 12 months as a minimum.
BTW a good tenant is someone with an A1 credit history, no children, no pets and a good job where they spend most of their time. Also, a glowing reference from the previous landlord.
A family with four kids, three dogs, two old bangers and a works van, coupled with a dodgy or non existent credit history are not what I classify as squeaky clean tenants.
If you have got something to negotiate with you have a far better chance of success than if you just try and lowball someone for the sake of it.
Finally, the rental market in most areas is very buoyant. Mortgage rates are at an all time low and demand is high.
pp
Absolutely. I sold my last place and decided to rent as the market is falling and various other reasons, but I offered £200 a month below the asking price and it was accepted immediately.. should have offered £500 less!
It's a great renters market.. saw one place that had been on sale for £1.1m, offered for rent at £1800 a month.. bargain. Just missed that one though, it went quickly.
It's a great renters market.. saw one place that had been on sale for £1.1m, offered for rent at £1800 a month.. bargain. Just missed that one though, it went quickly.
There's apparently a glut of new rental property on the market as people who've had to move (for work, family, etc) rent out instead of selling - either because they can't stomach the loss of value or because they just can't find anyone to buy it. That's on top of the BTL crowd who are generally desperate to avoid empty months so the mortgage gets paid.
Rents are only going one way at the moment. I know a few friends have had landlord try to increase rent on them, but none have actually followed through once their tenants have started to make noises about leaving.
Rents are only going one way at the moment. I know a few friends have had landlord try to increase rent on them, but none have actually followed through once their tenants have started to make noises about leaving.
whirligig said:
It is a renters market at the moment - our flat was rented out in June 2007 no bother and for £650 pcm but it is due to become vacant again and the agents have said we'll probably need to come down to £575.
You cant just say its a renters market overall. Areas and types of property dictate. I have a number of studio and one bedroom flats on the south coast in a good town and the demand is strong, I never consider offers, I dont have to, every time I advertise in the local paper I have a flood of calls. However I have a number of houses in SW London/Surrey and whereas they are not too hard to get tenants for I do have to negotiate but usually only about 5% to 8% off. I also have a shop and flat in NW London in a good/upmarket area and, at present, the tenant is having difficulty meeting the rent every month and I am dreading it going wrong as I know, with this one, I will have a problem getting tenants.Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff