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Have offered £95 per week off asking, or get this....£120 off if they sign for 3 years.

That's a £17000 discount. It's not buy 2 get 1 free!

I'm all for some negotiation, but really?

in my defence it is expensive, but lovely & already well under local market rates for somewhere that size as I want a family and not 6 sharers

wow - that is an amazing offer. obviously you're falling over yourself to lose so much money over years and years.

imagine! actually signing up for a massive discount for a long period of time! that's very generous of them. very.

Glad to seem not mad then

It is London. A lovely part of London. Where normally people would fall over themselves at the chance to rent a 150sq ft house at that price. But it's a garden less maisonette, & I don't want sharers, so am limiting my market.

But really...

Considering the rate rental prices have been mounting in London, it's refreshing to hear that some tenants aren't taking it lying down.

OP said it is already under market rate. It is in London so won't be cheap.

OP is not a charity. Being a landlord is not a crime. You either pay rent or pay a banker's salary. Neither of those are a crime.

150sq m, not foot. Huge 2 storey maisonette, ŵell under market value.

If I wanted sharers it would be on at £150 more p/w

I'm not sure what you're getting at specialsubject.

I understand your predicament ISeeSmallPeople but I do still look at rental prices and honestly wonder how many people in London can actually afford them. What might seem affordable to you may seem very pricey to a prospective tenant. I guess you can just say no and hope someone richer comes along. At least that person is trying to strike a deal with you.

I think generally tenants are becoming more demanding, not only asking for rent reductions, but we rent out £130k 3 bed family homes and we've had them ask for American fridge freezers, plasma TVs, free holidays (OK I made the last one up, but you get the idea).

Rental prices like sale prices are determined by what the market will pay - plain and simple. There is a demand for rentals because so many people cannot afford to buy. I expect that some landlords may be taking the piss but I certainly am not going to be sympathetic to the plight of tenants to my detriment - market rate for very good accomodation and proper, responsive maintenance.

I don't think we can give an opinion until we know how much you are asking and so we can work out the percentage they have asked off.

Void periods cost a lot of money as does advertising and all the stuff that goes with getting new tenants. A three year lease is usually worth a lot to a landlord.

I'm sure all those other potential mugs, sorry I mean tenants will be "falling over themselves" to pay a huge rent. Do why a you worrying about these people making you an offer?

Just because someone offers below what you will accept, doesn't make them demanding. Just say no and that will be that. Simple.

If your house was really "well under local market rates" someone would have bitten your arm off to rent it on day 1 of you marketing it (renters always know a bargain when they see one).

But maybe you are only on day 1 of marketing, in which case I'm sure someone who recognizes a "well under local market rates" bargain will be along tomorrow to offer full asking price.

It's not 'demanding' to make an offer. Just say no!

Our house was listed at £1300 a month and we offered £900. Landlord accepted; had been empty for 3 months and was clearly overpriced. Sometimes it's worth trying.

I guess they think it might be worth it if they are reliable tenants and are prepared to commit to a 3 year contract so you don't have to pay or make the effort to find new tenants every year.

You can't blame them for wanting to make the price more manageable for them. The market price is whatever someone will pay, so presumably someone else would pay your asking price.

No need to publicly ridicule them, just say 'no'.

I'm just suprised at the level of negotiation.

There are lots more people looking. It was day 1 of remarketing, as day before people were due to move in their house chain collapsed & they had to pull out.
I'm not too bothered by a void as I always more keen to find the right people than have a property filled quickly with the wrong ones.
And a 3 year lease doesn't appeal. My tenants on average stay twice as long, without being tied in. And I do provide references from previous and current tenants at other properties, so they can see I'm in this professionally, not accidentally, and people choose to stay long term.

Publically ridicule? I haven't named them.

And a long term contract doesn't appeal to me. I don't want to tie people in, if they want or need to move, so be it, one of the benefits of renting is flexibility. My tenants choose to stay long term, but aren't forced to. I offer one year contracts that can be resigned every year for no fee, or go periodic. I pay the agent's renewal, and ensure that staying tenants are charged nothing by my agent.

Well make them a counter offer or turn it down. It's not something to get into moral outrage about.

From a long term renters point of view getting a good price at the beginning is about their only point of leverage. Once they have moved in on a 6 or 12 month lease and made it their home, they are at the mercy of the landlord putting the price up when they sign the next contract.

I negotiated a rent down from £1400 pcm to £1000 pcm for a years commitment.

Don't see what the problem is, business is all about negotiation. If you don't want to accept their offer, go back with a counter offer or decline outright.

Maybe they offered what they could afford. Just say "no" or make another offer.

6 sharers will be very hard on your property... imagine the parties. In the area we rent out, a sizeable discount is par for the course, but you might be willing to take a bigger cut if a family is going to make it home for a while than a group of transient sharers IMO.

If you are 'respectable' tenants - secure jobs, good references etc, you can usually negotiate a substantial reduction because the ll is taking less of a risk. Wanting to negotiate shows some nous, makes them a better prospect.

Just make them a counter offer or say no.

I think it's actually quite reasonable to offer lower rent if the house is over priced or has been sat around empty

If you are asking 1800 a month, then a few hundred off could be OK.

OP, I think you've lost it by telling us that your tenants on average stay twice as long

This conveys that at LEAST two lots of tenants have stayed 6 years, i.e. 12 years minimum.