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Property/DIY

do you think it's acceptable to negotiate on rent given the current climate?

14 replies

JackiePaper · 15/01/2009 20:44

going to see a lovely house tommorrow in the next village from where we are in worcestershire. it's slightly bigger (although still a 3 bed semi) and has a much bigger garden.

we currently pay £650 pcm, this house is being advertised for £775, which i think is over priced. i'm not sure how long it's been empty, but at least a month or so.

would it be cheeky of me to ask if they would be willing to reduce the rent if say we signed a 12 month tennancy (we'd have no intention of moving for next 3-5 yrs) i'm not really sure if the credit crunch has pushed rental prices up or down, what do you think?

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JollyPirate · 15/01/2009 20:47

It's worth a try - to be honest i think alot of people are doing this now so not cheeky at all. Quite honestly if it's been empty for a while the offer of say £700 (or whatever) a month for 12 months of guaranteed income might be snapped up. I think it's worth a go.

Obviously if the Landlord is relying on £775 a month to pay their mortgage then there may be less flexibility.

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AccidentalMum · 15/01/2009 20:51

Be as cheeky as you like with rent at the moment...they are plummeting here as the market is flooded with properties that the owners can't/ won't sell. Landlord has already lost at least £775 on it. Good tenants are worth their weight in gold.

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JackiePaper · 15/01/2009 20:55

good point. i think i'll try and find out what the landlord's situation is if i can.

the house would be perfect for us as it's much closer to the dc's school, so i don't really want to lose it BUT it's to let with the same letting agent we're currently with and i don't think a bigger garden and slightly bigger second bedroom is worth an extra £125 a month iyswim, plus they know we're good tennants who always pay the rent on time ( have been in current house for 3 yrs)

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JackiePaper · 15/01/2009 20:58

do you think an offer of £700 would be too low? or do you think i'd be better of saying £725? i have no idea about these things, have never negotiated on rental price in my life before!

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JackiePaper · 15/01/2009 21:07

bump

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JackiePaper · 15/01/2009 21:34

anyone else? i'm going to see it tommorrow morning, do you think £700 is too low? i'm not very good at haggling!

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littlelamb · 15/01/2009 21:35

Ask for £700. Then they can barter it up to £725. As you say, it has been empty and they have lost a months rent already. I used to work in lettings and most landlords are willing to negotiate, so good luck

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JackiePaper · 15/01/2009 21:43

thankyou

do you think they guy showing me round will be able to agree to a rental price or would he have to contact the landlord first? i mean would they have put it on for £775 with an agreement to accept 725+ or would they have to check with the owner?

i've never done this before, always just paid the advertised price!

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littlelamb · 15/01/2009 22:32

No, they will have to speak with the landlord first. I would be cheeky and ask for as low an amount as possible- say £675. BUT make sure you ask the guy showing you round if anyone else has viewed/is viewing later, as you obviously don't want to be pipped to the post. If you can, go around with a very critical eye. It will count in your favour if you can say, well, I noticed xy and z while we were there so would you accept lower. If you do ask them to speak to the landlord make sure you chase it up the same day- lettings offices get very busy and things can get forgotten!

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OHBollox · 15/01/2009 23:02

We lived in a house advertised at £2000 a month for £1350 so yes negotiate, we saved over £9,000 in the course of a year.

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gaussgirl · 16/01/2009 13:53

Do the maths for the agent/owner.

Work out how much he will lose if the property remains vacant for a month at the higher rate. It could take him months to recoup that loss.

Tell him that and offer 700. Don't offer extended tenancy arrangements at this stage- you can keep that up your sleeve for later negotiations!

Yes, he will have to OK it with the owner, and don't expect a straight answer re: other people viewing from the agent.

One thing to be aware of: Just because it's the same agent, doesn't mean you won't be hit with the 'setting up' fees as if you were a complete unknown: credit referencing etc. The agents get a cut of that when they farm the work out to private agencies.

See yourself as having been on the sticky end of this sellers/ buy to let/ 'houseprice frenzy' market. Now it's your turn.

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sunshineandshowers · 16/01/2009 14:04

Please please please negotiate. If we all negotiated things would be alot cheaper for all of us. I negotiated with our rent. I always assume that everything is negotiable.

Don't feel uner pressure WHATEVER the estate agent says. It has been on a while so chill out. Go and see it, be cool. Go home and do your research. Look at other rentals, look at when the house was built. Write down all your points. Write down why you would be good tenants (family, 12 months etc). Then wait a couple of days amnd ring back. I would offer 675 and it will probably settle around 700. Good Luck.