Rental properties that have been reduced in price?

[Flutterby63]

Currently looking for a flat to rent. I wanted to get opinions on rentals that have been reduced in price since they came on the market.

Do you think there's more chance of the landlord putting the price up again in a year or whenever the contract allows?

Clearly they originally listed it at a price they wanted so wondered if I should be wary of reduced rents?

There is a maximum they can put the rent up each year. Has to be reasonable I think around inflation

Thanks, didn't know that (been a while since I last rented). Will look into that.

I wouldn't necessarily worry about that. It could be they're happy enough with the lower figure and the higher one was ambitious. We've just rented out a property and there was > 20% difference between the rent that the two Estate Agents recommended we ask for.

We didn't, but we could have punted on the higher figure then reduced if nobody bit, iyswim. As it stands we've got lovely tenants in at the lower figure and are very happy with them. Good tenants are gold dust.

there are indeed rules, and rent cannot be increased during a fixed term.

outside the wild rental west of London and one or two other cities, sensible landlords don't raise rent much or often. This is because the cost of a void when a tenant says 'no ta' and leaves is much much higher than the increased rental.

if you haven't rented in a while, get informed - read the how to rent guide on gov.uk. You have far more rights than the antilandlord press (including mumsnet) would have you believe. Bad landlords take advantage of uninformed tenants.

Thanks everyone. I'm renting in London so will definitely make sure I'm informed before I sign anything.

Ah good old MN and it’s crap rental advice
If you’re renting privately there are no rules about how much rent can be increased at the end of a fixed term (ie if you wanted to renew) the rules about raising rent are for rent act 1977 tenants of which there are few left or social tenants
During the fixed term of course they cannot raise as they will.

Thanks, it looks like it depends on the type of contract so will review before I sign.

england.shelter.org.uk/housing_advice/private_renting/rent_increases

yep, I said there are rules. But not that there are limits. Although outside London (where any shithole rents for a fortune) there are, caused by market forces.

good old MN and its poor English comprehension skills.