Rental: cheeky potential tenants

[erloe]

I have a rental which was my home before I met dh. It’s a one bedroom flat in a very very sought after development. I listed it for £3,200 a month and got no interest. I reduced to £3,000 and got one viewing. They offered £2,700 a month.

I got another message asking if the kitchen appliances had been updated since the pictures because the washing machine looked 20 years old. I have now had new pictures taken.

Have other people had tenants haggle on price? I rented it for £2,700 in 2019.

What a ridiculous rent request for a 1 bed flat...

Really is time for the next government to reform the rental market. Greed has gone completely out of hand.

OPs flat is in central London so obviously prices are very different and more expensive than semis just outside the Cotswolds.

My job means that I deal with offering on Rental properties weekly and while it was possible to offer under the asking rate a few years ago the lack of rental propeties means that its rare now and can occasionally be necessary to offer over to secure it.
It depends on the area and market but some properties have 5-10 (or even more) people after it so the choice is very much with the LL.
If you have people willing to pay £3000 then there is no need to take a lower offer but if you have no other people interested then it probably is overpriced.
As for asking about appliances its not a red flag in isolation but worth thinking about if you have other interested parties since as I am sure you know IF you have problem Tenants its a very long, difficult and potentially expensive process to evict them.

Definitely esp if we're at the stage where landlords think it's "cheeky" for renters to negotiate a price and request modern appliances be included.

Spot the non Londoners on the thread! It'd be great if rents were cheaper & yes, you can get a lovely family home somewhere else in the country for that price.

But London is where the high paid jobs are. My secretary at work earns 50k, low stress, 10-6, some home working. My sister who lives in Bristol recently saw an advert at her work for the same type job, and it was 26k.

Also the idea that properties have applicants queuing out the door is no longer true in London. The party is well and truly over. Just go on right move and look at the number of reduced properties in central London. Offers are becoming the norm again but agents and some landlords are still stuck in the mindset that applicants will bid on a rental.

Where are you? The average price for a one-bed flat in Central London is way below £3k per month! Sounds like you're asking too much.

? I rented it for £2,700 in 2019.

I wonder what could have happened since then to make people not want to pay £3000 a month in rent for a one-bed flat to live in central London!?

I think you’re going to have to drop your prices!

Out of interest, what mortgage do you pay each month?

That is a very hefty price for a one-bed in central London unless it's central central and in excellent condition. I still don't get why non-Londoners feel compelled to troop onto these threads and inform us that they pay half of that for a country manor with stables and a pool. Good for you - totally irrelevant though.

🤣 quite

Haggling and offers are the norm. If you're not getting offers immediately (as there is very little housing stock) it is being marketed too high

I know !

It's not this one is it?

https://www.zoopla.co.uk/to-rent/details/67131400/?search_identifier=ae4abef6807834abcc39d18d2d5759ec804c7226e5500e9ba7566a8cf0f79025

As is always the case with property, if you get no interest the price is too high.

£3.2k a month for a one bed is pretty punchy, even in this market.

I think the audience of people that can afford this and just want a one bed flat is pretty limited.

That kitchen is very dated.

Nice flat!

There look to be loads of one bed flats at ~£3k in that area. So maybe that’s the issue - just way too many of the same thing.

I regard that area as really just being students and US expats - have all the student flats just flooded the market simultaneously?

but it can’t be or you would have someone willing to rent it? Or it is the going rate if you have up to date decor and new appliances. Rentals are in high demand, if no one wants to rent it, the problem is your end

I'm f it's not going at the rate you want, then it's clearly not the market rate.

Central is competive- it must be overpriced.

Fellow landlord here.
"market rate" is a nice way of saying "as much as you can realistically get away with". If you cannot get the price and no-one is prepared to offer that, you are going to have to be realistic.
Frankly, if someone it cheeky, it is trying to charge 3,000 (a full gross salary) for a flat with 20 year old appliances.

Not that unusual tbh.
My first house i bought from my landlord.
It works out cheaper for the landlord generally

You're looking for a rental income on one property that is higher than the median UK salary and couldn't be bothered to take some up to date photos.

You're really taking the idea of a passive income a bit far.

The flat is in a very very sought after development ... And yet there are no takers 🤷🏼‍♀️
Not quite as sought after as you hoped!
You'll have to keep reducing the price until someone bites or it'll sit empty.

I think this poster misunderstood OP saying she rented it in 2019 for £2700. I think she meant she rented it out to previous tenants for that price.

OP - no not cheeky at all. If you're not happy, say no and relist.

Out of interest - do you need the 3K. No need to answer here but if you don't, you are being unreasonable.

Who doesn't want to live in a 1 bed flat last furnished in the 90s for 3000£ a month?

Out of interest - do you need the 3K. No need to answer here but if you don't, you are being unreasonable.

I'm not sure that’s relevant. Whether the OP needs it or not doesn’t affect the ability, or willingness, of somebody else to pay it. Yes, she could hold out for the asking price because she needs it, but there’s no sign it will ever come and at the moment she’s getting nothing.