Landlord wants more cash, is he taking the michael?

[Jun]

My landlord wants an extra £600 per year for our 2 bed flat. Apparently decline in house buying means more competition for rentals (I've been renting for years - can someone please explain why every single possible market condition leads to an increase in rents!?!).

I've done some research and all the flats being offered at the higher rate he wants are closer to the station than we are and are newer refurbs. Having said that ours is very large and it is difficult to compare without looking inside other flats.

We really don't want to move, have 4 month old DD and I guess he knows this. But am tempted to ask him to meet us halfway, after all it would save him the hassle of getting a new and reliable tenant. What would you do in my situaton?

i think i'd start looking. from chatting to my friends, there are a lot of properties up for rental and the prices are going down, so you could get a better deal!

you can but try. Trouble is after a while he could just issue notice if he really believes he can achieve more.

It might depend on your area but in this area the decline in the housing market has led to more property for rent so less competition. So he would be extracting the michael.

I would explain that the supply of places to rent has increased massively due to homes which fail to sell being put up for rent and that you believe the flats being offered at the higher rate he wants are closer to the station and are newer refurbs.

You could suggest there is room for negotiation but there are refurbishments that you would like to see in exchange for any increase - whatever needs updating e.g. new carpets, cooker, electric shower.

"according to the latest survey from the Royal Institution of Chartered Surveyors (RICS), residential rents fell dramatically in the third quarter of this year."
see here]

Oh, I accepted increase (apparently the market is buoyant and means rent can go up as no one wants to buy (confusing). However, I did it on condition that I get new carpets throughout (we've been here nearly 4 years and something really drastic has to happen for us to move (ie win the lottery to buy house).

Wow thanks guys.

RICS survey is very interesting

Jun, there is an article about how rents are falling in the telegraph

www.telegraph.co.uk/finance/economics/houseprices/3473690/Rents-fall-as-properties-flood-the-market. html

You could always email the link to your chancer of a landlord! He is probably demanding such a massive increase because he knows you won't want to move with a new baby.

Brilliant upwind! Am building a bit of a case here.

DP informs me it was letting agent who contacted us about the increase not landlord himself (property is not managed but they handle contracts etc). Am planning a covert mission to letting agent today to see what rents they are offering their properties at.

Glut of unsold homes hits rents from the BBC today.

Hey Jun, let us know how you get on!

As a landlord myself, I would rather hold on to a tenant and avoid a void rather than put rent up.

However, our tenants are leaving next week for a bigger property and we had huge interest and found a new tenant quite easily, so no void, it'll be one family out and next tenant in.

So, it depends on market conditions - definitely worth you trying to negotiate.

If I was him I'd go for splitting the difference.