Landlords outside London, how are you finding the rental market just , bouyant or slowing down?

[Themasterandmargaritas]

The reason I ask is that our tenants who have been with us for a year are asking for a price reduction due to some financial constraints. I, as ever, was hoping for a rental increase. How is the market just now? We are a bit out of touch being overseas...

Just being nosey here as I dont have tenants but a friend of mine has a few properties.

Their student digs are doing fine, but their small business units are struggling a bit and thats their worry that they will go under.

I suppose they are just pushing it a bit to see what your response is.

Yes that's what I reckon, I think they are quite settled there and would be loathed to move, they are an older retired couple. We have rented out our other property in London for 10 years and never taken a rent decrease but I know what happens in London is not representative of the market outside..

If they are good tenants I would be inclined to do what I could to keep em, but that's just me!

I have just renewed (yesterday) the contract for my Tennants - they really want to stay and have signed for another 6 months. No increase or decrease, however to be honest I have an interest only mortgage and it has gone down by £150 a month with current interest rates and if they had asked for a reduction I would have agreed for THIS 6 months but to be reassessed next time we renew the contract.

We rent and we will be asking for a rent decrease when our agreement comes up for renewal in June, or we shall have to move. It's up to the landlord if he wants to risk having the property empty for a while - and there is a lot that needs doing before new people would move in.
Think carefully before you refuse - you could lose good tenants.

BTPGS if we were on an interest only mortgage then it would be fine but we aren't

I agree good tenants are hard to find and as I said to dh a decrease is better than no rent at all. But when we rented it out this time last year we had 2 offers within an hour of it being on the market. I am wondering if the market is still so lively?

call your agent and ask them outright. if we loose these tennants what are your books looking like - They will want their commission so it is in their interest to be honest with you.

I was going to do that BTPGS, but tbh they are a bit wishy washy and not at all like our London agents. For example she emailed me to say that this is what the tenants would like to do, with no info about the market, or suggestion as to how we could move the situation forward. For them to remarket it will mean a lot of extra work and hassle for them.

My house just got relet in 4 days. Rent remained the same but I think I could easily have put it up. There were 4 other people waiting to see it when the new lease was signed.

May I ask where in the country that is Super?

How was the lunch party btw?

Can you (or the agent, or both) do some research on what current rent is in your area for comparable properties? That should give you a good idea of what is happening in the market at the moment.

Or, if you particularly like this couple and don't want to risk them leaving, why not agree a 6 month extension at current rent, and then re-evaluate to see if their financial situation has improved or if rental market has changed significantly.

Leeds area

Party was lovely. Everyone cried!

We just let one for £75 a month less than six months ago in the same area. Took about six weeks to find a tenant but that was over christmas.