Advice re rent negotiation mid-term

aquascrotum

Hi,

I'm 4 months into a lease in a 4 bed house in Bettystown. Im paying 1200 a month in rent, the lease is 12 months. The rent was the going rate at the time the lease was signed.

Such is the nature of the rental market, houses around the corner have appeared for between 850-1050 a month. Admittedly they're 3 beds, but thats a big saving.

As things stand, I could give 30 days notice, and even forfeit my damage deposit, and end up making a saving over the period of the current lease by moving to the cheaper property.

Do you think that I have scope therefore to approach my landlord to renegotiate the lease? I know I haven't a leg to stand on contractually, but we're desirable and reliable tenants and have a good relationship with the landlord. How would I approach such a negotiation? At the minute I don't believe the house is worth any more than 1050-1100pm, but 150 a month for the next 8 months adds up.

Arathorn

If the market went the other way would you allow him to put the rent up mid contract ?

aquascrotum

No...but the landlords have had X number of years of being able to name their price.

Its a renters and buyers market. If I walk out of the house and even if I forego the damage deposit, he's left with a property that I know took him 3 months to let the last time with no income against it.

Chinafoot

aquascrotum wrote: »

houses around the corner have appeared for between 850-1050 a month. Admittedly they're 3 beds, but thats a big saving.

So you want to live in a 4 bedroom house for the price of a 3 bedroom? If you want to make the saving then leave the 4 bed and rent the 3 bed. I can't see your landlord dropping the price in line with those houses when there's an extra room.

aquascrotum

Chinafoot wrote: »

So you want to live in a 4 bedroom house for the price of a 3 bedroom? If you want to make the saving then leave the 4 bed and rent the 3 bed. I can't see your landlord dropping the price in line with those houses when there's an extra room.

Didn't say that anywhere - the 3-beds are renting (struggling to rent) from 850-1050, which would suggest that the 1050's are significantly overvalued. I don't expect to rent a 4 bed for the price of a 3 bed.

Whilst I like my landlord, at the minute he is over a barrell. If I walk away he loses out a lot, if we re-negotiate he loses (in his terms) a little. Thats not my fault, its the nature of the market. I don't see the need for the high and mighty comments, unless this board is dominated by landlords.....

Ste.phen

aquascrotum wrote: »

Thats not my fault, its the nature of the market. I don't see the need for the high and mighty comments, unless this board is dominated by landlords.....

Quite the opposite based on my experience here, which makes it all the more surprising...

That said, I think Arathorn's comment stands, it's hardly fair to just assume he'll drop the rent cos it's advantageous to you for him to do so.
But talk to him, he may prefer to lower the rent than have to try and find new tenants, assuming you're willing to move over it.
Having some evidence of the lower asking prices in the area will help you here.

tbh

if you want cheaper rent, give your notice and move out. I'd say that it might be too much hassle for you, probably your LL will take the same chance.

bangersandmash

This issue is a little vague, since requesting decreases hasn't really been something that frequently occurred until recently. I can see Arathorn's point - it's definitely the case that a landlord can only review rent once per year, so you would assume it would be same.

But the CIB site phrases it slightly differently:

You can ask your landlord to review the rent if:
* you think it is more than the current market rate for the property or
* if you want a new review and more than a year has passed.

The "or" there is pretty important. It might be worth giving Threshold a call to clarify this, as it's not 100% clear.

To be honest applying for a rent reduction mid-lease seems more difficult than renegotiating at the end of a lease. It depends on the state of the rental market in your area, and how badly your landlord needs you to stay.

If you do want to negotiate, I'd advise you look at rental history in your current area (use IPW and/or Property bee). Also from your own point of view, it might be worth waiting until a little later in the year if possible, as August/September would generally be the easiest time for your landlord to get a replacement tenant.

astrofool

Remember, if you have a fixed term lease, he can pursue you for the entire lease if you move out early. The security deposit is only for unpaid bills and damage, and is not meant to be used in lieu of rent. Only if you can find someone willing to take over the lease, that the landlord approves of, can you legally break a fixed term lease early.

That is unless you have a notice term specified in the lease also (most fixed term leases don't).