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Reduction in rent??

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  • 03-11-2008 8:35pm
    #1
    Jamie-b
    Registered Users Posts: 274 ✭✭


    Hi there, just wondering, in light of falling rent prices, has anyone on boards mangaed to get rent reduction? A two bed flat in my complex has fallen in price a number of times and now I am paying more for my one bed than what this one is going for. My lease is up in January... should I attempt to negotiate now for a new price for 2009? If anyone else has done it, please explain how.. ie: did you point out other cheaper but comparable places to the agent?


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    #2
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    As a landlord myself i would advise you just to approach him and say the rent is too dear. My tenants lease is up in Jan and they have been asking me for a reduction for a while. Which i knew was coming so i agreed. :)

    But at the same time there are a lot of people jumping on the bandwagon and thinking they will get rents reduced by 100's due to the economic slowdown. Compare prices of similar apartments and tell him you are thinking of moving out.

    It should work ;)


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    #3
    Jamie-b
    Registered Users Posts: 274 ✭✭Jamie-b


    Thanks for that! Your fellow landlords will hang you for this! I'm defo not just jumping on the bandwagon- at the time this apartment was very dear for me, but I couldn't find anything cheaper that was still nice. I don't want to sign a lease for the same price for another year as I would be paying way over the price the rest here seem to be going for. How did your tenants broach this with you? were they due a reduction based on market value or did you just want to hold onto them?


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    #4
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    At present the tenants i have are outstanding, They were my first tenants in the house and they have done nothing but treat it with respect.

    They approached me about 4months ago saying the thought the rent was too dear compared to others, which after looking at nearby house on daft etc was true. I told them i wasn't breaking the contact but when jan comes we can negotiate.

    I think as a landlord it is very important to put yourself in your tenants shoes and ask... would you pay that?

    But the downside to the story is that i agreed to the rent reduction and now there taking advantage and asking for another before Jan. Possibly fueled by her darn interfering mother. :rolleyes:

    Just look at a neighouring property and tell him that this is what your paying. No more - no less. :)


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