Reducing Rent

I'm listening

Hi All,

I'm new to renting and just looking for some advice. Currently looking around at places and wondering whats an acceptable drop in rent you can ask for?

For example if a place is offered at €750 whats the lowest you could offer before it becomes ridiculous. Like would 30,40 50 euro drop be ok to ask for.

And do landlords or agents accept these..

Thanks in advance

Jimmy Garlic

I would ask for €100+, the rents that landlords are charging are still extortionate. Keep on looking until you find a place at a rent that will suit you, not some greedy landlord.

silja

Offering 15% less is a good start, and not insulting to the LL. Whether/ how much of a reduction you'll get in the end depends on the price of comparable properties in the area and what you bring to the table (references, stable job etc).

mikemac

Don't be shy, if you don't ask you don't get

Well look at similar places in the areas being advertised

At a minimum try for €100 to €50 off
Definitly haggle

And this week is one of the worst weeks of the year to get tenants! So you have that in your favour OP. If the place is empty it's in their interest to snap up a tenant

If you have a work reference and working full time, and you have other references and can move in immediately mention this

djimi

I would usually ask for €100 off the asking price (depending on the actual price) and expect to get €50. Any landlord who does not have haggling room in their asking price is doomed to have an empty accomodation...

TKline

I'd ask for 75 to 100 off depending on condition and demand/supply for similar places.

common sense brigade

I recently started renting a property. I asked for 50 less a month on the asking price and was accepted

xRodge

As Feelingstressed says, if you don't ask then you don't get.
You're not insulting the guy. He wants to let the place at the highest price he can get, but he'll have a number he won't go below. You're looking to find somewhere between these numbers that will make you both happy with the deal.

To get a discount, feel the guy out a bit by chatting to him as he's showing you round. A few easy comments will give you a good idea of whether the landlord is willing to negotiate.
Get him feeling good for the deal by pointing out a few things you like in the place, but give room for asking for a discount by pointing out something that's not so good. There'll always be something you can say no matter what, for example:
1. (Living room is small) "The room is a bit smaller than the last place I looked at."
2. (Living room is big) "The room is a bit big, hard to heat especially with all this terrible weather!"
If you're with your partner, have one of you be positive about things and one a little more negative (good cop/bad cop) so the landlord will smell the chance of a deal. If you're on your own, say you're not sure your girlfriend will like (insert random thing here).
Electric heating is always something you can moan at as a reason for asking for a discount. I'm not sure if it's more expensive than oil/gas, but there's a very common perception it is.
Even positive selling points can be negative for some people.

Landlords will have their own comments like this. Things like "there's been a lot of interest in this one" and "i've an offer that's €50 below what I'm asking.". These are all just to try and get you excited by the place, so you don't need to believe his comments. He's just playing the haggling game too.

Landlords will want to know if you're working. If you are and he hasn't asked you outright, mention that this place would be pretty handy for getting to work (even if it's not, it's just so he knows you do work). Also ask when the place would be available. Then you can mention "that date would just work out perfect for me!". Comments like this make you a more attractive renter to the landlord, but don't cost you anything.

When it comes to the end, you'll give it a "I like it, but it's more than I was hoping to pay" then ask if there's any room on the asking price. If he gives a discount there and then, that's only the new starting asking price and forget the original price - he can't go up from that. Likewise if he asks what were you hoping to pay, whatever you say is a number you can't go down from. As Silja says, 15% is a reasonable thing to ask for. Though you might get the feeling you can ask for 20%. Remember - you're only laying down a marker of starting negotiations. He can sound annoyed and say your offer is terrible, just keep calm and ask what he'd think is fair. If he comes down in price, then he's not actually annoyed with the offer and the haggle is still on! Search on daft and have an idea of what other similar places nearby rent for - the landlord will definitely know this. Keep calm and friendly throughout. If you do get a haggle going, a nice finisher when you've got him down a bit and you're ready to deal is to move to put your hand out for the shake and throw in "I'll shake your hand on the deal if you knock a tenner off the price". When you're talking hundreds of euro per month and he's haggled at all to a point he's happy with he'll very likely just take it, and you have an extra €120 over the year.

Even if the landlord is unhappy at your haggling and won't give a discount, you can always just give him the full amount if you were happy to pay it. Though as Djimi says, landlords will be used to negotiating in this climate or they won't be selling much!

If you've never tried haggling, I'll admit it can be nerve wracking. In Ireland, most people don't even try. If you're looking around at the minute and look at a place you don't like - I'd advise trying some haggling with the landlord even though you've no intention of taking it. Just for practise Once you get a good deal with a haggle, you'll be like me and try it almost anywhere (recent one was a €80 stand free with a €400 tv i bought). The worst thing that a seller can say to you is "no", even then you've still got the option of paying the full price if you still want it.

Good luck with the search!

DrumSteve

xRodge wrote: »

As Feelingstressed says, if you don't ask then you don't get.
You're not insulting the guy. He wants to let the place at the highest price he can get, but he'll have a number he won't go below. You're looking to find somewhere between these numbers that will make you both happy with the deal.

To get a discount, feel the guy out a bit by chatting to him as he's showing you round. A few easy comments will give you a good idea of whether the landlord is willing to negotiate.
Get him feeling good for the deal by pointing out a few things you like in the place, but give room for asking for a discount by pointing out something that's not so good. There'll always be something you can say no matter what, for example:
1. (Living room is small) "The room is a bit smaller than the last place I looked at."
2. (Living room is big) "The room is a bit big, hard to heat especially with all this terrible weather!"
If you're with your partner, have one of you be positive about things and one a little more negative (good cop/bad cop) so the landlord will smell the chance of a deal. If you're on your own, say you're not sure your girlfriend will like (insert random thing here).
Electric heating is always something you can moan at as a reason for asking for a discount. I'm not sure if it's more expensive than oil/gas, but there's a very common perception it is.
Even positive selling points can be negative for some people.

Landlords will have their own comments like this. Things like "there's been a lot of interest in this one" and "i've an offer that's €50 below what I'm asking.". These are all just to try and get you excited by the place, so you don't need to believe his comments. He's just playing the haggling game too.

Landlords will want to know if you're working. If you are and he hasn't asked you outright, mention that this place would be pretty handy for getting to work (even if it's not, it's just so he knows you do work). Also ask when the place would be available. Then you can mention "that date would just work out perfect for me!". Comments like this make you a more attractive renter to the landlord, but don't cost you anything.

When it comes to the end, you'll give it a "I like it, but it's more than I was hoping to pay" then ask if there's any room on the asking price. If he gives a discount there and then, that's only the new starting asking price and forget the original price - he can't go up from that. Likewise if he asks what were you hoping to pay, whatever you say is a number you can't go down from. As Silja says, 15% is a reasonable thing to ask for. Though you might get the feeling you can ask for 20%. Remember - you're only laying down a marker of starting negotiations. He can sound annoyed and say your offer is terrible, just keep calm and ask what he'd think is fair. If he comes down in price, then he's not actually annoyed with the offer and the haggle is still on! Search on daft and have an idea of what other similar places nearby rent for - the landlord will definitely know this. Keep calm and friendly throughout. If you do get a haggle going, a nice finisher when you've got him down a bit and you're ready to deal is to move to put your hand out for the shake and throw in "I'll shake your hand on the deal if you knock a tenner off the price". When you're talking hundreds of euro per month and he's haggled at all to a point he's happy with he'll very likely just take it, and you have an extra €120 over the year.

Even if the landlord is unhappy at your haggling and won't give a discount, you can always just give him the full amount if you were happy to pay it. Though as Djimi says, landlords will be used to negotiating in this climate or they won't be selling much!

If you've never tried haggling, I'll admit it can be nerve wracking. In Ireland, most people don't even try. If you're looking around at the minute and look at a place you don't like - I'd advise trying some haggling with the landlord even though you've no intention of taking it. Just for practise Once you get a good deal with a haggle, you'll be like me and try it almost anywhere (recent one was a €80 stand free with a €400 tv i bought). The worst thing that a seller can say to you is "no", even then you've still got the option of paying the full price if you still want it.

Good luck with the search!

Excellent Post.

EricPraline

Depends very much on the financial position and outlook of the landlord/agent, and on the current level of rental stock in the area. If there are other properties for rent in the area, you can use this to your advantage.

It's definitely worth asking for a reduction. It's been the norm in the rental market since 2007. But don't be surprised if you get a negative response from some landlords/agents. Sadly some will take this as some kind of personal insult. But don't let this put you off. In most areas in Ireland it's a renter's market, so there'll always be another property.

Jesus Wept

Any suggestions for reducing rent when currently mid lease?
Estate agent is advertising an apartment which is exactly the same (same apartment block) but advertised at 75 per month less. And that's probably just the starting point.

Tefral

The-Rigger wrote: »

Any suggestions for reducing rent when currently mid lease?
Estate agent is advertising an apartment which is exactly the same (same apartment block) but advertised at 75 per month less. And that's probably just the starting point.

I rang up my estate agent and said that I was put on reduced time in work. Id be willing to sign on for another year if you drop the rent by €350 a month.

Couple of days later it was accepted.

Darlughda

Don't forget to ask to see the BER cert!

Even if you have no interest in it, by law, Landlords are supposed to have one, it shows how energy efficient a place is or is not.
So, it can be an extra haggle point in your favour if they can't produce one, or if it proves that the place is not energy efficient.

beagle001

If he was asking 750 go in with an offer for 550 as 600 would be your max.
From experience you will get a price round 600-625,the asking price for rents is not viable.
Look at daft.ie and slash 25% of them all

Darlughda

cronin_j wrote: »

I rang up my estate agent and said that I was put on reduced time in work. Id be willing to sign on for another year if you drop the rent by €350 a month.

Couple of days later it was accepted.

Wow. Thats a huge drop. D'ya mind me asking how much the original rent was? You must have proved yourself as a good longterm tenant to get such a deal!

PopUp

Any landlord who gets "insulted" by you attempting to negotiate a discount on the rent is ringing a big alarm bell that they are probably not very professional in their approach. A good landlord doesn't take this sort of thing personally, like any other business transaction. If they don't want to negotiate, a good landlord will just say no without taking offence.

Jimmy Garlic

EricPraline wrote: »

But don't be surprised if you get a negative response from some landlords/agents. Sadly some will take this as some kind of personal insult. But don't let this put you off.

I actually think the silly rents that some of them are still asking for is more insulting to potential renters. Some have kept their rents as high as they possibly can in the hope of getting a sucker that is willing to pay it. That kind of greedy "celtic tiger" nonsense is not on anymore and they should be ignored until they decide to come back to the real world. Personally I wouldn't even bother trying to negotiate with them, I would go with one of the many decent landlords out there that are not out to crucify people (and even then I would still try to cut a deal).

I'm listening

Thanks a mill everyone for the replies, very helpful...

Tefral

Darlughda wrote: »

Wow. Thats a huge drop. D'ya mind me asking how much the original rent was? You must have proved yourself as a good longterm tenant to get such a deal!

1450 a month was the original rent. I was renting about 6 months when i asked. Im a Quantity Surveyor so fighting with people over money is my job in a way so I just explained its this way or im gone. With that much of a drop I wouldnt have minded loosing my deposit and the EA knew that too.

Ive helped out with regards insurance issues and snagging as it was a brand new apartment when I moved in so the LL is getting a good deal. I tend to fix things that technically should be in the LL remit, but fair is fair I think.

quozl

I'd suggest geting the Firefox web browser and the Property Bee plugin (http://www.property-bee.com )

It'll show you the complete history of a property for rent or sale on daft.ie. This lets you see how long it's been up for, and any price drops.

Used it 18 months ago to see that a property we were interested in had been up for 1800 pm for 2 months with no interest (fair enough!), then up for another 3 weeks at 1500 pm. We offered 1200 pm, with a time limit of the next day as we'd commited to let another (imaginary) landlord know if we were interested in his place by that time.

The EA came back with a counter-offer, we said no thanks as the not quite as nice but perfectly good imaginary alternative property was asking 1200. So we got it for the 1200 pm.

So, TBH, it depends on the property as to what the reduction you should ask for is. 1800 was ridiculous for the property. 1500 was slightly over-priced imo. 1200 was excellent value - they rented it within days at 1200 a year later despite the falling market when we moved on.

Wouldn't have thought 1200 would be quite likely to be accepted without knowing via the bee that the property had been unrented for almost 3 months at that stage. At 1200 pm that's 3 and a 1/2 grand lost - a landlord needs a large rent increase to make up for a month's void.

nightster1

its very easy now to find comparisons on the web to see if your rent is fair. i advise to do a bit of research prior to viewing. Then after viewing make an offer based on condition and services provided by the landlord. A decent property for a fair market rent should keep both sides happy.