Rent Reduction

gavney1

Hi

Moved into a 2 bed apartment about 3 months ago with a friend

We both agreed the asking price was too steep at 1450, but it was such a lovely place and perfectly situated, we settled with the Landlord at 1400. Compared to similar places in similar locations, it was still a bit more expensive, but it was just that bit nicer, and we needed to move in asap, so we took it.

Anyway, now looking around at other places, it seems that prices have dropped another bit, so that I think we would be justified asking for a reduction to 1300euro.

We have a 1 year lease. I'm going to ask for a rent reduction, and if we don't get a reduction to at least 1320, I'm going to start looking elsewhere.

But what are my rights if the Landlord decides not to reduce to that level?
Can she take my deposit as it's a 1 year lease.

I think she'd be a bit mad not to reduce though, as at a price of 1400 I doubt it's going to be snapped up (though I may be wrong)

However, I was in a similar situation before, where the Landlord refused to reduce rent by 150 euro. We left and the place was left vacant for over 4 months, at which stage she had to reduce by even more than we were requesting.

Any advice appreciated
Thanks

Treehouse72

You are being entirely unreasonable in trying to back out of a deal you made so recently. You made the decision, you signed the lease and you should stick to it. IMO.

eclectichoney

If you have signed a 1 year lease without any break clause, then I believe that if you just take off and leave mid-lease you are technically liable for the outstanding rent for the duration of the lease. If you find a replacement tenant (though will they be willing to pay the rent of 1400 if you believe it is far greater than the market rate at present?), and this is not acceptable to the landlord, then my understanding is that you can leave the property / break the lease, but only if you have tried this avenue first.

gavney1

Treehouse72 wrote: »

You are being entirely unreasonable in trying to back out of a deal you made so recently. You made the decision, you signed the lease and you should stick to it. IMO.

yes, technically i suppose you're right.

but rents have dropped in the immediate area in just the last few months. It's an apartment complex, and there's apartment complexes just beside us. And they're all very similar apartments in our building, so I can make direct comparisons. There's no doubt that we're paying more than we should.

Even at 1320, we'd still be paying more than we should, so I don't think I'm being unreasonable. There's lots of vacant apartments in Ireland at the moment, where landlords aren't getting ANY rent, so I think landlords have to be flexible with agreements.

After thinking about it a bit more today, I'm not going to threaten the landlord with leaving or anything. I don't particularly want to leave, but I still want to know what the outcome would be if I did.

In retrospect, we were a bit silly agreeing to pay 1400. I know there were identical apartments in the same complex going for less, but they were snapped up
Equally though, I think the Landlord would be silly to not re-negotiate a small reduction

eclectichoney

If the general market rate of rent went up a few months into a 1 year lease, what would you think if the landlord demanded an increase in the rent in line with the rest of the market?

It has to work both ways when you sign a contract such as a lease. If you don't want to commit to the terms for 12 months then don't sign a 1 year lease in the first place would be my advice.

latenia

Asking for a reduction 3 months in is kind of taking the piss. Maybe wait until April or May when renewal is coming into the picture and tell him you've taken a paycut or something. In the meantime pay your rent on time and keep the place well. Rents may well have dropped further by then giving you more leverage.

gavney1

latenia wrote: »

Asking for a reduction 3 months in is kind of taking the piss. Maybe wait until April or May when renewal is coming into the picture and tell him you've taken a paycut or something. In the meantime pay your rent on time and keep the place well. Rents may well have dropped further by then giving you more leverage.

after some thought, i probably will take your advice. 3 months is very soon to be fair.

gavney1

eclectichoney wrote: »

If the general market rate of rent went up a few months into a 1 year lease, what would you think if the landlord demanded an increase in the rent in line with the rest of the market?

.

probably wouldn't be happy in all honesty, fair point.

Am still going to ask in a few months though- can't do any harm to ask.

The_Conductor

You are entitled to an annual rent review- but seeking a review 2-3 months into a 1 year lease is, as a previous poster so eloquently put it, taking the piss.

Once you signed the lease, you are bound by the articles of the lease, including the specified rent, for the period of the lease, and are only entitled to a review at the elapse of the lease.

Even if it was that little bit nicer etc- to imagine you can go to the landlord 2-3 months down the road expecting a reduction, is naive to be honest.