Negotiating rent

Scuzi

Scuzi

Scuzi

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I'm thinking of moving to a bigger place a bit further out of Winchester and have seen a property today that I like. I'm going to call to put in an offer as I feel the price can be negotiated but I don't know where to start.

The property is advertised at £895 a month. Having done a bit of research, these things go in my favour from a bargaining point of view:
-The landlord has 3 vacant houses in the complex
-It's quite close to the M3 and hence you can hear the motorway noise however this doesn't bother me but I can see how it would bother a lot of people.
-I'm fairly flexible with moving dates and can commit to a long term contract.


How is the rental market at the minute? Is there much room for negotiation? What sort of offer should I put in to start the bargaining and is there a certain way I should go about it?

Thanks :)
 
Scuzi said:
How is the rental market at the minute? Is there much room for negotiation? What sort of offer should I put in to start the bargaining and is there a certain way I should go about it?

Thanks :)
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Judging by properties up here, there's definitely room for negotiation. We rent at £650 a month but the contract was signed last year before the worst of the so called 'credit crunch'. Now, similar (if not bigger) houses are going for way less than £600 a month and most apartment complexes have loads of empty ones around.
 
Honestly, I think you're going to having much less leeway for negotiating if the landlord is private, otherwise you may still be in luck. Just offer something you're happy/comfortable with and see what happens.

Have a look at similar market properties and see what the going rate is? Considering the housing slump, that does sound a little on the high-side but it's still in London so that probably explains it.

Just remember that landlords have been tilted by the whole recession thing too, so security isn't what it was two years ago.
 
Make an appointment and go round and look at it, make all the right interested noises and then at the end say you need to sleep on it. Ring back the agent the next day and say you really like it etc etc but the rent is just a bit too much for you to justify. Ask if there would be any flexibility given the current climate and market, state your earlier observations and see what happens, puts the ball in there court.
 
a1ex2001 said:
Make an appointment and go round and look at it, make all the right interested noises and then at the end say you need to sleep on it. Ring back the agent the next day and say you really like it etc etc but the rent is just a bit too much for you to justify. Ask if there would be any flexibility given the current climate and market, state your earlier observations and see what happens, puts the ball in there court.
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Do what he says, but phone up the next day and say you feel the rent is a bit much - if there are comparable properties for less they will often price match. Saved myself £75 a month by doing this recently.
 
Not sure how it is down there but up north its booming at the moment. I imagine there will be quite a bit of competition.
 
jamief said:
Do what he says, but phone up the next day and say you feel the rent is a bit much - if there are comparable properties for less they will often price match. Saved myself £75 a month by doing this recently.
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Thats what I said :confused:
 
Scuzi said:
I'm thinking of moving to a bigger place a bit further out of Winchester and have seen a property today that I like. I'm going to call to put in an offer as I feel the price can be negotiated but I don't know where to start.

The property is advertised at £895 a month. Having done a bit of research, these things go in my favour from a bargaining point of view:
-The landlord has 3 vacant houses in the complex
-It's quite close to the M3 and hence you can hear the motorway noise however this doesn't bother me but I can see how it would bother a lot of people.
-I'm fairly flexible with moving dates and can commit to a long term contract.


How is the rental market at the minute? Is there much room for negotiation? What sort of offer should I put in to start the bargaining and is there a certain way I should go about it?

Thanks :)
Click to expand...

I'm generally finding that landlords are taking £20-£30 a week under asking [in London, anyway], but out of London you have slightly more leeway. Forget your point about the M3, that's unlikely to wash; just start at £825 and if pushed, say you can go no further than £850. Stress just how much you like the place and make a point of saying you intend to stay for a long time - even if you don't. Saying just how much you like the property is good because it implies you'll look after the place.

It would also help you to find out how long it's been on the market. The longer it's been on, the more likely you are to get a nice reduction in rent.

Remember, only you know your real maximum. If you absolutely have to go above 850 do so, but most landlords are accepting below asking at the moment.
 
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Properties are usually priced with at least 50p/m movement built in. Mine are. No justification required, just go straight in with a 50-75 p/m lower offer.

Your position will be improved if the property is vacant, and you can start the AST quickly.
 
If you've not had a call back from the letting agent then when you do say you like it bu its too expensive and see what they say. Failing that just give them call and say your max is £800 a month but you will sign up immediately at that rate and leave it with them.

you've got nothing to lose :)
 
Scuzi said:
How is the rental market at the minute? Is there much room for negotiation? What sort of offer should I put in to start the bargaining and is there a certain way I should go about it?
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How is the rental market? Flooded with buy to let and homes that people are too fraid to sell in the current market. It's still pretty bouyant but there's room for a deal if the agent/landlord is receptive.

What do you want to pay and how low do you think you can get away with. I'd think £800 is a reasonable starting point. Just explain your position, the fact that there are 3 vacant properties, you're happy to sign today for 12 months with a view to renewing after that and see what the response is. give it a bit of the blarney :p If you get a deal at 850 it's still a reasonable saving.

Near the M3 eh, Winnall is it? :D
 
I'd throw a bid in for £800 tbh!

I think in this climate it really is worth having a haggle.. You could easily knock £100 off I bet!
 
neil3k said:
where you moving to scuzi?
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WillyNelson said:
Near the M3 eh, Winnall is it? :D
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Nah, it's in Compton / Shawford near jct11. I wouldn't move to Winnall if you paid me :p



Ciphon said:
I'd throw a bid in for £800 tbh!
I think in this climate it really is worth having a haggle.. You could easily knock £100 off I bet!
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I did exactly that. I started off with £800 which was rejected immediately. They came back with £875 and I then stated that £825 was my absolute maximum (which was a lie :p) and they took it! I'm quite chuffed with it. I'm getting a much bigger place for £175 a month less than what I've got now and the council tax is about £50 cheaper a month too. Quite a tidy saving of £225 a month and I now have somewhere to keep my motorbike. Think of all the extra beer I can afford now :)

Thanks for the advice everyone, it seemed to work a treat.
 
Nix said:
Considering the housing slump, that does sound a little on the high-side but it's still in London so that probably explains it.
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Last time I checked Winchester wasn't in London :)
It's generally regarded as a fairly expensive place to live however and certainly last time I looked (admittedly a year or two back) rents of £1k+ weren't that uncommon.
 
I've reduced rent on a couple of my properties by £50 a week due to lack of demand. Your potential landlord will happily barter - he ought to count himself lucky to find a tenant like you.

Edit- having bothered to read the whole thread, i discover you've already bartered and obtained a reduced price. Good work.
 
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