Are House Rental prices dropping?

TJ27

beingjdc wrote: »

Clearly not, or they wouldn't still be advertising.

Just because it's advertised, it doesn't necessarily mean it's empty and it doesn't necessarily mean that there will be a void when the current tenants move out. Or does it? I'm no landlord I suppose, so I could very well be wrong.

The current tenants could be paying more, less or the same as the advertised figure. I see what you mean though and I think we're basically agreeing with each other.

It's also fairly common to see houses advertised in agent's windows pretty much all year around, whether they're available or not. Some agents around here never even bother to take their "to let" boards down. They're on permanent display.

ukcarper

where are all the people who are renting out their houses instead of selling living

beingjdc

ukcarper wrote: »

where are all the people who are renting out their houses instead of selling living

In my experience in their parents and in-laws' spare rooms, or they're rented out a 3-bed house (scarce) but rented themselves a 1 or 2-bed flat (oversupply).

lbell_3

I rent a studio flat in Birmingham for £500pcm; after giving my notice to leave it's gone back on the market and advertised as £525pcm (whether anyone will take it at that price I don't know, but it's a very popular development and I suspect yes) I'm moving to a bigger flat, and haven't found that prices have dropped (for 1 bed flats) since I was last looking 6 months ago.

Trollfever

Locally, good quality, fairly priced rental and sale properties go quickly.

Mr_Matey

update:
After much consideration, we went for it and negotiated a rent reduction.

That should cover the increase in gas/electricity and tube fares.
:beer:

izzybusy23

Me and my DH recently negotiated a rent reduction ... only £25 a month but it brings or rental back in line with similar ones on the same estate now.. every little helps!

Gorgeous_George

Renters will say rents are falling; Landlords will claim that they are not. I think they are more likely to fall in the more expensive areas than in the cheaper areas.

I'm a landlord with just one BTL property and I am increasing the rent by 7.14% from 1 April. It's the first rise for almost two years and my tenant accepted it without question. I set the rent below market and the revised rent is still below market - possibly 10%. It's a massive 35% below the LHA.

In these strange economic times we should seek the best price for anything and everything. However, BTL mortgages are not falling in line with residential mortgages. Risk of defaults (on the rent) are increasing and sensible landlords need to price in this risk. Losing the property is in neither the landlord's nor the tenant's best interests.

GG

foi1983

stevetodd wrote: »

I am a LL in the Battersea area (so similar to Wimbledon/Putney), I think possibly what we have here is unrealistically priced flats dropping? The rents for my flats in Battersea are:

2 double bed with garden £1,185/month
2 double bed with garden £1,180/month
2 bouble AND a 10' x 6' (I call it a large single) £1,350/month
3 double bed with additional ensuite £1,650/month

All my flats are in very good condition

If they are asking £1,100/month for a one bed then I can see why they would be falling.

£1,185/month for a 2 bed with garden in battersea? I pay £1,150/month for a 2 bed in a new build block in Streatham (no garden). Since we moved in in August, they have dropped the rent by £100/month for the same flat downstairs. We are up for renewal in August and want at least a £100 reduction.

Is that too much to ask?

luckylooloo

I am looking to rent a 3 bed house in the Chigwell essex area,this is an area i know very well.Prices here have gone sky high,the average price has gone up from 1250,00 per month to 1500,00 in the past 2 years.