Being asked for my "best offer" for renting a property

soldave

Wanting to gauge some thoughts from people on this situation.

Currently living in a 1-bedroom property (paying £600 per month) within walking distance of work, and with the wife now living with me (she's moved over from abroad), we are looking for somewhere a little bigger and out of the city. Have found a great property at £575 per month that's 3 bedroom and looks to have just about everything we need regarding location, furnishings etc. Definitely think it's slightly undervalued.

And quite a few other people think that too. There are 5 people with "very similar" offers according to the landlord, and he's asking people what their "best offer" is regarding rent, length of tenancy and how quickly we can move in.

My original offer was £575, 12 month tenancy, 1 month to move in. Wondering what people's thoughts would be on upping the offer, but bearing in mind I don't want to get into some sort of bidding war. The easy response is to ask "what are you comfortable paying", but it's tough to answer. £600 would still be below my 35% of salary for rent mark, but I would have to factor in a £50 monthly commute in there too.

Any thoughts from more experienced folk on here (I've not had too many dealings with in-demand properties)? Many thanks in advance

Pixie5740

I was in a similar experience when I came to rent my current flat. Where I live the demand for rental property is high and there were quite a few people viewng at the same viewing as me and we all filled in application form there and then.

I offered a 12 month tenancy and £25 extra a month (and lied about not having a pet ). The extra £25 was enough to swing it for me. (The originally advertised rent was £900 pcm.)

You're quite right in that you don't want to enter into a bidding war with other potential tenants.

Finst

If you think its undervalued, how about you have a look for the "next best" thing you can see online that you would go for as a second choice if you missed out on this one, and offer slightly less than that?

soldave

Been told my offer of £600/12 month tenancy/3 week notice has been accepted. I've now to pay the fees if I want to secure it (£120 admin, £80 for reference fees for myself and my wife, £200 holding deposit). Not happy with the admin fees but has to be paid I suppose.

Just have to be sure over the weekend it's the property for me but will give them a call on Monday and hopefully talk things over with them