can i haggle rent on a property

lolly123green

hi

i am due to view some properties that are available to rent in my local area of liverpool.

my favoured property has been on the market for a while but is a lttle over my budget.

is it possible to haggle over the price and if so by what percentage.

please help

thanks

Lolly

sammy452

Of course you can, but by how much depends on how much the asking rental is. However, if you really love the property you need to think whether it is worth losing it over say £10 a week. Don't also be afraid to negotiate on the terms of the lease too. Good luck

lolly123green

the advertised rent is £550pm but i do know that there is another apartment in the block that is going for £525. both have been on the market for a good while.

sammy452

Once you have viewed all the properties it will be easier for you to see what is on for too much and which is realistic. The two flats maybe in the same block but can be totally different in layout, decor etc. I would probably try £515/520 based on what you say.

carolt

Try £500 - it's a nice round number. They can only say no. £515/20 sounds too desperate to me. We've negotiated rent downwards and it's commonly done.

Rent prices are every bit as negotiable as buying prices.

Andy_Hamilton

If you have the option to pay say 3-6 months in advanced then you could haggle it down much more.

poppy10_2

lolly123green wrote: »

my favoured property has been on the market for a while but is a lttle over my budget.

is it possible to haggle over the price and if so by what percentage.

Say the rent for the property is £600 a month, and it has been vacant and on the market for 3 months. The LL has lost £1800 of potential income.
If he lowered the rent by £25 a month, he would lower his annual rental income by just £300.

So there is lots of room for negotiation. Having the place lie vacant for another month would cost him double what it would to drop the rent and have you move in straight away.

vetfred

If the one you like is £550, why not offer £475 on the basis you pay several months up front - thus they feel more secure and you get money off. That's what we did savings hundreds. Really, if it's not renting, it would be a daft landlord who prefers no money to some money.

ilovecheese

I think most LL are open to offers, our flat was advertised for £675.00 and we offered £650 which was accepted. My sister rented a house that was advertised at £1200 but she offered £1100 and again this was accepted. It's always worth asking!

N79

To give the other point of view, I always advertise my properties at 10% (ish) more than the rent I expect - that way tenants think they have a good deal and it is a great incentive for the agents to negotiate hard since their fees depend on the price. So feel free to negotiate away - 500 seems reasonable if the property has been empty for a while.

(I must admit that I did feel guilty when a lovely but fairly clueless lady viewed one property and offered the full rent price. She was totally gobsmacked when I told her about the "price inflation" and that I would rent to her at the lower price. She has been an excellent tenant ever since! )

mlz1413

i always advertise at the price I want, it's a fair rent for the area and i've not had any voids. I've never come across rent haggling!

BUT if it's been empty for a while it would suggest that LL should be open to offers (within reason). Offer what you think it is worth compared to everything else you have seen.

I'd be very interested to get an update Lolly123green.