Well at least make a counter-agument. If rents a depressed beyond a landlord's mortgage, he'll be forced to sell, fair enough so far?
Not to be critical but the "going rate" is not some abstract figure that is completely independent of the rental market. If no tenants will pay the figure you have in mind then it's clearly not the "going rate".If tenants keep forcing rents down when they can in fact pay the going rate then lots of landlords who are leveraged (not me thank god) will be forced to evict their tenants and sell up.
You can reduce it so much but tenants have to shoulder the burden of this recession too.
I'll reduce the rent when I believe my tenants can find alternative accmodation fpr substantially less. I'll keep doing it until my competitors sell up and number of rentals falls and then I'll increase it again.
hi there
tenant has asked for a reduction in 200 rent as he has lost his job His wife is still working. This would mean rent now below mortgage. Also this is mid lease? any thoughts. . Not fully convinced he has lost it either , could be just a ploy to get rent reduced. its a one bed apartment city centre.
Could he leave mid lease?
Is there any reasons out there why landlords would reduce rent artifically. The letting agent said it was because the landlord in this case financial commitments allowed it. Im just wondering would the 75% restriction on mortgage interest relief encourage certain landlords not to be too concerned about their income dropping on the other side in order to minimise tax liability? Just a mad question I know but just a thought that occured
its strange you know, there seems to be a spread of prices on daft for my exact property type and location now. A week ago, a landlord reduced the going rental rate for my type of property property down by 150. Hence I guess the sudden request from the tenant to go down the 200. So to be fair I guess , he is right on the ball now, redundany or no redundancy. Thing is I have been following daft quite closely and properties have been renting quickly(within two-three weeks max ) at the higher price. I rang the letting agent, and said that the rental price of this property was 150 lower than other properties of the exact same type and she said that it was under the instruction of the landlord and that she knew it was lower than others in the area.It rented within 3 days she said. Be careful of the snowball effect of reducing rent un neccarily. Sometimes it appears that rent is lowered not necessarily by the dictates of the current market but by the expediency needs of one landlord. And this then effects the rest of us as we start getting emails etc from our sitting tenants!
Is there any reasons out there why landlords would reduce rent artifically. The letting agent said it was because the landlord in this case financial commitments allowed it. Im just wondering would the 75% restriction on mortgage interest relief encourage certain landlords not to be too concerned about their income dropping on the other side in order to minimise tax liability? Just a mad question I know but just a thought that occured
Hi Tenants are looking to reduce rents as a 'chance their arm' approach.
Our tenant lost job and is looking for Social welfare Rent allowance to pay,so we have dropped rent by €100 to meet halfway. We were then told we needed to have a letter saying we are the owners too. So we wrote a letter and both signed it. This was not accepted by the SW probably due to the fact that they have copped on to the fact that people have bought houses and are renting them out to their girlfirend or boyfriend (actual parnters) who have different surnames and are getting SW to pay. Now the real legitimate landlords are being asked for an official document to state ownership......i.e a solicitors letter!! More cost. Fair enough if they are catching these fraudsters out but the legitmate landlords are now incurring more costs!!! Anyone else being ask for this letter and if so how did they solve it?
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