Anecdotal - Discount Offered On Rent

[Portent]

I'm currently staying with family but need to look around for somewhere to rent. So obviously the best place is where I eventually intend to buy a house - Kingston, SW London (am actually looking in NW London too - undecided!). The first agent I called had several flats in a very nice new build and I was offered a viewing on several. When the lady offered me one which was definitely better than the rest but for more money I politely declined it and explained that I wanted to keep to a budget while I watched the housing market. She instantly offered a £75 reduction on that property whouch brought it straight back in line with all the other flats - don't forget this is a larger flat with a balcony, etc and so the higher price actually wasn't unreasonable.

The building itself is a new build amongst many other new builds and I know that almost all of them have been sold for BTL. So the competition to rent must be fairly great.

It was interesting to see that, on my first foray into flat renting, it seems dead easy to get discounts. It also seems that competition amongst BTL has certainly kicked in. I didn't even ask for a discount but was offered it. If I actually tried to haggle then I have no doubt I could get something at a very good price.

Edited August 18, 2005 by Portent

[FreeFall]

Depends on what and where.

I recently looked into moving to a new place, and talked about getting a discount for paying up front / long term contracts.

Catagorically dismissed.

[Guest Guy_Montag]

I was planning to try this, thought I would pop down to the estate agents & try to get £550 dropped to £450 for 12 months. Living in a uni town if this doesn't work I'll try again in October when some BTLs will have failed to fill their flats with students & be desperate.

[Gavin]

It does indeed depend.

I offered less for one house, and was turned down straight away.

Another place had been on the market for over a month and had already cut when I requested a discount for upfront payment. Readily accepted.

ANother month empty would have easily meant a greater loss than taking the discount over a year.

Rented properties are more likely to be empty and in terms of yield this is very important to logical landlords. When buying its not the same for getting discounts, not so much urgency.

Paying rent is better than staying with family!

[fdk]

It was interesting to see that, on my first foray into flat renting, it seems dead easy to get discounts. It also seems that competition amongst BTL has certainly kicked in. I didn't even ask for a discount but was offered it. If I actually tried to haggle then I have no doubt I could get something at a very good price.

<{POST_SNAPBACK}>

I'm considering moving into a block of newbuilds soon, and if so, will be looking to make low offers initially.

My only reservation has been that a lot of these units have been bought by recent BTL'rs paying well over the odds compared to true market value (based on rental income and net yields). This makes me a little concerned at how financially stretched some of these landlords might be, to the point where I may not end up getting my deposit back because they may not have the cash left by the time I come to move out !

[munimula]

I'm currently staying with family but need to look around for somewhere to rent. So obviously the best place is where I eventually intend to buy a house - Kingston, SW London (am actually looking in NW London too - undecided!). The

Kingston has absolutely loads of rental property, especially since the St Georges Quarter development was finished. They've been throwing up prime BTL newbie 2-bed flats all over the place.

[Portent]

Paying rent is better than staying with family!

<{POST_SNAPBACK}>

That is so true. It may be free where I am but it's a right hassle.

[Portent]

Kingston has absolutely loads of rental property, especially since the St Georges Quarter development was finished. They've been throwing up prime BTL newbie 2-bed flats all over the place.

<{POST_SNAPBACK}>

That's why I'm looking there - it's all brand spanking new, very cental, and I guessed there would be quite a bit of competition for my money.

Incidentally two of my family have BTL there and both want to sell (and can't).

[munimula]

That's why I'm looking there - it's all brand spanking new, very cental, and I guessed there would be quite a bit of competition for my money.

Incidentally two of my family have BTL there and both want to sell (and can't).

<{POST_SNAPBACK}>

It's a big joke. Those St Georges Quarter 2-bed flats are being advertised at £300K plus, most were sold at around £265K I believe - off plan. The buyers just can't accept that they won't have made any money on them. A couple of miles down the road in far nicer Teddington you can buy a 2-bed cottage for £270K now so these are all way over priced. The place is so massive that it looks more like a prison complex or even worse, student digs, I couldn't live somewhere like that.

[munimula]

What would you prefer, this flat at £325K;

http://www.findaproperty.com/agent.aspx?ag...prop&pid=294935

or this for £275K;

http://www.findaproperty.co.uk/agent.aspx?...=prop&pid=81537

[libitina]

What would you prefer, this flat at £325K;

http://www.findaproperty.com/agent.aspx?ag...prop&pid=294935

or this for £275K;

http://www.findaproperty.co.uk/agent.aspx?...=prop&pid=81537

<{POST_SNAPBACK}>

Can I think about it and get back to you?

[OzzMosiz]

That is so true. It may be free where I am but it's a right hassle.

<{POST_SNAPBACK}>

Tell me about it!!!

I could rent, and am thinking about it, but it would erode my future deposit/savings

[fdk]

Tell me about it!!! 

I could rent, and am thinking about it, but it would erode my future deposit/savings

<{POST_SNAPBACK}>

But that's life !

Everything costs money, including an independent, hassle free lifestyle. I guess it depends on what you're prepared to sacrifice in order to save.