Kite Flying Rental Asking Prices

[porca misèria]

I'm looking for a two bed flat on Leeds. Always rented privately but will be going through agents this time, unfortunately. I don't have a wealth of experience for comparison but I have been noticing a lot of reductions down from kite flying to still over priced. Taking joy seeing ones stuck on the market but not at the prospect of taking the plunge soon. It's heartening to know that haggling works.

Haggling may work best if you can offer something for it. I use an opening gambit of an offer for six months up front. So they have to divide the figure by six to figure out how much I'm actually offering, which gives me time to explain why accepting would be such a great idea. Offered £4k for six months, in the expectation of conceding £700/month once they'd done the arithmetic. Apart from that kind of thing, consider how to present yourself as a desirable tenant with the lowest possible risk of causing trouble.

[spyguy]

Yes, I am noticing new properties coming on to the market in Milton Keynes at stupid prices. New builds in particular. Lots of reductions AND they seem to be taking their time with the reductions which means more money lost.

Also noticing houses in the worst suburbs coming on at ridiculous prices.

Did you see the spike in BTL loans before the SDL came in force?

There are a lot of new, dumb LLs out there.

These people are going to loose everything.

Rents are very much tied to local wages.

[spyguy]

Haggling may work best if you can offer something for it. I use an opening gambit of an offer for six months up front. So they have to divide the figure by six to figure out how much I'm actually offering, which gives me time to explain why accepting would be such a great idea. Offered £4k for six months, in the expectation of conceding £700/month once they'd done the arithmetic. Apart from that kind of thing, consider how to present yourself as a desirable tenant with the lowest possible risk of causing trouble.

So, you're saying I should leave the 5 pitbulls with my mum when I go and look at a flat?

[Funn3r]

I was interested in renting a flat which I found on the internet at £900 a month. I then went on holiday for a week, came back, and the page was still open in my browser. I pressed F5 to see if the flat was still available and the price changed to £1000! I left it a few more days and it says it has been let.

I have no previous experience of renting and I've done quite a few viewings for other flats. I must say I'm struck by how the letting agents (EAs) very soon telegraph whether or not they expect to haggle. "Price is £nnn but he's definitely flexible on that" versus "This one's £nnn and he definitely wants that because he's just finished refurbishing it". My impression overall is that there's a lot available and the agents don't feel it's a landlord's market.

[Wayward]

Moved to new house last year and I haggled rent down from silly asking rent of £850 to £735 - but I expect the neighbours think I pay £850, how would they know otherwise?

[hp72]

I'm looking to STR ( at exactly the same real term cost i bought at a few years ago with zero HPI) and around here, landlords seen to expect around 2800 a month for a family of 5. Here is my salient calculation:

we are not looking to go over 33% take home pay on rent due to having 3 children. £2800 a month blows that out of the water! £2200 is pushing it!
See below:
£2800 month rent = £33600 a year
Earnings required for that to be 1/3 income (33% take home)
Take home required £100,800
1 * Gross salary required £170,000
Or 2 x £74,100
http://m.thesalarycalculator.co.uk/
At 40% of income, it requires 84k t/h = £140k gross
Or 2 x £59,800 gross
At 50% it requires £105,000 gross. Or 2 x £45,100.

For £2200 per month, £26,400 per annum.
To be 33% take home requires £79,200 take home.
Requires 1 x £131,400 per annum
Or 2 salaries of £39,600 take home =
£55,500 each.
At 40% £66k t/h = 1 x £101,500
Or 2 x £44,000

So £2000 pcm requires
£72000@33% = 1 x £117k or 2 x £49,300