Review of Rent

B

Blue Jeans

Guest
Hi All,

My housemate has recently being complaining that we are paying too much rent for the current economic climate. I had been thinking she's proby right so tonight I went on to daft to check out the current rents.

We live on the North side of Dublin, in a three bedroom house with 1 bathroom. My room is the box room, really tiny. I was shocked at how much the prices have fallen on daft. For the same price as we are paying, we could have a really modern 3 bedroom, 3 bathroom apartment.

However, we do like our little house and don't need the hassle of moving.
We only moved in to the house 5 months ago and I was wondering can we ask for a review of the rent now or do we have to wait a year before we can do this?

We always pay our rent on time. We have called them a number of times to fix things that were wrong in the house. They have always called over however they seem to have a policy of replacing with something that is at best half working!!

What would you think are chances of getting the rent pushed down?

Thanks :)
 
I would say fairly high. Most people are aware as to what is going on in the property rental market.
 
If you have a one year lease then you have contracted to pay x amount per month for the property for that year. You are entitled to a rent review at the end of the lease period.

There is no harm in asking. My tenants did and I said no.
 
def ask, my tenants asked and i reduced it to market rate, id rather have good tenants and get less money than the latter.
 
As Mommah says, be very clear . Preumably you signed a lease so you did contract to something. No harm in asking though.

mf
 
Definitely renegotiate. Many people with signed leases have renegotiated their rent downwards in the current economic climate. If you are good tenants then there is no reason why your landlord would want to lose you, as they will only get replacement tenants at current market rate and could experience a protracted void period if their property is not up to scratch.

There are plenty of unoccupied houses/apartments and landlords need to learn not to be greedy. Even landlords with commercial leases which have upward only rent review clauses are having to face economic reality and renegotiate with lower rents. Point out to you landlord what the current 'going rate' is for their type of property on daft. Expect reduction to at least that amount. Be prepared to move if the landlord does not relent.
 
'Be prepared to move if the landlord does not relent. '

And pay the rent under the signed contract.

Be careful with this sort of off hand advice. Your obligations remain. Under signed contracts.

mf
 
mf1 said:
'Be prepared to move if the landlord does not relent. '

And pay the rent under the signed contract.

Be careful with this sort of off hand advice. Your obligations remain. Under signed contracts.

mf
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Hardly off hand advice. What obigations remain if serve appropriate notice to terminate as per lease agreement?
 
Askar said:
There are plenty of unoccupied houses/apartments and landlords need to learn not to be greedy. Even landlords with commercial leases which have upward only rent review clauses are having to face economic reality and renegotiate with lower rents. Point out to you landlord what the current 'going rate' is for their type of property on daft. Expect reduction to at least that amount. Be prepared to move if the landlord does not relent.
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As I have pointed out time and time again on this forum. If landlords behaved this way they would be called GREEDY.

There are plenty of unoccupied apartments/houses in poor locations.
But if the landlord has a good property in a good location, they are not in such a weak bargaining position, in my experience.
 
Askar said:
Hardly off hand advice. What obigations remain if serve appropriate notice to terminate as per lease agreement?
Click to expand...

It seems that OP is 5 months into a signed 12 month lease. There is no way of serving early termination - the obligations for the full term will remain unless both parties renegotiate.

I do think they should try and re-negotiate. Some landlords will and some won't.

mf
 
Mommah said:
As I have pointed out time and time again on this forum. If landlords behaved this way they would be called GREEDY.
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I'm in full agreement with you, but however market forces are in favour of the tenants. Void periods cost money as well as decorating costs etc.etc.
 
mercman said:
I'm in full agreement with you, but however market forces are in favour of the tenants. Void periods cost money as well as decorating costs etc.etc.
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Legally and morally the time for a rent review is at the end of lease.
No doubt for the majority of properties that review would be downward.
But I think many tenants are getting a bit previous.

I have never increased the rent on a tenant mid-lease.
I have never increased the rent on a good tenant even at the end of a lease.
However I have increased the rent on difficult tenants at the end of the lease in a rising market.
But hey what would I know I'm a greedy landlord!
 
This issue to me is very unclear at times:

If a tenant is in a signed contract lease for a year & wants to move out.

The tenant gives one months notice to the landlord.

1. Is this acceptable, or does a tenant loose his/her deposit, last months rent if it is paid in advance.

2. Is the landlord entitled to ask the tenant for the remaining months rent.

3. If a tenant is looking for a reduction, is it best wait until the end of the lease, & then giver this person a reduction.
 
It depends on the lease. Some have clauses that allow the tenant to give one months notice and then leave. Most one year leases do not have such a clause in which case the landlord is entitled to pursue the tenant for rent due for the rest of the lease.
 
If you say to him that you want rent reduced by say X amonut and if he agree's you will stay another year and maybe more.
 
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