what is a reasonable rent reduction?

L

laila

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My tenants looking for rent reduction on 3 bed house in Dublin 9 (v. nice house in top condition off street parking and sunny garden which I maintain), Rent was 1,350. I droped to 1,200 but they want it down to 1,100. Looking at daft 1,200 seems below the going rate but I wonder is anyone getting what they are asking these days? Don't want to be mean in these hard times but I am depending on this income. They are excellent tenants but I do think they are jumping on the bandwagon a bit as they are still employed. As I say just wondering what's happening on the ground out there??
 
I would recommend that you hold on to them. I rent a few apartments on behalf of someone else and in the last few months I've not once shown or let an apartment to someone who didn't bring up the issue of reducing the advertised rent. So now the rent I show on daft is a little higher that that which I'll settle for to give myself some room to manouevre. The rents on daft may show €1,200 but I bet that a lot of those letting property would agree an amount a little lower if they thought they'd get good tenants. Factor in the price of showing the apartment again and a possible vacant period and then possible problems with new tenants, and you are as well off keeping the ones you have.
 
If as you say you have excellent tenents, I would advise you to, if at all possible to try and facilitate them.
As for them hoping on the bandwagon, while they are working, remember they may be taking pay cuts or levies on their salary.
The alternative may be,loosing income whilst looking for new tenents, and also, you may not be as lucky, with new tenents.
 
DeeFox said:
I would recommend that you hold on to them. I rent a few apartments on behalf of someone else and in the last few months I've not once shown or let an apartment to someone who didn't bring up the issue of reducing the advertised rent. So now the rent I show on daft is a little higher that that which I'll settle for to give myself some room to manouevre. The rents on daft may show €1,200 but I bet that a lot of those letting property would agree an amount a little lower if they thought they'd get good tenants. Factor in the price of showing the apartment again and a possible vacant period and then possible problems with new tenants, and you are as well off keeping the ones you have.
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sounds like great advice have a similar problem myself at the moment
 
well I said no to my good tenants...at least til rent review time.
And so far so good.

I have had a tenant leave another room and have had to drop the rent for the room by €75pm to get enquiries.

I wouldn't drop any more than you have to ...it is a business after all and hard enough to make anything out of it.
 
I can tell from your response and your moniker that your not in the business smiley! :)
 
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