Once upon a time only agents and landlords with large portfolios knew about rental asking prices in their local area, but the rise of websites have helped tenants be much more aware of value for money and has helped drive an increase in the number of ‘rent reduction’ requests landlords receive. But what can you do?
The answer is to be better informed about the local market than your tenants and have some counter arguments ready. So here’s our guide to winning the argument.
1. No property is the same, even if they might sound similar on property listings sites. Factors such as garden aspect, fittings quality or which floor an apartment is on can all drive the four or five per cent difference in rent that tenants perceive to be ‘over charging’.
2. Nationally, rents may have risen over last last year?Check this statistic
3. Remind them of the cost they are likely to incur if they do decide to move including the inventory, registration and reference fees that some agents and landlords charge.
4. Point out that while rents may have been dropping locally by a few per cent, in the long run they oscillate up and down regularly and it will all even out over the life of their tenancy.