Question about rent reduction

PCros

We are currently paying €1250pm in Swords for a two bed apt, its a top floor and nice but still the general rent prices in the area have dropped to an average of about €1000 for the same kind of place, you can actually get a 4 bedroom house cheaper!

Is it basically up to the descretion of the landlord to give us a reduction as we have signed a 12mth lease and are only half way through it? Or do we have a legal leeway as the prices in the area have dropped?

Thanks in advance!

Pamela111

PCros wrote: »

We are currently paying €1250pm in Swords for a two bed apt, its a top floor and nice but still the general rent prices in the area have dropped to an average of about €1000 for the same kind of place, you can actually get a 4 bedroom house cheaper!

Is it basically up to the descretion of the landlord to give us a reduction as we have signed a 12mth lease and are only half way through it? Or do we have a legal leeway as the prices in the area have dropped?

Thanks in advance!

I would have a guess that you are stuck with this for the whole 12 months. If you signed the lease then that would be it. That is just my opinion, maybe somebody legal could help further.

The_Conductor

PCros wrote: »

We are currently paying €1250pm in Swords for a two bed apt, its a top floor and nice but still the general rent prices in the area have dropped to an average of about €1000 for the same kind of place, you can actually get a 4 bedroom house cheaper!

Is it basically up to the descretion of the landlord to give us a reduction as we have signed a 12mth lease and are only half way through it? Or do we have a legal leeway as the prices in the area have dropped?

Thanks in advance!

Legally- you have the right to have your rent reviewed once a year. This does not mean that a landlord will not accommodate a review request in the current climate- there is a lot of vacant overhang in the rental market- particularly in apartments. I would suggest documenting a sample (perhaps 6 or 8) of apartments which would be considered comparable to where you are at present and then approaching your landlord.

Legally he is not obliged to review your rent until the end of the first year- I'd hazard a guess that he'll be quite happy to talk to you though......

Arathorn

If governments can renegotiate contracts so can you. Legally your landlord doesn't have to but renters have the power now.

incis

Definitely take a chance and talk to your landlord. Some people I know were in the same position as you, half way through the lease agreement - they negotiated 200 off their rent! Worth a try!

shamblertine

What do you say when you are negotiating? Do people just pretend they've had to take a pay decrease or something?

Ste.phen

We just went to our landlord and said 'look, we're paying over the odds for the house (ref: daft rental report, a few choice examples), we like it here, but we can get somewhere better for less, would you consider dropping the rent by X?
He came back with an offer of Half X, so we accepted and were happy enough about it.
I imagine any landlords that think the rent should cover their mortgage on the place would be a little more argumentative though

shamblertine

I'd say most rents would more than cover the landlords mortgage, unless perhaps the landlord just purchased the place in the last few years

incis

Ste.phen wrote: »

We just went to our landlord and said 'look, we're paying over the odds for the house (ref: daft rental report, a few choice examples), we like it here, but we can get somewhere better for less, would you consider dropping the rent by X?

That's the way to do it!

chop86

i concur, i conquer