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Tenant looking for reduction in rent

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    #32
    loopyloulou
    Closed Accounts Posts: 121 ✭✭loopyloulou


    Thanks, i really dont want them to leave as theyre good tenants but i dont want to be taken for a ride either. I'm trying to make ends meet too and its not like im making anything off this at all..


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    #33
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    loopyloulou wrote: »
    Thanks, i really dont want them to leave as theyre good tenants but i dont want to be taken for a ride either. I'm trying to make ends meet too and its not like im making anything off this at all..

    Hi Loopy,

    You know, you've got the right mindset and approach, I'd like you as a landlord.
    Here's a tip - say to then, can we reach a price on rent that suits you and suits me to nail down for the next calendar year. And to sweeten it, why not offer to freshen up a room or 2 with some paint or the like......or some sort of goodwill gesture. In my experience, these are the kind of things that mean something in these situations.

    Hope it works out for them and for you!:)


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    #34
    Good Karma
    Closed Accounts Posts: 85 ✭✭Good Karma


    Reduce the rent.

    Forget about deposits and legal position. Leases mean nothing. If they want to move out, they will regardlesss of a signed lease - what are you going to do? Sue them? Yeah it will cost you just as much in legal cost not to mention your time and hassel.

    If your paying interest and capital and can't make up the difference, change your mortgage to interest only, it might make it easier.
    Worst case scenario, would be that they pay you nothing and it will take you six months to get them out!! :)

    Just do some research into what the current rate is in your area and match it. If your property is a dive you'll have to reduce it further. If your property is luxury, use this as a convincing tool to say same rent, quality property.


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    #35
    hideous ape
    Registered Users Posts: 339 ✭✭hideous ape


    At least the OP is thinking about this situation logically.

    I have moved house recently and I was shocked at how many landlords and agencies still think its 2005. Some landlords seem to think they are separate from the business world. If any business gets itself into a position where it has to overcharge just to stay afloat, it won't be long going out of business.

    My previous apartment was over-valued by about 250e, I payed that rent for the last year and never asked for a reduction. I said I liked the apartment and would be interested in staying if there was a drop in the rent to match other apartments in the same building. She said no way the rent will not drop. So I got my own luxury house for 900e while she wanted 1100e for a pretty nice apartment. There are at least 10 other apartments sitting empty in that building now and all are much cheaper than 1100e. Is she mental!

    I fully accept some landlords are in a financial hole but seriously some people just waded into the rental market without proper consideration for if/when things went downhill. Hope the OP strikes a fair deal for both parties involved.


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    #36
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    Some landlords have no concept of market rates.

    In 2008, I offered to renew a lease, I was a tenant for two years.
    They put up the price on me.

    For a miserable 50 euro per month, they lost a long standing tenant. Sure who knows what the next tenant would be like and if they'll pay rent on time for two years.

    Why would you do this as a landlord? :confused:
    And even if your tenant was paying market rate or slightly lower surely it's in your interest to keep them.
    Sure the 50 euro per month rate rise I was charged could be wiped out in a few weeks of vacancy. And since there was an agent involved the landlord definitly had to spend money to get my replacement


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    #37
    Good Karma
    Closed Accounts Posts: 85 ✭✭Good Karma


    As a landlord, I would never put the rent up, no matter how long a tennant has been there. I always buy christmas presents and get anything fixed fast.

    One of my tennants rang me recently and asked for a reduction. I always rent my property at a slightly reduced rate anyway which never increases, I had a good tennant and did accordinaly what they requested.

    I did think though, that I had never increased the rent in the good times but now I had been asked to reduce it in the bad - not a great deal for me but another sucessful rental - why lose a good tennant over fifty or hundred euro.


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    #38
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    loopyloulou wrote: »
    I might go to 680 and tell them they have to sign another 1 year lease from December if i do
    Why not ask them for a 1 year lease now - it will keep the place full for next summer.


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    #39
    meglome
    Registered Users Posts: 7,980 ✭✭✭meglome


    I'm looking at the moment and of all the places I've looked at only one guy wouldn't negotiate on the rent and surprise surprise it's been on daft for weeks. They used to get 2k a month for the place now can't get 1,400.


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    #40
    loopyloulou
    Closed Accounts Posts: 121 ✭✭loopyloulou


    Update - so i spoke to one of the tenants last night and offered him the 680, he was delighted, so happy days theyre staying :). Ill draw up a new agreement when i get back from hols but everyone is happy now. Thanks for all the advise :)
    Lou


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    #41
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    loopyloulou wrote: »
    Update - so i spoke to one of the tenants last night and offered him the 680, he was delighted, so happy days theyre staying :). Ill draw up a new agreement when i get back from hols but everyone is happy now. Thanks for all the advise :)
    Lou

    Great! fair play.:)


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    #42
    RentDayBlues
    Registered Users Posts: 2,131 ✭✭✭RentDayBlues


    Great news!


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    #43
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    Victor wrote: »
    Why not ask them for a 1 year lease now - it will keep the place full for next summer.

    What's the point in a new lease when it's clear they don't respect the current one ?


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    #44
    Pixelcraft
    Registered Users Posts: 742 ✭✭✭Pixelcraft


    mikemac wrote: »
    In 2008, I offered to renew a lease, I was a tenant for two years.
    They put up the price on me.

    For a miserable 50 euro per month, they lost a long standing tenant. Sure who knows what the next tenant would be like and if they'll pay rent on time for two years.

    Exact same thing happened with me, and while I would have been happy staying at the current rate at the time, the fact they upped the rent while the market was falling made me look elsewhere. Since then as far as I know it's been unoccupied and is now for sale.


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