Almost three quarters of tenants seeking property to rent on FindaProperty.com intend to negotiate a rent reduction from their prospective landlord, as they become more aware of their strong position in the current oversupplied market
A survey of almost 2,000 tenants in July 2009 showed that 72% would negotiate with the landlord on the rental price, with nearly half (45%) aiming for a reduction of 5 – 10%. An optimistic 7% believed they could secure a discount of more than 10% off the asking rent
Traditionally, landlords have been selective about their tenants and dictated the rental price and contract terms, but fierce competition between landlords in the present market has given tenants more control
Michael O’Flynn, director at FindaProperty.com, said: “Tenants are aware of their strong position and have been quick to take advantage of it. The oversupply of rental property on the market means that they are happy to look elsewhere if landlords refuse to negotiate on the asking rent