Rents Reviewed
It’s inevitable.
“It depends what area and what price range but tenants are trying to knock 10-30 per cent off asking prices in some cases and are even renegotiating mid-term,” tells Tim Hyatt (lettings director at Knight Frank) to Financial Times. On average estate agent Knight Frank has twice the amount of rental stock it had this time last year.
Jane Ingram, head of lettings at Savills says: “We are seeing applicants negotiating heavily to get a property and making multiple offers.” Even tenants who entered agreements six months ago are asking landlords to reduce the rent by 10 or even 20 per cent.
Read more: Financial Times: ‘Accidental landlords’ face shrinking rents
