Record Number of Tenants Negotiate Rent Reductions
Posted on 03/12/2018 by Sulgrave Estates
A report from ARLA reveals the number of tenants successfully negotiating rent reductions increased by 85% in October. The number of landlords putting rents up dropped to the lowest level in seven months.
David Cox, Chief Executive of ARLA, says “Last month’s findings indicate that power in the rental market could be shifting towards tenants, with a record number negotiating rent reductions, and less landlords hiking rent costs. However, it’s more likely that this is indicative of the time of year and come the New Year, we’ll see rent prices starting to creep up again.
There’s no real way of avoiding it unfortunately – with landlords facing continued regulatory change, increasing costs will be passed on to tenants. Those who don’t pass the costs on will eventually have to exit the market, which will increase competition and boost prices. It’s the ultimate ‘lose, lose’ situation.”