DO I PAY THE RENT ADVERTISED FOR A RENTAL PROPERTY?

In London, the price advertised is not necessarily the price you will be expected to pay. Most landlords are expecting prospective tenants to make an offer on the listed price. There is no set amount of a reduction but between 5% and 10% is achievable. However, it is not guaranteed that a landlord will accept a lower rent. It depends on many other factors; it is not just about how much rent you are offering to pay, e.g.:

• the tenant’s overall offer, e.g.

  • how long you want to rent for (the longer the better in most cases);

  • when you want the tenancy to start (the closer to the available date as possible to reduce the landlord’s void time);

  • the number of special requests you ask for (the fewer the better)

• the situation of the landlord (does he need a tenant as soon as possible or is he willing to wait?)

• the amount of time the property has been on the market

• has the rental price already been reduced and if so, how recently?

• the time of year (it is easier to rent a property in the summer months rather than in the winter months)

Best and Final offers:

When there is more than one party interested in renting the same property, the letting agency, in agreement with the landlord, will ask all parties to submit their “best and final offers” by a certain date and time. It is in the situation when the actual price offered may go over and above the actual listed rental price.

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