Posted by
sarahjames
17 yrs ago
A contract is just that a contract - you agreed to pay a certain amount and this is not dependant on which way the market goes. What would you think if mid contract your landlord contacted you to inform you the market had risen so could he/she possible increase your rent. Good luck in trying and who knows you may indeed suceed, however I think my landlord would give me a polite but firm NO. and rightly so.
Please support our advertisers:
i just reduced my rent 10 % mid term, but after the first 12 months term was over since my contract was fixed for the initial one year. Although the market is down 20 %, I am happy with my 10 % reduction as I dont have to move right away and yet save some money on a monthly basis. So I suggest you sound off your landlord to give you a reduction once you're in a position to give him the one month's notice as per the terms of your contract....
Please support our advertisers:
You haven't been in Hong Kong long enough if you are only quoting your western landlord. Agree with JJ the chances of reducing your rent are very low. Most landlords would rather have 0 rent than reduce
Please support our advertisers:
Why would someone rather have 0 rent than reduce?
Please support our advertisers:
ldavy
17 yrs ago
Because then the flat is empty, and they can rent it out again.
Please support our advertisers:
can't hurt to try, but your landlord has no incentive to reduce it now.
i asked for mine to be reduced and was granted 15% reduction, however this was after the 12 month period and only lasts until the contract ends at 24 months.
Please support our advertisers:
Agree "Most landlords would rather have 0 rent than reduce" especially mid contract. The reason being that Many Landlord's rental apartments are mortgage free so if it sits empty it's not a problem. Painting etc is a minimal cost so I doubt they would worry about that.
Please support our advertisers:
"Yep = "rather have no one than a low one" - there are 3 x 2100 sq ft houses around me that are sitting empty and been empty now for about 4-6 months. The price asked is too high and they will not lower the price for tenants to move in.
As a property owner in another country, it really doesn't make sense to me..."
A very HK thing, I agree.
Please support our advertisers:
i recently renewed my lease, and my landlord just upped my rent by almost half! they had me backed into a corner, because for one reason or another, they knew i didnt want to move / couldnt afford to move (business address). i'm just hoping after the 3 years that everything works out so that i've ended up with a fair/lower than average price! i have no end of trouble with landlords in hk, residential and business, but like many ppl have said, if you dont ask, you dont get. good luck....
Please support our advertisers:
i would suggest you put something on the table if you want to negotiate - say a renewed lease locking you in for another year.
Please support our advertisers:
You have two choices. You can speak to the landlord and make the play for a lowered rent but you will have to give them a longer fixed term in return.
If you are unhappy with the response you can stop paying rent, this usually get the landlord to listen.
Let me give you my opinion, the market is rallying right now without any clear reason except manipulation. The landlords in HK have no idea why the stock markets are rallying but by summer time the market will test new lows in HK.
Remember, the landlords take the same amount of risk as you potentially locked in for a period with rents the could be getting more for but not in this future market at least another 2-3 years of bad then stagnant rents.
It all depends on your landlord. Good Luck!
Please support our advertisers:
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail