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ldavy
16 yrs ago
Most rentals are a little bit negotiable, but not all of them. Sometimes the owner gives the agent a "bottom price" and won't go below that. Factors which landlords usually take into consideration when negotiating are: whether it's a company or personal lease; when the lease will begin; how much work the tenant is asking for.
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Yes depends on market and sediment amongst landlords and agents. In this town agents honestly rarely work for the renter and weight heavily with the landlord.
This time around I negotiated almost 20% off asking price even though sediment was still high. I found about 6 properties I liked and played all the landlords off each other so it was almost like going to them for a bid for my business (role reversal).
You never know the mentality week to week of the landlord so I turned this into my advantage. I also anticipated that right now is not the right time to be renegotiating so I worked a 6 month + 2 month over a 2 year term which gives me an opportunity to exit after 8 months or renegotiate with the existing landlord further downward in a timeframe that supports ME not THEM!
Here's how its going to play out, ask was $57K, neg. to $45K with above clauses and then will likely as for another 10-15% off in 8 months or move.
This timeframe will be either a buyers or renters market so dont be affraid to ask for what you want and be on the offensive always.
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DaHKGKid
Thanks for the insight. I'm moving to Hong Kong in a week time and I will be negotiating my lease. I'm looking for some insight about the current market sentiments and want to know if it's a buyer's/Seller's market.
I will go for your 6m+2 / 20% reduction advice.
Cheers..
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cd
16 yrs ago
Rents are always negotiable to some extent, we always managed to get some off, plus our agency fees paid by the landlord.
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Definitely the time to negotiate ... my friend recently arrived in HK and has managed to negotiate 15-20% less than asking prices on all 3 of her preferred rentals.
Just check the amount of dust on the floor to gauge how long the property has been on the market (not unusual to hear of apartments being empty for 3-6 months which says a lot about the HK property market in my opinion).
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cd
16 yrs ago
Actually Patrick, 4 of the 5 properties we've lived in so far have been private landlords, and all paid the agency fees.
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