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New figures released by the National Landlords Association (NLA) have revealed that many tenants are bargaining with landlords to secure rental homes at below the advertised rent.
Tenants Benefit from Bargaining Power
The NLA data shows that 16 per cent of homes in the private rental sector are being let to tenants below advertised rates,
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which means that 320,000 tenants are benefiting from their bargaining power. At the other end of the scale, 8 per cent of properties are let above the asking price – many of these are in the outer London boroughs where competition for rental homes is high. By contrast, only 4 per cent of properties in the East of England (where demand is lower) are let out at a rental price higher than the advertised rate.
“It’s not always easy when looking for a home and renters can feel pressured or panicked into making an offer on a new rented property,” says Caroline Uphill from the NLA.
“But what these figures show is that the market determines the appropriate price, and that savvy tenants can be rewarded with lower rents if they are confident enough to ask the question. Landlords don’t just hike up rents for no reason and while the majority achieves the rent they initially ask for, a large proportion will accept a reduction in order to find the right tenant.”
