Savvy tenants seek out deals in saturated rental market

Almost three quarters of tenants seeking property to rent on FindaProperty.com intend to negotiate a rent reduction from their prospective landlord, as they become more aware of their strong position in the current oversupplied market.

A survey of almost 2,000 tenants in July 2009 showed that 72% would negotiate with the landlord on the rental price, with nearly half (45%) aiming for a reduction of 5 - 10%. An optimistic 7% believed they could secure a discount of more than 10% off the asking rent.

Traditionally, landlords have been selective about their tenants and dictated the rental price and contract terms, but fierce competition between landlords in the present market has given tenants more control.

Michael O'Flynn, Director at FindaProperty.com, said:

"Tenants are aware of their strong position and have been quick to take advantage of it. The oversupply of rental property on the market means that they are happy to look elsewhere if landlords refuse to negotiate on the asking rent, but landlords' biggest fear is void periods, so many are prepared to do deals now when they would have refused a year ago.

"Tenants may not be calling the shots for too much longer, however, as rental supply declined in June 2009 for the second month, although it still remains 68.4% higher than in June 2008."

Despite their determination to negotiate rent reductions, tenants were less bold in requesting that landlords pay for 'extras' such as council tax and utility bills. Just a quarter of tenants would feel confident asking for these to be included, and only 14% would feel confident asking for satellite TV or broadband.

For more information visit FindaProperty.com.