Negotiating rent price. Advice please.

Hi all again.

This is really a follow on to my previous thread but I am about to start hunting for a rental property and I was just looking for tips on negotiating the actual rent price. Is it normally assumed that the actual asking price is negotiable similar to the asking price on a purchase property? I’m looking at rental in the region of 1000k to 1400k pm.
The other thing I need to take into account is that I will be looking for a shorter term than the usual 1 year lease as I would preferably like to purchase if something suitable comes up.

I’d be grateful for any advice.

Looking for a shorter term than 12 months will undermine your bargaining position. Chances are a shorter lease will cost you more than 10% extra per month than a longer lease, so even if you break the longer lease you won’t incur a large loss by losing the deposit. A longer lease gives you time to make the right choices. Rent a home in the area you are keen on buying in. Etc.

On negotiating, offer 20% less. No price is set in stone and the market is changing so quickly that you are as likely to be right about the ‘market value’ as the agent is.

Thanks coles2 for the advice. This does make sense but is the loss of your deposit generally the only penalty for breaking a lease or is there usually some other sort of contractual obligation to see out your lease?

If the only reason you’re considering a shorter lease is that you might purchase something just go for a full year. I really don’t think 2010 is going to be a good year for either buyers or sellers.

I have been looking for a property to rent, in my case a house, also for a short- term lease, and here are my observations.
It is difficult to get to a short term, e.g. 6 months. There is very little choice out there. What little is there is overpriced and in my opinion, very badly furnished (but this is true of what I have seen of longer term leases also).
You are in a weaker position with regard to negotiating a discount because most landlords want a year’s lease minimum. So often it is a case of take it or leave it, even in this market.
You might also want to stay longer than 6 months, e.g. by extending for a few months incrementally after a 6-month lease. I have come across a few cases where the lease is strictly 6 months (owners of house who were abroad are returning etc.). So you are caught that way too.
In most cases the person who is willing to move in fastest (immediately is best) secures the property.

Overall, I have been really shocked at the low quality of houses to rent and to a lesser extent, at the unwillingness to negotiate.

I have recently rented a place - it was advertised as a one year lease for €1,100 a month. I managed to get it for €1,000 a month with a 6 mth break clause - the landlady was happy to deal with us once we were up front with her and told her our situation (we sold our house and are looking to buy somwhere new, hence we didn’t want to be tied into a one year lease in case a house came on the market at the right price).

Some really useful advice given there and much appreciated.

In Galway a renters market. Landlords happy to get tenants regardless of lease arrangement as plenty of empty houses for rent especially westside of city.

I would not suggest entering into a 1-year lease with the intention of possibly breaking it sooner. Other than that legal ramifications (and yes, you could be liable for more than your deposit), it’s just baaad karma.