Daft Rental Report Q3 2008.
Any bets that amateur LLs will say the drop is because IRs came down thus confirming their belief that rents are related or IR?
This would be very tedious.
Anybody renting should make sure they are not paying above the going market rate, if they are they should contact their landlord and advise them that market rents are falling and that you would anticipate that the previously agreed rent is reviewed accordingly to reflect market conditions. (Remember landlords will typically increase rents in accordance with the going rate, when the rate is up).
Also bear in mind that the Daft Index is based on *asking rents *which would typically exceed achieved rents by two to a few percent.
They already are, they’re renting. And rents are still falling.
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We are already there. Growth of rental property on daft is actually at >300 per day
think landlords are becoming aware of this, we got our rent dropped on termination of our first year’s lease from 1500 to 1400 without any bother at all. Still bloody dear for a 2 bed of course but its a not a bad gaff and love the location (town end of D6), and of course the mortgage on a similar place would be at least 1000 more. Will prob still move in a few months if nice places become available for under 1300…so here’s hoping those daft numbers keep on rising!
It’ll pay your rent subject to the accommodation being suitable i.e pay for a one bedroom shoebox for single person at the going rate for a house share or whatever in the area is cheapest. And with money getting tighter then they will cut back further esp with figs like the daft report as a source. RA doesn’t exist in a parallel universe with no influence from what is happening on the ground.
Rents are falling and rent allowance will fall in tandem if and more than likely when the RA falls ahead of rents (and brings rents down even further), the deflationary spiral in rents resulting will not be pleasant for the Canny Non-Savvys.
Tyler RA will not create an artificial floor for rents.
Im not sure about this statement. Yes rents have dropped off I’m my area but the floor in the market has not fallen through as yet. The cause for this is RA.
Until the RA is reduced in the next budget I can see rents remain sticky at this level.
Ladies & Gentlemen, welcome to deflation, please enjoy your stay.