Home Front logoQ.  I have been renting my apartment for the last ten months and quite honestly I would love to renew for another year except I have noticed that rents in my development have dropped significantly since I moved in. The agent has just got in touch to say that the landlord is happy to renew for another term but with a token increase of £10pw. Do you think I should pack up and go rent something identical for cheaper or is it worth a conversation with the Landlord?

A.  Yes you are right, since Brexit there has been a significant drop in rental prices which is actually mainly because during the run up to Brexit nobody moved. Everyone felt unsure and insecure about the result and naturally decided to stay where they were until the results were in and the property market stabilised. This of course has naturally resulted in an oversupply of rental properties available on the open market. When this happens then the landlords lose control and the tenants become the driving force behind pricing given there is so much choice and as in your case multiple apartments available within the same development. Because of this you will see completion surrounding price point of varying degrees ultimately depending on how desperate or realistic the landlords are. With that said I would definitely advise you to have a conversation with your agent sharing your thoughts. If you have been a good tenant and your landlord intends to carry on letting out the apartment for a further term I can assure you that they would be just as keen to retain you as you are to stay. If you are able to share examples of other comparative units available a counter offer is definitely worth putting forward to at least open up a negotiation to reach something that you are both comfortable with. I think reasonableness is the order of the day in situations like this and if your landlord is prepared to reduce the rent even slightly then ultimately with moving costs considered you will still come out trumps even if it’s not quite as low as other units around.