Could renters in Nine Elms benefit from rent reduction negotiations?

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This is a good time of year to start a new tenancy or renegotiate your old one. Our letting agents in Nine Elms take a look at what is happening in the property market for renters at the moment.

Renting in Nine Elms and SW8

If you are considering renting an apartment in the Nine Elms area then you may be in for a bit of a treat. The supply of available properties in this beautiful part of the city has increased in the latter quarter of the year. Demand from potential tenants has also risen during this time.

There may be great deals for renters at the moment but don’t drag your heels!

A private rental sector report completed in October 2018 has shown that a record number of tenants have negotiated a rent decrease. In fact rent reductions negotiated in October 2018 were up by 85%. Alongside this and possibly because of it, landlords putting rents up has severely decreased. The figure is at it’s lowest level in seven months. This is good news for prospective tenants. Especially those wishing to negotiate a deal before the new year.

A great time for tenants in Nine Elms

This current shift towards tenants may just be the time of year. Rent reductions together with fewer landlords putting rents up is great news but may not last long. It is really worth trying to rent now if you are in the market for a move.

Great deals but don’t delay

Records show that rent reductions jumped in October with 24% of agents reporting that landlords increased rents. This figure is down when compared to 31% in September alongside 40% in August. Demand increased also with figures showing the number of prospective tenants up per branch. Those registering with agents rose from an average of 63 in September to 71 in October.

These figures show that just because deals are out there does not mean there is a shortage of tenants for properties. It is not a time to be lax if you wish to rent. When you see a property come up in an area you really like, try to view it as soon as you can. Demand is still there.

Call our SW8 Lettings team today

If you wish to rent in the Nine Elms or surrounding areas, give our team in Henry Wiltshire a call today. We may have a great deal on our books for you.

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