Ridiculous Rents

[Scarlett]

I live in a university city which is very desirable compared to many ie- low crime rate, cleanish, historic etc. The rent in the city are absolutely ridiculous. They are around £850 per month for a 1 bed flat. When I moved here 8 years ago the rents were far lower. My flatmate earns around £20k and can't afford a place of his own, so we are still sharing at age nearly 50. I have noticed that it is the estate agents who seem to be creating this massive increase. Every time I see a flat in my building, it is advertised for a higher and higher price because, well, it's a nice city to live in. The flats are often empty for months therefore, and then get filled by someone wealthy. I think there should be a law against stupid and greedy inflation of properties by estate agents. It is hard enough to find anywhere to live which is not a student house or earmarked for students, and normal single 40-somethings have nowhere to go! I am in touch with the head of the city council and I wondered if there was anything I could suggest which could reduce the problem?

[bednobs]

i agree. I just dont understand how people can afford to rent ANYWHERE

[jackthehat]

Estate Agents are 'middle-wo/men' acting on behalf of their clients'. Market-Forces drive the prices sought and paid for.

As the owner of a property, I think most people would want to get the highest price possible in terms of Rental income.

[Peter Pedant]

// The flats are often empty for months therefore, and then get filled by someone wealthy.//

well the rents are set by the market not landlords or estate agents (house prices in sandbanks being a notable exception )

and keeping a flat empty to garner a higher rent only works if...
first done by Harry Hyams in Centrepoint in 1965

ten units at ten thousand for ten years - 1,000,000
keep all ten empty and then let five for 50,000 for five is 1, 250,000

but rents have to rise quickly to do that sort of thing
and explains why centrepoint was unlet for so long

just saying

[Peter Pedant]

// i agree. I just dont understand how people can afford to rent ANYWHERE//

buy surely ?
deposit, mortgggage steady nob and so on

[Old_Geezer]

It is what the market is. It's not like one seller has a monopoly. If folk won't/can't pay then the price drops, if they will pay then the asking price must be right.

If inner city is too expensive for you move outside and commute. Meanwhile ask the council about "affordable" properties in the city.

[Baldric]

Mrs B. and I are joint Landlords, between us we have 6 rentals, all 3 bed semis, as I am ex RMs and Mrs Bs family are Ex Service we probably rent about £100 per month below going rate only to Ex Service familys,
We have good tenants and no problems, we just don't push people.

[Buenchico]

I note that Scarlett is, or was, the landlord of a rental property:
https://www.theanswerbank.co.uk/Law/Question1602402.html

So I'm left wondering whether she ever said to the letting agent "Keep the rent nice and low, so that it's easily affordable". I suspect not ;-)

We clearly need more social housing, irrespective of whether that's directly provided by local authorities or, more usually these days, through housing associations. (The availability of social housing keeps rents down in the private sector because potential tenants within that sector know that they've got a back-up plan, through seeking social housing, if they can't afford private rents). However I know people who bitterly complain that their sons or daughters can't afford to rent properties but who then campaign vigorously to prevent social housing being built close to their own homes.

[Peter Pedant]

erm yeah or no BC
lowish market rents are a commercial possibility
as you can secure longer tenants
( no one will really wish to leave unless dead etc ) because the alternative is more expensive

so you take a lowish rent but avoid the void-redecoration cycle....

[Scarlett]

Buenchico: The rent on my property has been the same for 8 years and this is because I want to keep it affordable. I don't live in it because I'm disabled and can no longer do the stairs (the kitchen and bathroom are downstairs). In that 8 years I've noticed that properties have risen dramatically in the area, and I have kept mine the same. This is partly because of my morals (my landlord has kept mine the same, pretty much) and partly because I know the tenant is on a fairly low income. Now the interest rates have gone up I am going to be paying £20 more a month on my mortgage. I've asked the estate agent to see if my tenant could afford to pay £20 more. If he says he can't, I will keep the rent the same so as not to lose him or create unnecessary stress. Not all landlords are trying to make as much money as they can out of people.

[Theland]

Greedy landlords.

[Baldric]

Scarlett, see 17:00.

[ladybirder]

I bet 99.9% of people including ABers would want the going rate if renting out a property.

Night night. x

[Baldric]

Theland see 17:00.

[Theland]

I belong to the group that are pushed to the limit.

[jno]

could you have a chat with the university authorities? It can't help them any if students can't afford to live in their town.

[Peter Pedant]

well it is all a question of taste
the student rooms in Manchester are around £500-£600 per month
and you can get a house of that a mile or so out

and all I got was - o o we dont want to live there ! we want to live in the centre or Didsbury .....

as a student in Lundy in the seventies we crammed ten into a three bedder ( two in each room - and dinging and living room used)
yeah dinging - there was quiet a lot of dinging going on
Hackney - Kray territory

[Theland]

One of my sons belongs to the group that is about to be be made homeless. Looking for a bed sit. Wish I could help him more.

[Mamyalynne]

I wouldn't like to be looking for a rental now, especially in a popular location.

I am very fortunate to have rented for forty years in the same place and my tenancy is well protected.

So tough nowadays for the young starting out especially.

[cassa333]

People will pay the going rate and if that’s more than you can afford then that’s not the fault of the landlord. Landlords after all are not charities... well most aren’t.

I do sympathise though. In many cases it is actually cheaper to buy than rent but because of the way finance is done you probably wouldn’t get a mortgage.

There are first time buyer and part buy schemes that may get you on the property ladder.