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Has rent dropped due to Covid 19?

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STdownunder
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Has rent dropped due to Covid 19?

Post by STdownunder » Thu, 09 Jul 2020 7:42 am

I saw quite a lot of units moving out if my condo just in the past couples of days… assuming the market is bad and rental price has dropped. By how much? What's your experience? Can you renegotiate mid-term?

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PNGMK
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Re: Has rent dropped due to Covid 19?

Post by PNGMK » Thu, 09 Jul 2020 8:47 am

You can't negotiate mid term. There will be a drop for sure for new rentals or renewals. The resale market has not yet been hit price wise although apparently sales due to divorces are at a very high level.
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abbby
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Re: Has rent dropped due to Covid 19?

Post by abbby » Thu, 09 Jul 2020 9:32 am

PNGMK wrote:
Thu, 09 Jul 2020 8:47 am
You can't negotiate mid term. There will be a drop for sure for new rentals or renewals. The resale market has not yet been hit price wise although apparently sales due to divorces are at a very high level.
Oh dear..spouses seeing each other too much during circuit breaker..some couples must have been affected by jobs.

Some tenants are negotiating privately with the landlords for rent cuts of 20-30%.
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Max Headroom
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Re: Has rent dropped due to Covid 19?

Post by Max Headroom » Fri, 10 Jul 2020 12:08 pm

It's just two parameters and they could be due to WFH, but both our elevator and our shuttle have been sans peeps for some time now when we get on.

Then again, I think I read that 60,000 expats had been let go recently, so it looks like rentals will indeed slip further going forward.

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Re: Has rent dropped due to Covid 19?

Post by TropicalExpat » Tue, 18 Aug 2020 4:13 pm

PNGMK wrote:
Thu, 09 Jul 2020 8:47 am
You can't negotiate mid term. There will be a drop for sure for new rentals or renewals. The resale market has not yet been hit price wise although apparently sales due to divorces are at a very high level.
Does this mean there will be big demand from the other divorcee?

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