Condo rental prices

[Snowman1977]

Hi,

We are currently looking for a condo rental starting in July and i have a couple of questions i'm hoping someone can help with:

1- The prices we are seeing on 99.co and Prop Guru seem much higher than the most recent letting prices on those websites and URA. Are the prices massively inflated to start with and need to be negotiated down? If so any rough idea how much we are likely to be able to nego off?

2- How much less would you normally pay for a 2 year lease compared to 1 year?

Thanks in advance,
James.

[malcontent]

Some want to try their luck when it comes to rental price. They may not even serious about renting the place. This can be very frustrating when you find a place you want but the landlord is asking 50% above market and won’t budge more than 5-10%... just walk away and wish them luck.

You really want to find the ones who are serious about renting out the place - they are the ones willing to rent at market rate. Most all of the places I’ve rented were in this category.

In rare cases, you can even find someone who is truly motivated to get it rented out - you might get it for 10-20% below market rent. I’ve gotten such deal once and it was great.

Don’t waste your time with the blood suckers who are asking well above market, even if you get them down, they are unlikely to be a good landlord and you’ll probably end up miserable.

[malcontent]

Hi,

We are currently looking for a condo rental starting in July and i have a couple of questions i'm hoping someone can help with:

1- The prices we are seeing on 99.co and Prop Guru seem much higher than the most recent letting prices on those websites and URA. Are the prices massively inflated to start with and need to be negotiated down? If so any rough idea how much we are likely to be able to nego off?

If they are serious about renting, they shouldn’t be asking more than 10-15% above market.

2- How much less would you normally pay for a 2 year lease compared to 1 year?

Generally close if not the same, you just get a longer lock-in which might be good for you, or might be good for the landlord.. depending how the rental market is a year from now.

[abbby]

Usually $100-$300 depends on quantum and the landlord's expectations.

One year leases are quite difficult as most most landlords are not keen, deemed very short therefore 2 years are usually favoured by landlords. My friend ended up with a 2 year lease after a long search as most landlords aren't even interested to rent to her for 1-year.

[Lisafuller]

Yes, most landlords prefer a 2 year lease over a 1 year lease. Most of the prices you see are higher because they are negotiable; no landlord would list their property at the price they are willing to settle at, they all mark it up by 10 or so percent to ensure that they end up at a price they are happy with after negotiations.