Are rental prices dropping?
#1
Lost in BE Cyberspace
Thread Starter
Joined: Oct 2008
Location: near Colmenar, Prov de Malaga
Posts: 5,174
Are rental prices dropping?
We may decide to rent somewhere at or near the coast (CdeS) to make it possible for littl'un to move school..... reluctant to sell our house even if anywhere were selling at the moment and given the market, were assuming prices advertised for longish term rent (say either 9 month at a time or a couple of years, we're not really sure yet) would be dropping. That's not apparent simply from looking at agents' windows; what is anyone else's experience, is everything negotiable or are owners holding out for the rents they want?
#2
Re: Are rental prices dropping?
We may decide to rent somewhere at or near the coast (CdeS) to make it possible for littl'un to move school..... reluctant to sell our house even if anywhere were selling at the moment and given the market, were assuming prices advertised for longish term rent (say either 9 month at a time or a couple of years, we're not really sure yet) would be dropping. That's not apparent simply from looking at agents' windows; what is anyone else's experience, is everything negotiable or are owners holding out for the rents they want?
#3
Lost in BE Cyberspace
Thread Starter
Joined: Oct 2008
Location: near Colmenar, Prov de Malaga
Posts: 5,174
Re: Are rental prices dropping?
Thanks.... is it VERY location-specific; ie if we opted to be virtually beachfront does that have the obvious premium to pay or are all owners a bit strapped for tenants? ditto near a school, etc?.... oh and is it actually the case that larger properties cost more? (may sound stupid, but I've heard that since not everyone wants big places they can be harder to shift)
#4
Banned
Joined: Feb 2009
Location: Alhaurin de la Torre, Malaga Province
Posts: 704
Re: Are rental prices dropping?
Rental prices are dropping. I`m in Andalucia, in my opinion and from what I´ve seen recently, British property owners who live in the UK seem, at the moment ok to drop cos the exchange rate is in their favour. Spanish landlords are a little more hesitant and not all of them seem to have got the jist that if their property sits empty for any length of time they lose money and its better to be getting a steady but lower rent in than none at all for any period of time.
Its certainly a good idea to negotiate any rental prices these days
Jo
Its certainly a good idea to negotiate any rental prices these days
Jo
#5
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Joined: Nov 2007
Posts: 536
Re: Are rental prices dropping?
If those two in your avatar live with you, your bigger problem might be finding an owner that is willing to let to tenants with pets. It is possible, but limits your choices even more.
#6
Lost in BE Cyberspace
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Joined: Oct 2008
Location: near Colmenar, Prov de Malaga
Posts: 5,174
Re: Are rental prices dropping?
Hmm..... actually it's now 3, a Spanish mutt & 2 siamese! I've got grave doubts about having an apartment myself, would rather find somewhere maybe a small house away from the coast (so more likely to be pet-possible?) but just much nearer than we currently are - it's OH who has always wanted to be right by the med. 45 mins is too far, apparently!
#7
Just Joined
Joined: Feb 2009
Posts: 1
Re: Are rental prices dropping?
Rental Prices are dropping quite considerably in my area Northern Costa Blanca.
We have had our rent reduced from 550 to 500, but still we could move 2 doors up and only pay 450 for the same type of apartment.
If you are currently renting I would look around to see what the current prices are and request a reduction from your landlord. They probably won't be able to rent it to anyone else!
I personally think the long term rental market is suffering as much as the sales market, there is a glut of properties to rent and no new arrivals from the UK to rent them prior to buying.
We have had our rent reduced from 550 to 500, but still we could move 2 doors up and only pay 450 for the same type of apartment.
If you are currently renting I would look around to see what the current prices are and request a reduction from your landlord. They probably won't be able to rent it to anyone else!
I personally think the long term rental market is suffering as much as the sales market, there is a glut of properties to rent and no new arrivals from the UK to rent them prior to buying.
#8
Re: Are rental prices dropping?
a lot will depend on the landlords circumstances, ie do they HAVE to rent so find yourself someone is is quite desperate and you could bag a bargain !
#9
Re: Are rental prices dropping?
My friends who rent out a village home near Comillas (on the northern coast) have told me they would love to reduce the advertised rate, but daren't as they would be seen as letting the side down by others in the village (they also live in that same village). I suppose it's bit like being seen as a "scab" or strike-breaker. So, they're always amenable to private negotiation (apart from the main July-Sept season when they're guaranteed full payers from Madrid), but won't advertise this. I suspect this will be the case in a lot of locations, so always try the negotiation route first.