Should You Drop Your Rent On A Property?

Consider the Math!!!

Rent per month is £1000 (let's make our math easier.)

This means that for every week the property remains void it costs you your Mortgage + Council Tax. Every week you lose £230 in lost rent. 

If you refused to accept say a £100 drop per month in rent which would cost you £100 x 12 = £1200.

So accepting £900 rent per month (£100 drop) would cost you less after around 5.2 weeks of void period (£1200 divided £230 =5.2) 

Let's recap... If you accept £900 today you would be better off than if your void period holding out for £1000 for 5.2 weeks. 

In our years of experience, it is almost always better to accept an offer now than to hold out for a higher rent. 

Higher rent are great but the property market is a week by week market and so you need to be smart and meet the market where it's at. 

Speak to your team for the exact calculations of you situation.