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Are we paying too much rent?

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  • Are we paying too much rent?

    Im a student at Bristol, living in filton just on the outskirts of the city. So me and my 3 flatmates moved in on september and are currently paying £1300/month-(£325 each) excluding bills for a small terraced house which has one bathroom, tiny sitting room, newly furbished kitchen front and rear gardens but are poorly maintained and the area is mainly student accomedation.

    Should'nt my rent be a lot less due to most house prices dropping around 30%.

    Next year we wish to move and rent property as young proffesionals (instead of students), is this possible as one of the flatmates will be on his placement year could he be the sole tenant of the lease?

    Any advice and info will be much appreciated.
    Last edited by OscarMarchant; 08-12-2008, 03:32 PM.

  • #2
    Rent prices are not linked to house prices, its a simple case of supply vs demand.

    Initially all the housing market problems meant many rents were actually going up - simply because less people could afford to buy and so more were renting.

    However, recent reports show that many homeowners are now renting out properties instead of trying to sell them and this is meaning there is more supply and rent prices are reportedly falling again.

    However, it does all depend on where you live. Best thing you can do is look at how much similar properties in your area are being rented out at, also look at how many rental properties are available in your area.

    If there lots of available rental properties around then you may be able to negotiate a lower rent as supply may outweigh demand. If there are very few rental properties available or the average price is higher than you pay then you should count yourselves lucky

    In terms of your other question, I am not over-familiar with how student rentals work at the moment so you are best off speaking to your landlord/letting agent about this.
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    • #3
      Get a single let and rent the rooms out yourself, alot cheaper!

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      • #4
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        • #5
          That sounds slightly high, I would try to negotiate something for the landlord - they'd much rather you stay in the property than have to find someone new

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          • #6
            have you thought of speaking with some letting agents to see what other alternatives you have?
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