Getting a rent reduction

How can I effectively argue for a rent reduction with the landlord when our tenancy is up for renewal next month ?

It's obvious that rents in the area have fallen by 15% - well according to an agent I called up today. 

However the landlord has a lot of power because it's difficult to deliver a credible threat that if the rent doesn't drop, we'll leave. 

The rent has gone up every year I've been here - 2 so far 

 

Offer to pay less rent. See what landlord says, either accept or reject. 

Say you'll take a two year tenancy with a break if he drops the rent 15% and see if he twigs that's effectively a one year tenancy at a lower rent.

You should deliver a credible threat that you will leave.  That is literally how bargaining strength works in this scenario.  

Say "I want a reduction to X, and if you're not able to agree that, we'll be looking elsewhere and here are 1, 2, 3, 4 other properties nicer than this one for X.  We'll roll on our tenancy agreement at the current Y rent, but when we find the right place we'll be off".

If you can't or won't do that, suck up what Da Man asks because you're bent over a barrel with your pants round your cankles.

Do you actually want to pay less rent? If so then start looking. With the same agent you found your current home through.

When you got to sign the new tenancy quickly point and shout "look a giraffe" and while he's distracted quickly reduce the rent and see if he notices.

You’ve got plenty of time - let it roll over and say you’ll renew at 15% reduction otherwise you’ll be serving ?month’s notice as soon as you’ve found a place. L will cave - what’s the alternative? Risk trying to find a tenant in Feb knowing market is down 15%? You need to show him the evidence of what market rent is and that you’re looking at alternatives- if he’s rational he’ll agree something with you. 

If rents have reduced 15% in the area point this out to him and ask for a reduction.

The market is down 15% and it will probably take him a couple of months + agents fees to get a new tenant.  It may even sit empty for a bit.

You hold the whip hand.  

If he has a void for a month, that's an 8% drop in the annual rent for the landlord immediately.

If he then has to drop the rent by 15% to match the market, that's a 23% drop. 

A void of only one month at the moment might be optimistic. 2 months @ 8% plus a 15% overall reduction is a 31% drop.

In that light, agreeing to a 15% reduction doesn't look like such a bad deal for the LL.

 

Add on a £750 'tenant finders fee' for the agent to those figures Terry.