Compare Listings

Should you ask your landlord to reduce the rent during this Covid 19 period?

For the past 2 months, many tenants were asking the same question.

So is it a good time for negotiating a rental deduction during this critical time? I think is YES. Most landlords are willing to reduce 5%-15% of the monthly rental in our experience.

A study according to SCMP article on 18, April, 2020. renters hoping to negotiate cheaper housing in the wake of the coronavirus might be in luck, an industry forecast suggests.

Hong Kong is one of the 10 most expensive locations for expat rental accommodation in Asia in 2020, according to data from ECA International.

If your landlord is in a position where they need to keep property occupied, or is willing to pass on the savings from lower mortgage interest rates, tenants in many locations across Asia are in a good position to bargain, says Lee Quane, regional director for Asia at ECA International, an HR consultancy.

This puts renters in a good position to try to negotiate leases, Quane says. “If landlords want to keep tenants they should be prepared to listen,” he adds. “Some may be dependent on tenants as a source of income, and those may be more amenable to discussions. Others who see property more as a source of capital investment may be less willing or less flexible.”

So if you’re not locked into a lease you can always downsize, or move to a cheaper location.

img

Agent

Related posts

Questions to ask an agent on a property viewing.

Questions to ask an agent on a property viewing. 1. “What bills will I be responsible...

Continue reading
by Agent

First timer? Here’s some reminders for renting a flat in HK

The best rental homes can disappear in a flash in Hong Kong. Here’s how to get to the front of...

Continue reading
by Agent

Hong Kong property prices are likely to fall across the board in 2020, industry insiders say

Source Credit: SCMP JLL, Knight Frank, Colliers, Cushman, Centaline, Lai Sun, Empire...

Continue reading
by Agent

Join The Discussion

× Need help?