Have you been asked for a rent reduction?

I didn't see that in the title or OP

 

I actually agree with most of what you say, if its periodic

When it's periodic, normal supply demand rules apply

Exactly, whenever I'm looking to renegotiate end of lease rent, I automatically assume absolute minimum 3 weeks rent loss including leasing fees if they were to leave

 

Reasons for justification of entitlement of rent reduction? You mean like prices are lower now than what they were? Here is a problem for your 9 yr old...put two identical lollies on the table. Tell them one costs 80c and the other costs $1, then ask which one they want to buy. If they choose the one that is $1 this should probably make you scratch your head and do some additional training...
As for the cost of moving, its actually not that expensive if you don't have an entire family (or a lot of stuff), and are just moving a short distance. I usually only have the removalists here for maybe an hour or a little over (depending on their efficiency) if I already have the small stuff packed in boxes. Then an hour at the other end, maybe up to a day to unpack (if I'm slow). Easily do it over the weekend...

 

You did not clarify that you were on a month to month.

It does.

 

Until we open up our borders (to migrants and tourists), the rental market will be a bloodbath. C19 has put of what was a looming shortage.

 

It does....that is why I am surprised that people renew leases. I've been renting for over 20yrs in multiple different properties and locations and not once have I renewed a lease, and not once have I ever been kicked out because the owner wants to sell etc. I would assume people (especially with families/kids in particular) need certainty

 

Yep both my insurance companies will only cover if there is a 12 month lease in place. So I don't permit tenants to go on to month-by-month.

 

How much reduction did you agree - am about to ask my landlord? On a continuing lease as well

 

I am Tennant who just had a fixed term lease (via an agency) expire on an ordinary 2x1 central Sydney unit.

I requested and was offered a renewal but without the rent being reassessed. I sent through my own appraisal based on several recently let units in the neighbouring area which represented a near 20% rent reduction. I was instead offered a 4% reduction to re sign another year.

The agent acknowledged the flood of new listings but reasoned that prices were not actually changing at all (seriously).

I signed for another unit a couple of streets over and hand the keys back next month.

Moral of the story is research and present comparible properties if you are after a reduction, and recognize that as a tenant on a periodic lease you are currently in a strong position.

Also take note of any rentals listed as 'available now' and offer something below the asking price. If it's already vacant there is a good chance they have been unable to let it since the last tennants gave thier notice.

 

@MB18 is the rent 20% lower? Are you moving yourself? I’m thinking if you got removalists it wouldn’t be worth it to save a few dollars

 

I am moving to a much larger and newer place which is about 5% less than I pay now.
I took the opportunity to upgrade rather than save money.

The actual price I was paying didnt concern me, but when comparable properties are being let for so much less I wasnt against moving for a better value proposition.

I can mostly move myself, except a couple of hours use of a small box truck needed for larger items. Admittedly families would have a more difficult time.

 

We recently moved houses after selling and moving into a new poor. Huge hassle and a lot of work, admittedly more in our case as we were preparing a house for sale. Redirecting mail, arranging electricity, insurance etc etc.

I wouldn't like to move again any time soon, really time consuming. If I was renting I don't think I would move houses for less than a $100 per week benefit at least. Even then after removal costs I would think twice but that might depend on individual circumstances.

 

I think that might have been the agents assumption and it is understandable.
I rent for the flexibility it awards me so moving is not a great hassle, and in this case the difference would have been more than $100pw anyway

 

50% rent reduction. Lost job with no proof, no proof of any application for GVt grants, single with Dad living with him on pension. All the others (not many) still paying.

 

So far so good.
But Assuming I'll have to reduce rent when leases are up due to general economic conditions.

 

....and if having multiple IPs portfolio.
The cashflow certainty helps... like in running a business, cashflow, liquidity and timing are important factors at play!