Dear [property manager],
Thank you for speaking with me last week. As discussed, I’m writing to request an ongoing reduction to the rent for [our property]. We previously requested a reduction in May, and were offered a $10 reduction with a 12-month contract, which we declined as this offered us little relief.
The rental market has changed considerably since our last request, and [info about our situation]. In light of our need to reduce costs, and the new realities of the rental market, we now believe a new rental rate is appropriate for this property.
We believe a new rate of $480 p/week is reasonable – based on the following properties:
[Property 1]. This is exactly the same unit as this one in the same complex, more modern, with some appliances supplied. Rent: $500 P/W Day on market: On market 26 days at $500 P/W, 103 days at $550 P/W. Owners are open to a lower offer.
[Property 2]. Two bedroom house with modern bathrooms and air conditioning. Rent: $480 P/W Days on market: one year.
[Property 3]. A three bedroom house, older but partially refurbished. Rent: $590 P/W advertised. Days on market: on market 19 days at $590 P/W, 189 days in total. aowners are happy to accept $550 P/W
Rent: $525 P/W advertised. Happy to accept lower offers Days on market: on market 60 days at $525 P/W, 144 days at $550 P/W
These are just a few examples that demonstrate the market has shifted, including one that is the same unit as this one. We have also discussed with fellow residents within [our suburb] to confirm the current market – the vast majority have negotiated reductions this year.
A rental rate of $480 P/W is significantly less than the costs involved should we vacate this property. If this property stays empty for 4 weeks it would cost our landlords $2,120 + leasing fee at the current rent at least. It is likely the property would be empty for more than four weeks, so this is a best-case scenario. A reduction of $50 P/W would cost $2,600 annually by comparison.
If we cannot secure a reasonable reduction in rent to bring the property in line with the current rental market, we may need to look at other options at today’s market rate.