Negotiating a rent decrease or break lease

Lswimblue8 on 22/03/2015 - 11:57

Just noticed that a property in our building that is IDENTICAL in every way (just flipped around) has become available for rent. It has a WAY BETTER VIEW of the district and Melbourne skyline. The balcony is less windy (and can have plants growing on it) and gets the morning sun on that side. The place has been listed for $25 per week CHEAPER than what we pay. Yet the apartment is in many ways better.

Our place has NO VIEW. Just a view of a cement wall. And because of a strange wind tunnel type situation we cannot grow plants because they get ripped to shreds by the fast winds. I have wasted hundreds on trying different wind tolerant plants but haven't had much success.

I would so love to take that other apartment but we have 5 months left on our lease.

At the same time it seems like we are overpaying for our place and rents in the area have come down due to an increase in supply of apartments from a large apartment complex putting hundreds of apartments on the market.

Not sure what I should do. Wait 'til our current lease ends and negotiate a rent decrease? Just go for that other apartment (would be the easiest move ever just down the hall) but face lease breaking fees?

sigh.

Home & Garden

Comments

  • zrach on 22/03/2015 - 13:20

    how much is the lease breaking fee?

  • swimblue8 on 22/03/2015 - 13:34

    I don't know. And not sure how to find out other than just ask the real estate agent.

    I read about it and it just says it can cost a lot: you may have to pay any lost rent as well as their advertising costs.

  • loulou1 on 22/03/2015 - 13:52
    +2

    break lease fee is generally one weeks rent plus GST, plus the rent for any period where the property is vacant while the owner is trying to get new tenants. Due to the fact that you say the property is overpriced, it may take awhile for new tenants to be found at the existing lease price.
    You are probably best to wait out the 5 months then (with plenty of notice) let your landlord know that you wish to leave or negotiate a new rent amount.

  • toristo on 22/03/2015 - 16:21
    +3

    Don't forget the pain of actually having to pack your stuff up and lug it across to the new apartment, move all your services, any disconnection/reconnection fees, meter reading etc.

    We had new apartments become available across the road from my current place. $20/w cheaper, brand new, same size, nicer view. In the end I decided the $20/w wasn't enough to warrant moving. Amusingly, the very next week the property manager sends a letter saying the rent was going up $20. I sent the realestate.com.au link to the new places across the road and asked what she'd do in our situation. She called that afternoon to say the owner was leaving the rent at our current amount.

    Never hurts to ask where there's reasonable grounds. If you don't ask, the answer is always no.

  • swimblue8 on 22/03/2015 - 20:37

    We decided to just leave it be and reassess when our lease ends. We don't want to break the lease and have a bad rental record. We want to keep renting and try to always keep a good record so it's easier to get the good places we like.

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