New figures from the National Landlords Association show that tenants are securing a larger proportion of private rented homes in the UK at below, rather than above, advertised rents.
The data shows that 16 per cent of private rented homes are let to tenants at below advertised rents, with eight per cent of homes being let to tenants at above the asking price. Three quarters of private rented homes are let to tenants at the advertised rent.
The difference means that tenants in the UK are benefitting from a net proportion of 8 per cent - or an estimated 320,000 - homes let at below advertised rents.
The NLA's analysis found that 27 per cent of new tenancies in central London are agreed at lower than advertised rents, with the North East of England and outer London close behind, both on 22 per cent.
However, just nine per cent of properties in the East Midlands are let to tenants below the asking price. Yorkshire and the Humber and the South West are close behind on 11 per cent.
What these figures show is that the market determines the appropriate price, and that savvy tenants can be rewarded with lower rents if they are confident enough ask the question claims Carolyn Uphill, chairman of the NLA.
Landlords don't just hike up rents for no reason and while the majority achieves the rent they initially ask for, a large proportion will accept a reduction in order to find the right tenant she says.
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