Recession effect on Rentals

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Over the past 6 months things has been changed upside down.You can see many To-Let boards outside the apartments and Independent houses.Due to global economy slow down many Multi National Companies have fired and decrease their employees count.IT professional are the major people who were effected severely.

Good salaried Tenants who took lavish and well furnished flats are looking for alternate houses to cut down their rental budgets.There is tremendous fall down in property rates,where realty sector is heavily affected. Time to think and Act: Are you continuing to live in small houses with huge rents.This is the time to look for big spacious houses Practically there is no huge fall in rents in some prime areas ,only you can see 500 Rs to 1500 Rs fall in rents. Interestingly some owners are promising of not increasing rents for the next coming 2years.Even if you have a budget of Rs8,000 to Rs10,000 , today you will get better, bigger flat within that. Many Landlords have been sitting with Un Occupied apartments, so they have no choice, but to negotiate. Many commercial Tenants are reluctant to renew their rental/lease agreements with current owners,they are looking for other better alternative as there is decline of 30% to 40% decline in commercial rents. Tips for Tenants during Recession : 1)If you are living in less spacious houses/flats,look for other alternatives where you can effort spacious houses if you can add 1000Rs extra to the current rent you are paying. 2)If you want to retain in the same house just discuss with your house owners and negotiate with them (mostly owners will not agree to decrease their current rent to the existing tenant) . If he doesn't decreases the current rent ,atleast ask not to increase rent while renewing next years rental agreement. 3)There are more chances of negotiation for Rent amount with owners,if you choose to shift to new house. Keep in mind There is no demand for vacant houses in market,so Tenants are on the upper hand to bargain to get reasonable price.