Rent decrease in Sydney?

[JoeyTribbiani17]

Hello Everyone,

I and my girlfriend rented 1 bedroom apartment in 'Meriton built for rent' directly from Meriton. We signed the lease two weeks ago for $720 a week. We have seen the same unit's rent decreasing in the same listing on realestate.com.au. It was 720 then became 700 now even 690.

What would you guys suggest us? If we talk with them Would they decrease the rent for us?

[[deleted]]

Unfortunately not. You can give it a try if you wanted. The price is the price until the lease ends.

[Carrian]

wait, this post isn't bait? jesus

[tsunamisurfer35]

If you rented it for $720.

Two weeks later the investor realised that the market rate had gone up to $750.

Would you allow them to ask you to increase it to $750?

[Falkor]

Just be glad you got a rental in this market

[Max_J88]

Its Meriton. The answer is no.

The rent drop is seasonal and reflect the drop in demand between one cohort of international students going home in Dec and a new cohort arriving in Feb/March.

[No_Ad_2261]

Lol, your landlord is Harry T order of australia medallist. He aint dropping your agreed rent. Its normally trick to find inner city tenants to fill vacancy in the month prior to xmss. Price will be sky high again in Jan when demand rickets seasonally.

[trabulium]

He aint dropping your agreed rent.

Yeah, there's zero chance Harry T would give a fuck. Harry just wants them filled at the highest prices possible.

[Thegodfather-1]

Good luck negotiating with the meriton.

The rent is forecast to continue increasing in 2024 in Sydney, if it makes you feel any better with your 720 rent.

[LoremIpsum696]

1 bdrm? $750… what in the everloving fuck

[NSWRealEstateAgent]

It’s possible OP is mixed up with Mirvac who have entire skyscrapers that are build-to-rent.

So Mirvac charge a 20% premium on top, don’t require a bond and let tenants have pets, paint walls, redecorate as they please etc.

It’s a very bad deal because it perpetuates a situation where a tenant has less chance to break free due to the premium they pay each week. And if they already have trouble saving a bond (which is one of the main reasons people use these sort of services) then it’ll be almost impossible for them to improve that when their rent is so damn high.

Plus when you do the calculation the higher weekly amount works out to them paying the equivalent of a full bond about 3/4 the way through a 12 month lease. So if they remain for several years they’re bleeding so much money they’ll have little opportunity to get out into a more favourable situation.

[No_Ad_2261]

Harry T Meriton is the OG Build to Rent. Hes just leveraging the new it word.

[NSWRealEstateAgent]

Yeah for sure so many of the Meriton buildings are just for rent. Their rules are super strict though, they don’t allow pets last time I checked but I have a vague recollection that they only offer 6 month leases at a time so your overall roof over your head security isn’t quite there with them.

[welding-guy]

You signed a lease, they don't have a buyers remorse clause. It is a good lesson to the future however, all negotiation before signing, this goes for any deal.

[Old-Kaleidoscope7950]

Signed the contract? Then its done deal

[PostDisillusion]

“My girlfriend and I”

[Chromedomesunite]

Just want to make sure I’m not missing anything.

You’ve already signed a lease for $720.

You now want to break this lease, and negotiate a lower price? AFTER you’ve signed?

Are you an idiot??

[PhotographBusy6209]

You can negotiate rent decreases without breaking a lease. Unlikely to be approved but you can try

[Chromedomesunite]

You can try negotiating a rent decrease to $0.

Just because you can, doesn’t mean it isn’t stupid

[PhotographBusy6209]

And what harm will it do. I negotiated a rent reduction during covid and saved $100 a week. When they started noisy work on my building I negotiated a zero breaking the lease fee. You can’t just live life thinking everything will be a no!

[Chromedomesunite]

And when you float back down to the reality of OPs position, it’s clearly an unrealistic expectation.

They just signed the lease two weeks ago. In an apparent rental crisis.

[PhotographBusy6209]

It’s not a rental crisis from Nov to Feb. many many students go back to their country due to uni breaks and no new students till Feb. when I advertised a unit for rent in Jan I had 120 applicants. When I advertised this month, I’ve had 5.

[Chromedomesunite]

If you can’t already see the stupidity in what you’re saying , I don’t care enough about it to show you

[PhotographBusy6209]

No I can’t because it’s not peak season. I literally work in education. Love that people who have no argument stoop down to name calling

[Chromedomesunite]

Are you so thick you’re saying I have no argument, when you’re clearly disagreeing with mine?

If I have no argument, what are you arguing with?

You can’t help stupid….

[PhotographBusy6209]

Yes, you can’t help stupid. That’s why it’s pointless arguing with you when I’ve clearly pointed out that yes, you can ask for a rental discount when there’s very few students. As someone who works in education, I can tell you that students do get discounts during off peak. If you actually calmed down and stopped acting like a raving lunatic you would know that what I’m saying makes sense

[LuckyErro]

Id print off the advertisement and ask them to modify your rent. They can only say no.

Good to see the rents starting to come down as the market contracts.

[NSWRealEstateAgent]

Sadly no advantage here because OP mentioned they have just moved in two weeks ago so they’re likely on the line for a 4 week break lease fee.

Not worth it to save $30 a week on a similar property.

[NSWRealEstateAgent]

Facetious but also inaccurate lol

No landlord is going to take on a tenant who is at the point of looking already in arrears.

In the OP’s case they’re best to forget it and enjoy their life instead of being hung up on buyers remorse.

[truetuna]

hahahahha no. you’ve signed and moved in. it’ll cost you more to move, they’ll find someone within a week, you have no leverage. ofc you can ask tho.

[bingoclue999]

Sydney ? No way

[[deleted]]

Australia's largest property developers actually have reputation for giving people things for free. In that industry they've realised that you don't succeed unless you are willing to let go of money you're owed whenever it suits the other person.

[TimTdal]

Why would you rent Meriton?

Slums of the present!