Rental Misery in Madeira
In recent months, you may have noticed that the prices of rental properties in Madeira have rocketed. According to various agents, owners are pushing up rental prices themselves. They know that there are very few long term rental properties available and therefore they have the ability to up the prices. When choosing an agent you have to be very, very careful. What follows are two real examples of what can happen. And to be fair, it can happen anywhere not just here, but these examples have happened here.
One Madeira Island News reader had been renting a property for two years. They had always paid the rent early, been a model tenant, got on well with all the neighbours and you would think that this is the kind of tenant someone would want, wouldn’t you? During the second year of the tenancy, with around 5 months to go on their contract, the agent who had secured the property for them contacted them and told them that the owner of the property was terminating the contract. They arranged a meeting with the agent as they were very worried and the agent explained that although the owners were terminating the contract, they did not want the tenants to leave. They simply wanted them to sign a new contract – with a much higher rent payment! With no option but to sign it (they couldn’t find anything else to suit them at the time), they signed and paid two months at the higher rent value. They then found something else and moved. It amazes me that the owners did this. I would presume that model tenants are hard to find, and therefore they would be valued. Maybe not…
Another reader found an unfurnished apartment and negotiated a good price in return for doing some repairs that needed doing. The owner lives in the UK. They signed a 5 year deal, and relaxed – feeling that they finally had somewhere they could call home and knowing that they didn’t have to move again for a long time. The apartment had nothing, no white goods, not even an oven. So the tenant bought white goods and settled in and made the place home. Two months into the contract the owner phoned the tenant and told them that they would be moving back to Madeira and wanted to live in said apartment! Of course, this would mean breaking a contract so the owner did not put anything in writing but during the phone call put pressure on the tenant to leave. The tenant was upset, and was quickly offered accommodation as people were very shocked to hear what had happened to them. The agent involved tried to have the owner reconsider, but they would not.
Here at Madeira Island News we have to publish good and bad, and above there are two examples that make you lose trust in people. We are sure that there are some good stories out there and we are happy to hear them, so just send them through by email, or put your experiences in the comments below. The moral of this story is be very careful when renting. Buy if you can. Make sure contracts are water tight and always pay your rent on time (goes without saying anyway).