Landlords are slashing rents by hundreds of dollars a week and some are even temporarily cutting asking prices in half, in a bid to get tenants through the door as demand slows amid the coronavirus pandemic.

Offers for two weeks’ free rent, seen during the market downturn, are marking a rapid return in Sydney – not only in areas with lots of new apartments, but citywide. Other properties are being advertised with significantly reduced rents for periods ranging from one to six months.

It comes less than two weeks after landlords were urged to cut rents to lease out vacant properties before it was too late. Other tenants have had less luck, with reports of property managers urging renters to dip into their super or cut expenses before asking for discounts.

In the eastern suburbs, rent for a three-bedroom Paddington terrace has been reduced – by $675 to $1000 a week – for five months.

“The owner was a bit sceptical and scared about what the future holds,” said Ari Pappas of Richardson & Wrench Bondi Beach, who also has a Maroubra semi advertised with a $150-a-week discount for three months.

“She put in a bit of a sweetener … and put it up for rent on her bottom line. She’d rather get someone in ASAP and have peace of mind for the next 12 months.”

Mr Pappas said the property, tenanted until next week, had seen a strong response with renters pre-qualifying ahead of inspections. However, he noted some optimistic tenants had been asking for even further price reductions, which Mr Pappas had knocked back.

Meanwhile the price of a two-bedroom Bondi apartment will be dropped from $720 to $500 for the first 13 weeks and then be reassessed, according to its listing.

In neighbouring Bondi Junction, the asking rent for a three-bedroom house has been reduced from $1300 to $1000 a week for six months – equal to about a $7800 price cut for the time period.

“No one wants to [reduce rents], but it’s better to get something coming in,” said property manager Rebecca Kleiner of LJ Hooker Bondi Junction. “A vacancy is your biggest expense at the moment.”

While some landlords had decided to ride out the current pull-back in renter demand, Ms Kleiner said, most were willing to reduce prices to meet the market – which was expected to feel more downward price pressure as investors put Airbnbs up for longer leases, and rentals were vacated by those who’d lost income and could return to the family home.

12 Waverley Crescent, Bondi Junction NSW 2022 3 Beds 2 Baths − Parking View listing

“A lot of our properties are a bit reduced at the moment,” she said. “You just have to meet the market otherwise it will sit there.”

Ms Kleiner, who also dropped the price of a two-bedroom Paddington apartment by $200 a week to $720 a week for six months, said it was important for landlords and property managers to be transparent about how long they were willing to offer a lower rate for.

While she has yet to secure tenants for the two properties, Ms Kleiner felt there had been more interest than there would have been if the prices had remained higher.

“It’s very, very tough to rent property at the moment,” said Sally Gillman of Shields Gillman, who has reduced the price of a two-bedroom Chatswood unit by $170 a week – for the length of the fixed term agreement which was up for negotiation. It’s still available.

“This property had been rented for the past four years at $750-plus per week,” the listing reads.

“Rather than see the unit remain vacant over the next six months [or more], the owners have instructed us to reduce the rent significantly, right now, in order to secure tenants. So if you’re searching for a bargain, this is it.”

2/269 Victoria Avenue, Chatswood NSW 2067 2 Beds 2 Baths 2 Parking View listing

While the price reduction has resulted in many more calls, the property was still on the market, said Ms Gillman.

“If I had [the rent] at $580 12 months ago, I would have had 15 applications and people banging down my door,” said Ms Gillman. “As soon as I dropped [the price] I had five inquiries, but we’ve still had it for 10 days at that price and no one has taken it.”

Ms Gillman is encouraging landlords with tenants to look at reducing rents to keep them, if need be, as the price could have to drop around 20 per cent to fill a property once it becomes vacant, in the current climate.

She noted while some landlords had only been willing to freeze rents, which tenants in financial difficulty could later back pay, they soon realised renters would be unlikely to pay off their arrears and agreed to reduce their asking price.

303/26 Ferntree Place, Epping NSW 2121 2 Beds 2 Baths 1 Parking View listing

A drop-off in rental demand, particularly from international students, has seen Dafnny De Dona of De Dona Property Management drop the rent on a two-bedroom Epping unit from $550 to $535 a week – with the apartment offered at half price for the first month. She has a similar deal in place for a Wolli Creek apartment, which was previously leased for international students.

Ms De Dona said she also had a few owners happy to offer rent relief to existing tenants and had also dropped her own property management fee.

She added appraisals had become increasingly difficult, with investors warned they would likely have to lease for less than they expected.

2/9 Margaret Street, Fairlight NSW 2094 4 Beds 2 Baths 4 Parking View listing

On the Northern Beaches, a four-bedroom apartment in Fairlight is being marketed with a $445-a-week price discount for six months, now costing $950 a week instead of $1395.

Two Manly apartments in the same building have had their weekly rents slashed by $400 a week for six months and $170 a week for 12 months.

Meanwhile in the city’s inner west a two-bedroom Balmain house is being advertised with two weeks’ free rent and a two-bedroom Annandale apartment is being offered at a 50 per cent discount for the first half of a six-month lease.