Should I reduce my rent to compete in a crowded market?

I recently bought a luxury two-bedroom new-build flat in Manchester city centre — but with 400 apartments in the block, the rental market is rather saturated. Some landlords are panicking and reducing their rents to let out quicker. Should I reduce my rent in line with the market to improve my chances of letting out the property, which would lead to breaking even or making a much smaller profit, or is it better to hold out for longer? Andy, London This is something we see regularly when a large development comes on to the market.

The nature of apartment blocks is that all units typically complete at the same time, whereas a housing development is more phased, with new properties coming to market gradually. As.