Can You Negotiate Rent?
Many people don’t seem to realize that rent prices aren’t always fixed. This means, you totally can negotiate on rent!
If you’re thinking to yourself, “Why should I negotiate rent in the first place?” The solution is obvious. You can save money, even if it isn’t much; it could be something, which is almost always a good thing.
According to some reports, a lot of landlords begin listing their properties at a higher price than they would accept, assuming that a few tenants may negotiate.
So, just so you know, you might want to bargain in order to save some money. However, to go about it, be polite and specific so you don’t come across as unserious, which could cost you your ideal home. You should be aware that doing this will require a lot of effort, research, planning and in some cases, legwork.
For example, if the property is vacant and you are able to move in quickly or are willing to move in quickly after the current tenant leaves, your negotiating position may be stronger.
Dealing with the landlord directly, as well as having persuasive arguments, can help you successfully negotiate your rent. However, If there is a high demand for the rental property, for example, the landlord may be unwilling to negotiate with you, but you may be able to get a discount if you can prove your case.
How Can You Negotiate Your Rent?
Negotiating can be tricky and can make some people nervous, but that doesn’t mean you shouldn’t try. Throughout the negotiation process, just remember to be confident in what you’re asking for, realistic in your expectations, and respectful of your landlord. At the end of the day, it should be a win-win situation for both parties. You can also try out these few pointers.
Research Your Area’s Current Rental Market!
If you’re proposing a lower rent, you should be aware of the property’s worth; what other landlords are charging for similar-sized homes with comparable features in the same area; you can ask around to gather the information that will help you negotiate.
All of these details are important to help you prepare or gather strong points to know in order to negotiate your rent with your landlord.
Propose Longer Term Rental
Renting for more than a year, two, or even three, may put you in a better negotiating position.
For landlords, changing tenants often comes at a high cost, from referencing fees to cleaning, repairing, and so on. If you are able to commit to a longer lease, there is a better chance you will save money in the long run.
If you aren’t financially secure enough to take on a longer-term lease, offer to take on extra tasks around the property, such as garden maintenance, in exchange for a slightly lower rent, and so on. You never know what might happen if you negotiate in this manner.
Flaunt Your Credit Rating (of course, it has to be good)
A good credit rating is always a plus, so if you have one, you should definitely flaunt it. This will also show that you are responsible and this can instantly boost your ‘resume’.
Use whatever you can to demonstrate what a great person you are or what a good tenant you can be, and perhaps the landlord will decide you are a keeper and may listen to your negotiations.
Take Advantage Of The Rental Property’s Flaws
Not every rental property will be in perfect condition, which you can use to your advantage when negotiating your rent.
Look for a few things you can live with that will help your case, such as outdated accents or interiors, or a limited/no parking space. Make a list of these few items to present to your landlord as a bargaining tool (you should know that this may have already been taken into consideration before setting the price so do your research).
Good luck with your negotiations!
This blog post is not intended to constitute legal or financial advice.