Tips to negotiate your rent
Looking for a perfect rental home can be challenging, and so can negotiating the rent amount be. Cutting down even a small percentage of the demanded rent can save you a lot of money. Here are a few tips that can go a long way when it comes to saving the rent by negotiating with your landlord.
If you are searching for a new rented accommodation, you must try to negotiate the final rent with your landlord to reduce the overall burden. If in case it is time to renew your lease and your landlord is considering to raise the rent on your current house, you can still try to negotiate and maintain the rent. Negotiating may seem intimidating, but with a little strategy, you might be able to win over the landlord and conclude with a reduced rent amount.
99acres shares some tips to help you go about negotiating your rental price-
Being aware – Before taking up a house on rent, learn about the current market situation. A tenant should always be well informed about the prevailing rental rates in the locality they are living in or are considering to live in. One easy way to gain information is to browse through property portals to obtain a fair idea regarding the prices of rental properties. You can also check with brokers or neighbours to know about the market rates. Understanding the market dynamics will work in your favour, placing you at a superior position, and enabling you to crack the right deal.
Take help – A property owner considers many factors about their prospective tenants before renting out the property. Involving an expert from the industry can help you in securing a great deal as these experts are aware of your as well as the homeowner’s details. They know the local market trends and can fetch you an ideal home within the required budget.
High credit score – Many times, the financial track record of a tenant can become a useful bargaining tool. If the rent is always paid on time, you stand a reasonable chance to negotiate the proposed rent increase. Also, a high credit score indicates that you are reliable and always repay your debts on time.
Pay in advance - Some property owners prefer to receive a considerable amount of money as security by taking a few months of rent in advance. In such a case, they may be willing to provide a discount if you pay a lump sum amount. The landlord might use that money on renovating the house or carrying out other maintenance works that they may have been delayed due to insufficient funds. From the perspective of a landlord, it is better to lease an apartment rather than keep it vacant.
Realistic rent reduction– Be sure to ask for a possible rent reduction based on your research. Deciding the right rent can be a complicated task, do not go overboard with your expectation and be flexible about the same. One needs to show a keen interest in the property and a serious commitment to receive a good deal.
Extended lease agreement – A tenant can also consider extending their lease agreement. Most of the rental contracts are for eleven months, but if you do not have any plans to relocate to a new house, you can request a two-year agreement. For the landowners, a longer lock-in period of the house is appealing and thus, might qualify for better deal value. If you are renewing the lease and your track record as a tenant is clean, it can serve as a bargaining tool for landlords who will not want to take the risk of losing you or the trouble and cost of finding a new tenant.
Giving up the parking slot – Negotiators always make many offers, and the goal is to give something in exchange for something. If you do not own a vehicle and do not anticipate many guests visiting you, you can offer your landlord the parking space and in return expect the rent to reduce.
One should always remember everything is negotiable. If money is being exchanged for a business deal, negotiation is definitely possible. Have a thorough look at your lease agreement to see where you have the most realistic chance of cutting costs and ask for them before signing the dotted line.