There are many benefits to having a lower rent. It allows you to save more money, which means more freedom to buy things you want. Also, spending less money every month means more comfort at a lower cost.
This post provides deep insights into how to negotiate your rent.
Read on for tips to help you get the best deal possible.
Ask your landlord if the rent is negotiable
Don’t just assume that you can negotiate the rent. Ask the landlord politely if rent negotiations can occur and find out the best time to talk.
The feedback you receive will determine your next steps. If the landlord agrees to negotiate the rent, you can now schedule a meeting.
Research to get a fair price
It’s important to verify that the price you’re getting for the property is fair. You don’t want to break the bank just to lease a unit. Find out how much it costs to rent similar properties and compare the prices with what your landlord is offering.
This way, you will know if the unit’s price is reasonable. Consider all the features you want, and then explore your favourite listing site to compare the prices of apartments that meet your criteria. You should know that the pricing may vary depending on proximity to amenities and concessions.
You’ll find that apartments closer to a transportation hub might cost more because they offer easy transportation access. Also, listings that include utilities will be pricier than those in which tenants foot the bill in addition to rent. However, the latter might have a higher overall price.
Offer cash upfront
Paying cash upfront is an easy way to get your landlord to lower the rent. Don’t hesitate to offer this option if you can afford it. You’ll get a lower rate when you pay for multiple months, upfront and in cash, and your landlord receives a huge part of your annual rent on the spot.
Take advantage of your lease term
If you’re renting for a long period, leverage it by asking for a discount. You often have the option to pay for one year when renting. You might get to pay month-to-month or sign on for a one-year lease for the next year.
Sometimes, you have the option to decide beforehand to rent for more than one year. There could be many reasons for renting a unit for more than 12 months. Whatever your reason is, you can leverage that and ask your landlord for a discount.
For instance, if you’re renting for 18 months, you could ask for a rent-free month. Your landlord can calculate free months into your lease term and reduce your monthly net effective payment. It means you won’t have to pay the original price for one less month.
Instead, the amount you pay each month will reduce.
Be a good tenant
This tip is perfect if you’re looking to negotiate a rental lease agreement with your current landlord.
You’ll have a much easier time getting a lower price when your landlord sees you as a good tenant. So, try to have a good reputation as a tenant.
Ensure to pay your rent promptly and take good care of the property. If possible, you can take it further by helping your landlord with some errands. Having a good relationship with your landlord puts you at an advantage when negotiating your rent.
Ask for other perks instead of lower rent
Let’s face it. Landlords are not very excited to hear that their tenants are requesting a reduction in rent. It means less money in their pockets.
So, why not try asking for other perks such as free storage space and free parking. You’ll have to pay the same rent, but you’ll live more comfortably at a lower cost.
There are many other rental concessions you could negotiate for, such as waived pet fees, a free storage unit, a reduced or waived security deposit, free utilities, a paid-for broker’s fee, updated appliances, and more.
Get referral credit for letting people know about vacant apartments in the building
Talk to your landlord and find out if you can get referral credit when you help them rent out units. Landlords are always happy when they gain new tenants. You can help them by talking to your friends who might be looking for or know someone looking for a new apartment.
Your landlord can offer you credit in the form of a rent discount when you refer a friend. It is an excellent way to knock some bucks off your rent.
Make sure you’re qualified
You stand a better chance of getting a lower rent when you have a qualifying income, good credit history, and evidence of being a reliable renter.
There’s also the option to use a guarantor. In this case, the guarantor must earn 100 times your monthly rent and live in the tri-state area.
Don’t go over the top when negotiating. You want to get the best deal possible, but make sure your counter offers are within range. If you’re looking for budget-friendly options, go for units within the five per cent range.
For high-end homes, try for up to 10 per cent.
Have a professional handle the negotiations on your behalf
Not everyone has the experience and expertise to handle rent negotiations. Reach out for help if you’re uncomfortable negotiating your rent.
Ask any of your friends, colleagues, or acquaintances who are great at negotiating to help you.
Alternatively, you can hire a negotiation consultant to work with you. It may seem like a lot of money upfront, but hiring a specialist is great. An expert can help you talk down the rent and save you plenty of money in the long run.
Almost everything in life is negotiable, and rent is not an exception. However, not everyone has the required expertise to negotiate.
If you don’t have ample experience in bargaining, start by researching to know if the rent price you’re getting is reasonable. Then take your negotiating game further with these tips:
- Offer cash upfront
- Take advantage of your lease term
- Ask for other perks instead of a lower rent
- Have a professional handle the negotiations on your behalf
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