How to Negotiate Rent with a Potential Landlord?

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Are you looking for that wiggle room to negotiate the rent with your potential landlord? We are here to give you some tips on how to can ace at this task?

Are you on the hunt for that ideal rented accommodation? Looking for a home that meets all your rental needs with the right living conditions such as access to basic amenities, perfect location, etc. can be a time consuming and complicated process. Even if you found one that meets all your requirements, the high rent might put off the deal. Do you think there is a possibility of negotiating an agreement with your prospective landlord? Here are some ways you can save or get some rental benefits from your agreement. Read on to know if you can negotiate the rent with your potential landlord.

Can you negotiate rent?

Yes, leasing or renting is just like any other business. Negotiating rent is similar to negotiating deals of any other business. Many still believe that rent price is not something they can negotiate; you will explore in this article the different ways in which you can negotiate the rent.

Study the location and identify similar rental units and their price – Do your due diligence and do not go by what your real estate agent quotes. Consider performing a comparison of the rental spaces that are similar in area and amenities to know if the prices quoted are fair and reasonable. After the comparison, if you feel the rent is higher, you can ask the reason for the extra price and also see if there is room for negotiating. If you get to know that the facility has been on the market for quite some time, it naturally increases the chances of negotiating the rent.

Explore ways to ask for discounts

Landlords want their facility to be occupied and also look for regular and upfront payments. So, if you can afford an upfront payment, you could always explore the possibility of availing discounts on the upfront payments.

Look for rental agreements that last for more extended periods. In essence, the landlord and the tenant are happy if the rental agreements are for more prolonged durations owing to the expenses on agent fees, finding new tenants, looking for new rental spaces, etc. Find out with the landlord if he is willing to rent out space for longer durations than the standard 12-month rental period. Also, ask if you are entitled to discounts like one free month for the longer rental term. You could also ask for fixing the same rent price for the entire duration of 18 months.

Trade-offs

You could look to forego any amenities which you are not very keen on having. For instance, parking spaces are in massive demand in apartment spaces; landlords will be happy if you are willing to forego this. You can ask for a lower rent price in return for giving up the parking space. You could also give up gym access if you have the facility at your workplace. These are some of the workable tradeoffs while negotiating rent. Most apartments, the first floor has a smaller number of takers, and hence you could see if you can get a drop in rent.

Timing also plays a crucial factor in bargaining for a better deal. If you look for homes during the offseason, which is usually the cold weather months, you might end up getting the rental facility for a lesser price.

Pets

Most landlords find that they end up spending more money to clean the apartments once the pet-owning tenants move out. So, if you do not happen to own one, you can use that as a bargaining chip.

Ask for referral discounts

If the landlords own a lot of empty rental units in the complex, convince him you can do a better job of advertising his facility by the word of mouth marketing. In return for the referrals he gets from your recommendations, ask him if you can get a discount on the rent price.

Negotiating is sure a give and take the process, and these are just some of the ways of doing it effectively. However, you can get as creative as possible to make some savings.

Are you wondering if negotiating is all that worth it? Experts believe that rent makes up for a good portion of your expenses. So even a small discount will make a difference in your daily budget. We hope this article has given you new ideas on how you can look for loopholes to strike a better deal on the rent prices. We are eager to hear from you if you have any other innovative ways of bargaining for a better rent price. Share your feedback on our article, and if you have any questions, feel free to put them in the comments section below.

References

  1. Negotiate: https://commercialobserver.com/2020/02/term-sheet-tips-for-tenants-what-you-need-to-know/
  2. Ways: https://www.thestreet.com/how-to/how-to-negotiate-rent-in-10-ways-14998515

 

 

 

 

 

 

Sally Jenkins

Sally Jenkins

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