Renting is a popular option for many people. With all of the costs that come with buying a home, many people are choosing to rent a place instead. Renting carries less stress because you don’t have to worry about loans, however, you could still end up paying a lot in rent. Instead of just agreeing to pay whatever rent a landlord decides, you should take some time and negotiate. Think about it like you are buying a car. Here are a few ways you can negotiate lower rent to save you money.
In this guide...
Understand the local rental market
This is the first step you have in negotiating. Take a look around at rental prices in the same area. If you know what other people are paying, you will have a good idea of what is considered fair. Also, think about how many rental properties are available. If an area is full of places to rent, a landlord might be having a hard time finding tenants and you can use that to your advantage when negotiating a lower price for your rent. Also, look for places that have been available to rent for some time. The longer a landlord has to wait to fill a place, the more money he is losing and, therefore, he will be more willing to cut you a nice deal if that is the case. Knowing the market is a great weapon when it comes time to negotiate your rent.
What facilities are available nearby?
Does the place you are trying to rent have a lot of useful facilities like a gym, parking, or a pool? Before agreeing on a rental price, you should take everything in to account. Is the landlord paying any utility costs? The fewer features a place has, the more room you have to negotiate. You should conduct some research on places with similar features to get an idea of how much they are worth. If you aren’t getting a lot out of the deal besides a roof, you probably have some room to negotiate. Even if you can’t lower the price, you might be able to convince the landlord to include some extra benefits.
Show your reliability
Before negotiating, show the landlord that you are a great tenant. Explain your income, tenant history, and credit history. If you have a great financial situation, you are going to be attractive to a landlord. No landlord wants a tenant that he thinks might be a problem with payment. Ideally, a landlord only wants to see a tenant when they collect rent. If you can show you won’t be a problem, you might be able to negotiate a better price.
If you can show a landlord that you are willing to move in at his convenience, you might be able to negotiate lower rent. Also, offer to sign a longer lease. If a landlord knows that he won’t have to go through the tenant search process again the following year, he will be more likely to provide you with a better rate.
Pay reliably and on time
Many landlords are used to dealing with people who are slow in paying rent. Many tenants hold off on paying for a couple of days, and that can be annoying to a landlord. Ask your landlord if he would be willing to give you a discount if you pay on or before the due date every month. You can ask to set up a direct payment system as well. If a landlord is secure in knowing rent will never be late, he is more likely to give you a better deal.