Paying rent isn’t something we enjoy doing. There’s little worse than having to witness a large chunk of money leave your bank account every month to pay for what is often sub-standard rental accommodation. But did you know tha rent prices aren’t set in stone? Many landlords and letting agents even list their properties at higher rates, fully expecting potential tenants to negotiate the rent.
Here, we’ve explained the best tips and tricks concerning how to negotiate rent.
Negotiate your rent with these easy-to-follow tips and tricks
Research the local property market
As a starting point, you should make yourself the most informed tenant out there! Search around on the internet and see what other landlords are charging for similarly priced properties. Finding numerous homes with lower rent can definitely be used to your advantage.
Aside from size, you can also compare storage space, kitchen equipment, whether or not there’s a parking spot and any other relevant factors that spring to mind.
Having this information will mean you can bargain with your landlord, without having to resort to guesswork. If you find two similar properties that are cheaper than the one you want or are already renting in, then you can show these to your landlord and ask them whether or not they can match the price.
Highlight your strengths as a tenant
Landlords want reliable, trustworthy tenants in longer term tenancies as switching tenancies can cost them quite a lot in fees and time. In between marketing and reference fees, void periods and cleaning bills, costs can quickly stack up. At the end of all this, there’s no guarantee that the landlord will even end up with a good tenant.
So, some landlords will choose to lower the rent for pre-existing tenants, rather than risk losing them. If you’ve always remained on your landlord’s good side and have paid rent on time while keeping the property in excellent condition then you’ll immediately be in a solid negotiating position.
Ask about extending the lease or ending it off-peak
Tenant stability is really important for landlords, which is why proving that you plan to stay in a rental apartment for an extended period will demonstrate your reliability. If the lease is annual, then you could offer to extend it by 18-24 months in exchange for a slightly lower rate of rent. Your landlord may well agree to this as they’d then be able to avoid the process of finding a new tenant.
Most renters tend to move house or flat in the summer months (May, June, July, August and September). Because the demand is higher during this peak period, there’s little room for bargaining. A different tactic is to move off-peak (with November and December being two of the quietest months). Void periods result in huge losses for landlords, so they may be more willing to bargain when there are much fewer prospective tenants to pick from.
Be prepared to highlight the property’s flaws
If you’ve noticed any issues with the property in question then this is your chance to highlight those flaws and use them to your advantage. Is the insulation not up to scratch? Are damp and mould beginning to spread? Or are the taps constantly leaking? These are all things worth making a note of. Compile these issues and present them to your landlord as grounds for a rent reduction.
And be open to compromise
It’s very unlikely that you’ll be able to get everything your own way. There’s no point making an unreasonable counter-offer as it definitely won’t get be approved. Instead, doing the research we’ve already discussed should help you arrive at a sensible rent reduction that can then be put forward to your landlord.
You can raise your chances of a discount by providing incentives to the landlord. As we said, being able to offer your landlord a prolonged tenancy (two or more years) will make them far more likely to agree to any price proposals. Aside from this, a bigger tenancy deposit or an upfront payment of your first 3-6 months could also lead to an agreement of reduced rent.
If you aren’t able to make these financial commitments then consider offering to take on extra responsibilities, such as gardening or a portion of simple maintenance and repair tasks. Just don’t over-extend yourself.
Arrange to meet your landlord and ask if the price is open to discussion
Finally, once you’ve laid all the necessary groundwork, then it’s time to take action and arrange a meeting with your landlord to negotiate the rent. We’d recommend doing this face-to-face, as this usually proves to be more effective than sending emails to one another over several days.
When discussing rental costs, you should remain polite and professional while clearly presenting the facts. Your landlord probably won’t agree there and then, in which case you should send a follow-up email.
There’s no guarantee that your landlord will agree to any of your rent negotiations. It’s no a guarantee, but if you don’t ask then you don’t get!
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