How to Negotiate a Lower Rent with your Landlord
While most landlords are very particular about the rent they charge, you can follow a few tips to negotiate a lower rent. Having to pay a lower rent has obvious advantages, and you can use the savings to pay for other bills and expenses. However, when you are negotiating, make sure you don’t lie about anything or make statements you can’t back. Negotiating is all about mutual benefit, you have to give something to get something.
Sell yourself
In order to convince your landlord to lower the rent, you have to make him/her see why you are deserving of it. Every landlord is looking for a tenant who is easily to deal with and does not cause any problems. If possible, you should get a reference letter from your previous landlord and furnish it as proof of your reliability and good reputation.
Negotiate carefully
You should conduct your own research and look around the locality for comparable locations and their respective rates. Make a list of all these and if you find lower rates, cite them to negotiate your own rent. You can also tell the landlord that you will be forced to move if the rent is not lowered. However, don’t give statements you can’t follow up on. If your landlord does not agree, you will actually have to move and face all the costs related to it.
Offer advance payment
Your landlord might be in need of quick cash and if you offer advance payments (up to 6 months or a year) he/she might consider reducing the monthly rate. However, if you are renting temporarily, this might not be the most suitable alternative.
Propose an extended contract
If you like the place and intend to stay for long, you can propose an extension in your lease agreement and negotiate a lower rent. This will not only help you in the long-run, saving you from rent hikes, but also put you in a better position to negotiate as a serious tenant.
Offer to take care of small repairs
If you know your tools and can handle small repairs, you can offer your services to the landlord in exchange for a lower rent. The landlord is usually responsible for home repairs, and if you can propose to look after them yourself, he/she may be willing to lower the rent. However, you need to be careful, since you don’t want the landlord to place all the responsibility on you. There will be repairs you can’t handle, and if you take them up yourself, you will end up losing more money than you save.
