Smart negotiation tacts for rent reduction
Are you good at negotiating? Whether you are planning to rent a new apartment or wish to have a cheaper rent where you currently reside; you must negotiate a mutually agreeable rental deal with your landlord. While this might seem like a difficult task to accomplish but it’s completely doable if you put forth the right points.
Here are 5 negotiation tips that can help persuade the landlord for rent reduction. Read on:
- Choose property wisely
Always remember-Smaller landlords offer more flexibility. So, it’s always better to approach landlords with smaller units rather than opting for apartment in a high-end building. Landlords with a single unit or even a handful of properties are often easier to negotiate with because they don’t have the marketing budget or the amenities to draw a giant pool of renters to choose from. And this pretty well works in your favour!
2. Prepare an application that clicks
A good application can do wonders in negotiating the rent. Accompany your application with a copy of tax returns, proof of employment, and references from previous landlords saying you pay rent on time. This will prove your credibility to the potential landlords. You can make the deal even more attractive by signing for a longer duration.
3. Gather rental statistics of similar properties
Scan through various online listings to gather data about the rents of comparable properties in the area. Data driven approach towards rent reduction can prove more convincing. When you speak to the landlord, carry the printout of comparable units that are slightly lower in rent and are also available for occupancy. This way you can easily point out how the landlord’s rental terms are above a reasonable market-rate price.
4. Count on your qualities
Know your worth as a tenant and be skilled at proving it. If you’re responsible, professional, quiet, and clean, use those characteristics as selling points when you start negotiations. From the landlord’s perspective, good tenants are hard to find and thus are worth the negotiation.
5. Negotiate reasonably
Initiating negotiation with a lowball offer is a big NO. A research based negotiation will seem more realistic and convincing. So, let your first rental offer be one that your landlord can haggle with you on. You can make your argument more convincing by saying, “I love this place and I am looking for a long-term commitment but my personal budget is X. Would you be willing to meet that in exchange for signing a longer lease?” This way you can assure that you are looking for a rental home for long term and hence the landlord may consider it a good deal even if required to negotiate a bit on payment terms.
And if negotiating does not work then there is always a Plan B. You can check out Colive rental accommodation in the area as well as budget of your choice.