How to Negotiate Lower Rent

How to Negotiate Lower Rent

Photo Credit

Where you live is in important. It often times not only determines your lifestyle, but it consumes a majority of your income as well. Fortunately as a renter, you have a bit more negotiating power than that of a homeowner in terms of how much you will end up paying each month.

Gen Y Finances: 2017 could be most successful year in your life!

Much like your credit score determines your interest rates on your mortgage, your renting history can help determine just how much or how little you will end up paying in rent each month. If you are looking for some good ways to save on your monthly rent try some of the following tips.

Find comps in the area

If you are looking at a place that you think may be slightly overvalued in terms of what they want for rent, finding comparable properties in the neighborhood is a great way to possibly bring that price down.

The Internet is a great source for finding places in a proximate radius. With a few examples of  properties under your belt, there is a good chance you can bring down your rent at least a bit.

Offer your services

If you know anything about property ownership, you know that they often require a lot of maintenance in order to look nice and last. Perhaps you could offer to repaint the living room, replace the water heater, or even take care of the landscaping for a slightly reduced monthly rent.

Have references available

As previously mentioned, a clean history of renting can go a long way with a potential new landlord. One of the biggest risks in renting to someone is whether or not they are reliable in paying their monthly rent, and if they are going to take care of the place the same way you would.

READ ALSO:  Positives of Renting Your Next Home

If you can prove your reliability and value as a tenant, your negotiating power raises significantly.

If you have extra cash

It is often the case that a deposit is already required when it comes to renting a property. It is never a bad idea to offer a slightly larger deposit as negotiating power for a lower rent.

Receiving a larger deposit means that the landlord has automatically mitigated a lot of the risk associated with renting. One such risk is damage that can be caused by a tenant. The other risk of course is not receiving payment.

Timing is everything

The best time to look for a new place to rent is in the winter. Because of the Holidays and usually the cold weather, no one else is thinking about moving during this time. Use this to your advantage and negotiate the rent that you want.

Most landlords know that to have someone interested in their property during this time is a rare occurrence and most likely will be willing to negotiate in order to secure a good tenant. Not to mention, they are probably like most people and  would rather be enjoying this time of year indoors with their family instead of working on finding a new tenant.

About the author

    Disha

    3 comments

    Leave a comment: