Rent is a touchy subject for both landlords and tenants. Whether you are a new tenant or you are facing a rent increase, in this article, we will look at how to best prepare yourself for rent reduction talks and what to do if they fall apart.
Ask if the rent price is negotiable first
Whether you are about to sign a tenancy agreement for a new rental or are already far into a tenancy, you should not fear opening a conversation about negotiating the rent.
While companies have larger networks and are far less inclined to renegotiate rent, smaller landlords might be much more understanding and easier to persuade.
Whichever your scenario is, you should always remember that you are a part of the conversation. Be polite and respectful about negotiating your rent – it is a door that you would like to open as early as possible.
Highlight your strengths
Let your landlord know why you will make a great tenant for their property.
While they are yet to see how well you handle your responsibilities, a great tenancy history and referrals from other landlords will go a long way. They will surely make them consider letting the property at a lower rent.
If you are already a tenant, your landlord would know many of your strengths. Still, remind them anyway. If you are an exemplary tenant, there is no way your landlord will easily brush off rent negotiations.
Make sure to mention any of these things to sway your landlord much more easily:
- Timely rent/bill payment
- Good behaviour and no complaints from other tenants or the landlord themselves
- Regular property maintenance, keeping the rental tidy and clean
- The longevity of your tenancy
- If you have been here a long time and never negotiated with them before, make sure to mention that too.
Ask about a lease extension
If you are about to sign, asking for lease extension information in advance can put your landlord at ease. It is a commitment on your side and will show your landlord that you consider them and their rental for your future.
This can make them far more open to rent negotiation since most landlords prefer letting long-term, and it would save them the hassle of looking for new tenants after several months.
Have you been there for a while? Finding a good tenant is not easy.
If your strengths are easily recognizable and your landlord has had a sample of how well you follow your responsibilities, you’ll definitely have their ear. Hint that you want to stay there for much longer.
If you like the rental, suggest a term longer than a year. Is a good tenant willing to stick around for a term longer than a year? This means a reduced chance of property repairs and not having to worry about finding a good new tenant for a very long time.
Research the property’s value
Consider the local letting market in advance before talking to your landlord to open rent negotiations.
This is important regardless of whether you plan on starting your tenancy now or you already have an agreement running. Landlords should generally offer rent prices which consider other properties of similar size and amenities in the area.
Compare this property to other similar ones. Is the condition of the rental good? How does it compare to other properties in size for that price? Is it in a good area?
What amenities are available? These are a few things to look into and hold your rental to comparison with, which could help you form your argument for the negotiation.
List a few properties that offer better or the same for a similar or lower price. Use it as an argument as to why the landlord should consider reducing the rent.
Compromise
Remember that it is a negotiation, and this could easily fall apart if you just demand and offer nothing in return. It is unlikely that your landlord will move a lot away from the price they ask.
If you have been a great tenant, plan on continue being one, and propose very good research of the local market, you will probably be able to get a reduction successfully.
Another way in which you can get a rent price reduction is if you give up on amenities or switch them for another that you need more.
Giving up on amenities like gym memberships, parking spots, high-speed internet, and storage space or promising not to smoke, take in pets, or hold any parties at your rental place, could also sway your landlord to take down the rent price.
You could also take on more responsibilities, like adding to your move-out cleaning checklist, offering to repaint, property repairs and maintenance either through a service or at your own hands.
Adding to the tenancy deposit or offering to pay part of your term in advance can be hard to resist by your landlord.
Re-negotiate something from the lease that your landlord wants, like adding end-of-tenancy cleaning, once you decide to move out. Paying for property maintenance services or cleaning services regularly is something else to offer, especially if the rental has a yard.
If you cannot move your landlord from keeping the same rent or raising it, you could try asking for property upgrades, like more car spots, allowing something they normally do not permit, asking for new appliances or repainting the apartment.
Be persistent
Whether you are about to sign or have been a tenant for a while, make sure to raise the rent price reduction again. If you are new, once you spend some time at the rental, your landlord will be more willing to renegotiate, and you will have more leverage.
Suggest only realistic rent reduction
While your landlord has to stick to the local rental market in forming your rent, you should also make sure to ask for a reasonable rent reduction.
Taking off £50 of a £900 rental price might not seem like a lot, but in the span of a year, it would save you more than half a payment period’s worth of money.
Aim for around a 5% decrease and up to 10%. Maybe even higher if you truly believe you are an amazing tenant and have something to show for it.
Devise a backup plan
You should never rely on just one rental option. Ensure you always check out other possibilities properly before talking to your landlord.
Before you set out to check rentals and talk to landlords, list places that match what you need. If a landlord feels like they are your only option, they will naturally try to strike a more favorable deal.
Conclusion
Rent reduction negotiations can be intimidating and can sometimes lead to an early end-of-tenancy situation. If you cannot cut yourself a good deal and you want out, consider the help of professional end of tenancy cleaners.
It is an easy solution for a quick deposit release, and it saves you time and lots of stress if you don’t know how to do end-of-tenancy cleaning.
