Many people assume the rate to rent a home, apartment, or duplex is written in stone. What many people are not aware of is that the price of rent can be negotiable. Below are seven helpful tips for negotiating rent prices.
Keep in mind that an individual property owner is more likely to lower the asking price. A large company that owns many apartments or houses will likely be firm on its price. Those who need help in rent negotiation or someone to turn to when something goes wrong with their lease can learn more from Kelly Legal Group.
One: Kindly Ask if The Rent is Negotiable
Tip number one is to be kind and polite when asking if the rent price is negotiable. The landlord does not have to lower the price, and making demands is not the way to win the landlord over. Those who want to negotiate the rate because their rent is increasing should start the discussion at least a month in advance so, if the landlord says no, the tenant has time to give notice and move.
Two: Show That You’re a Perfect Tenant
If the lease is up for renewal, show the landlord the positives to having the same tenant. Pay rent early, ask for a longer lease, and point out any good deeds done by the tenant. If, as a tenant, the person has helped keep the home or building in good condition and made repairs, point these good deeds out to the landlord. The goal is to look like a model and responsible citizen.
Three: Ask for a Longer Lease
While twelve months is the standard lease length, asking for a longer lease may leave the landlord more willing to negotiate the rent price. Consider asking for an eighteen-month leave or even a two-year lease. A longer lease means less work for the landlord, which could have them open to adjusting the rent rate.
Four: End the Lease in the Summer
It can be hard for property owners to fill their rentals in the winter. By offering to end the lease in the summer, the landlord may be willing to reduce the rent rate. Finding a new tenant will be easier for them in the summer than in other seasons.
Five: Do Some Research on the Property
Just because the landlord is asking $1500 a month for rent does not mean that is a fair price. Do some research on the rates of comparable properties. When discussing the rent rate, have some printouts showing comparable rentals in the area. If the landlord sees the numbers in black and white, they may be more likely to discount their asking price.
Six: Meet in the Middle
Always remember that the property owner is not required to negotiate or lower their rental rate. If they do so, that is a favor to the tenant. If they ask for a hundred dollars more than what the renter wants to pay, consider meeting in the middle. Any discount is better than no discount.
Seven: Negotiate the Rate in Person
Lastly, negotiate the rate in person. Ask to set up a meeting, meet over coffee, and keep it friendly. If safety is a concern due to the pandemic, phone and video chats are also acceptable. A day after the meeting, follow up with an email and inquiry about the lower price request.