When it comes to the rental price of a home, the landlord and the tenant have different priorities. The landlord is concerned with finding the most profitable rental price possible while the tenant is focused on finding the price that will allow him to pay the rent and cover other expenses. Both parties have a right to be heard, but the tenant must be sensitive to the concerns of the landlord. This will help the two come to an agreement that is mutually beneficial.
Do your research
We can start by researching the rent and facilities provided in the neighbourhood, especially leases that are charging a similar rent. The more information you have, the more likely you will be successful in negotiating since you know what your expectations are. By curating all the
information gathered from your research, you are granted more confidence as you know what is reasonable to ask for.
Ask your agent
The best and easiest way to engage in negotiations is to let your agent do the talking beforehand. A good agent will be more than willing to help you get the best deals. However, keep in mind that agents are also gatekeepers to the interests of the owners.
Once the ball is rolling, ask your agent if a meeting can be set up between yourself and the owner, you are more likely to get a positive outcome face-to-face.
Rather of hoping for the rent to be reduced, we as renters should take the initiative and offer some more acceptable possibilities to the landlords:
1. Sign an extended lease
This may become a double-edged sword if you are not clear on the terms. Instead of leasing for 2 years straight, opt for 1 year with an option to extend for another. This way you extend your lease without actually extending it because you can opt out if it is not working out for you - or renegotiate the terms once the first year's tenancy is up. On the other hand, owners will always be happy to get a possible long-term tenant in their unit and bypass all the hassle.
2. Prepay months in advance
Owners will definitely appreciate this and may be convinced to lower down the rent. It is a highly effective solution to cheaper rent but you will of course, be required to pay a hefty sum upfront.
A landlord's readiness to negotiate rent varies, although it does happen regularly. Landlords usually add risk in their rental payments to cover the expenses of a late payment or breach of contract by a tenant. If your rental application is extraordinary, you may be able to negotiate a lower rate.