Negotiating or renegotiating your rent contract is just like asking your boss for a raise and you must be able to offer something that will persuade the owner of the home you rent, to bring down the price. How can you negotiate a better deal on your rent?
2020 was a year in which, due to the Covid-19 pandemic, rents were frozen and an eviction ban was imposed to help those with fewer resources. That measure, however, ends in June and many will have to renew their contracts or find new homes. How can you get a better deal?
The last few months have revealed how uncertain the economic future can be and that having money to pay for where we live is mandatory. Rent may be your largest fixed expense and though bringing the price down may not be easy, it will help your budget and give you peace of mind if you achieve it.
Here are 4 tips to help you succeed at getting a discount on your rent:
1. Offer to pay in advance or pay a larger deposit.
Just like everyone else, landlords will be tempted to accept a large amount of money if you offer it, either by paying a larger deposit than they are asking for, or paying some (or all) the rent in advance. Knowing they will not risk having a tenant that will not pay may be their fundamental worry.
2. Offer to agree to a longer lease
One of the simplest ways to reduce rent and land a better deal is signing a longer-term lease.
To be able to offer this, you must be sure it meets your future plans. So if you are contemplating a new job in another town, or you are close to needing a bigger place, this will not the best option for you.
3. Offer a service in exchange for a discount
Another idea is to offer the landlord a service. Any skill you have, or anything you are capable of doing will be what you offer in the negotiation.
This may be a great option if, just like many, you have not been able to save money during the last year.
4. Offer to pay your rent early
Your rent payment itself isn’t necessarily the only thing a landlord values; consistency and reliability in the payments are also important, so a strategy may be to agree to pay rent early. Paying ahead of the monthly due date in exchange for a lower rate may be a good option if you are sure you will be able to accomplish this.