How To Negotiate Rent
During difficult economic times, it’s even more important for tenants to know how to negotiate rent with landlords. Landlords may be open to lowering rent or making concessions to keep existing renters in the property or attract new ones. The key to successful negotiations is doing your homework, preparing a well-reasoned case, and understanding tenant rights and legal obligations.
Sell your landlord on you
Rental Communities Across Canada addition to focusing on market trends and comparable properties, you’ll also need to sell your case as a good tenant. Nick Disney, real estate investor and manager of 47 properties, suggests leveraging your rental history with the property by emphasizing ways you’ve already contributed to its profitability. For example, he says, you could point out that the property’s credit score has improved since you moved in and that you always pay your rent on time.
Questions to Ask Landlords Before Signing a Lease
Reference letters can also boost your bargaining power, especially if they come from previous landlords or apartment managers. These can prove to the landlord that you’re a hassle-free dream tenant who pays on time and helps with maintenance requests. Other positive qualities you might highlight include your military status, job security, or ability to afford the monthly rent with no financial strain. Once you agree on a rent reduction or other concession, be sure to get it in writing. Doing so can protect you from future disputes, and can be helpful if your agreement is ever challenged in court.