How to negotiate the rent
There are many ways that landlords and property managers advertise the rental of the property, including a fixed price, a range, a ‘from’ price, or ‘make an offer’. Lately, even auctions for rental properties have occurred where potential renters bid against other renters for the right to lease the property.
So what to do? The best thing to do is ask the property manager or landlord what level of interest there is in the property and how soon you need to move on securing it.
If you have been doing your homework you will know yourself how the property compares to others you have seen, and this ultimately becomes your best decision making tool. Make your own mind up and be happy; this is the benefit of doing your research.
If the property is in high demand, then it is unlikely you will have much if any room to negotiate because there is always the ‘next renter’ ready to take it, and any negotiation tactics may backfire against you as the landlord may think you are unable or uncomfortable to pay the rent and go with another renter on the shortlist.
Honesty is a great policy if you really like a place, even if many others do, because landlords and property managers like to deal with people they like and can trust with a good open relationship. Your good and open approach might just make you ‘the one’ out of a number of applicants that the landlord chooses.
If you think the property is in less demand, you can try to make a lower offer and see how it is accepted. It is not uncommon for landlords to negotiate on price based on variable terms like tenure, type of tenant and your references.
The rental price is not the only consideration, and all aspects should be considered as a whole.
Check out our continuation of this post, Understanding Other Terms of the Lease.
Category : Blog