Tips for Negotiating Rent as an Existing Tenant

Certainly, negotiating rent for an apartment you already live in is a bit tough (but not unachievable). The greatest hurdle to solve is the absence of leverage; you already live there, so for what reason should your landowner drop your rent? It is all about how you plan the negotiation.

For a Newbie, everyone’s life would be somewhat more straightforward if you just stayed. Presuming you’ve been a good tenant, your landowner likely wants to keep you around. You possibly don’t want to deal with the struggles of moving out, either. With that in mind, it’s in both parties’ best interest to come to an understanding.

Before doing anything, the first step is to identify what the rent is for by comparing other flats for rent in your area. If you locate that different places in your area are going for less, begin making a list of examples. The more information you have, the better. If you find that you are already paying much less for your place than the standard for your area, you might not have much success in negotiating. Imagine you can find examples to favor your case, here’s what to do next:

Timing is Everything 

Negotiate before present rent terminates: If your landowner detects your desperation, you won’t have a strong position to negotiate. It’s best to make sure you’re not raced to discover a place and can shop around a bit. Try negotiating a couple of months in advance before your move-out date.

Try to pick a moderate time of year: Winter is typically a calmer time for landowners.  If you try to approach your landlord for a deal during the summer which is a peak season of the year, your request may fall on deaf ears.

Come Prepared 

Negotiate physically: It is a lot harder to say no to someone who is sitting across from you than via telephone or email.

Have your papers on hand: Bring rates for other units, your past rent payment documents, references from earlier landowners, your credit score, and whatever else you have to make your case.

Have a plan: Know precisely what you need to receive in return, regardless of whether it’s facilities, a price reduction, or both.

Do not forget the #1 rule of negotiation: Seek for more than you contemplate to receive, then compromise somewhere in the middle.

Negotiations can be difficult. They do not make for the most pleasant circumstances, and you probably would not have a lot of experience bargaining. Be confident in your questions, realistic with your desires, and respectful of your landowner throughout the procedure. If you can put together an offer where everybody wins, you are much more liable to get what you need.

Negotiating your rent can save thousands of rupees every month; it’s all about approaching it.

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