×

Tips to negotiate increased rent with the owners

Back

Monthly rent payments are difficult to pay, especially, for low-income & middle-class families. As a thumb rule, the landlords increase the rent by 10% every year. Finding accommodation away from your home in another town is quite difficult. House hunting becomes even more tiring when the landlords charge exceptionally higher rent rates from the tenants. Especially, the college students look for the least paying rental rooms with a good location, proper security & basic amenities. Following steps can prove useful while bargaining with your landlord and can win you a potential deal:

1). Market research

Being a tenant, you should do proper market research about the average rent being paid by other tenants subject to all the terms & conditions. You can take help from your friends, family members or neighbourers or any real estate broker to investigate about the same. So accordingly, you can negotiate with your landlord and convince him to reduce the increased rent. Remind him of the average rent prevailing in the market.

2). Inform the landlord about your credit score

Try to win the trust of your landlord by informing him about your habit of paying rent on time. This will allow him to rely more upon you. Also, make him sure that you are his permanent tenant and won't keep on changing the flats once you get a better offer.

3). Pay some rent in advance

Generally, the landlords are flexible in negotiating the rent when they receive some advance from the tenants. Try to give the landlord 1-2 months' rent in advance to convince him.

Also, the landlords are always worried about the maintenance cost of their flats. So, you can pitch them that you could also share some maintenance cost with him if in case he agrees to reduce the rent.

4). Look for basic amenities only

If your landlord is providing you with the parking space and fully air-conditioned room but you don't have any vehicle to park and can also adjust with a room - cooler, you can ask him to reduce the rent accordingly. This will save you from paying unnecessary rent.

5). Search for a roommate

Suppose you are staying in a flat alone, you will have to pay the full rent ( say 10,000 bucks). But if you can find a roommate and can adjust with him/her in the same flat, then you both will have to pay half of the rent each (in this case, you will have to pay only 5,000 bucks from your pocket). So, try to convince your landlord to allow you to share the flat with any of your friends.