Yes, it is possible. Most people aren’t aware of it but it is perfectly within your rights to request a rent reduction. However, crafting a rent reduction request to your landlord is no easy feat, so how can you go about doing it?
When it comes to apartment-hunting or renewing a house rental lease, one thing you should consider is the price you are paying for rent. Slashing even a small amount off can help you to save more in the long run.
Landlords value tenants that lease for a longer period or extend their lease for a long term. This can be used as a negotiation tool when you are requesting a lower rent. Providing this attractive proposition is beneficial for landlords as that means that they are warranted a steady stream of payments during your stay, similarly signing a multiyear lease will mean that you get to enjoy a fixed rent for the long haul. However, a caveat to signing a long-term lease is that you must commit to the location. A career change might require you to relocate or having a baby come into your life would mean that you need a larger space for your family. Always consider the length of time you will be staying in that area before jumping into a long-term contract.
Oftentimes, landlords may require a security cash deposit that can range anywhere from 1 to 3 months worth of rent. A security deposit is cash paid upfront to a landlord as proof of intent, it may also be used to cover damages, cleaning of the apartment, and other miscellaneous expenses that are up to the landlord’s discretion. You can reassure your landlord by offering upwards of 3 to 12 months' worth of cash deposit and use this to negotiate for a lower rent. Take note that this method would require a large cash reserve on your end before the lease is signed.
3. Highlight your strength
Being a reliable and trustworthy tenant can help you gain leverage as a negotiator. There are many strengths that you can and should point out to your landlord, be its ability to pay your rent on time to your previous landlord, giving ample notice before moving out, and the state of the apartment when you moved out Establishing your qualities to the landlord will make you appear more desirable, allowing them to be more open to negotiations.
4. Do your research
It is crucial to do your research before renting a place. Look into the market demand in the area that you are renting and compare it to what the other landlords are offering. Doing your due diligence will ensure that you are aware of the market rate and the demand for housing in that area. From there you can gauge an acceptable rate for a given property.
Negotiation is a risky game but it is crucial to use it to find out more information about both parties. At the end of it, a positive negotiation is one where both parties understand each others’ motivation and come to a mutually beneficial compromise.