Most of us are attempting to spend less and save more, which entails reducing our spending whenever possible. And what is your largest monthly outgoing? If you don’t own your own home then it surely is rent. Even a small reduction in rent of £100 per month, which may not seem like much, adds up to £1200 per year — quite a fortune!
While many tenants appear to believe that their rent is a set, unchangeable amount, the truth is that it is not. Instead, your landlord determines the amount you pay in rent based on what he or she believes the present rental market will bear. The majority of renters accept the rent as a given and do not attempt to negotiate a lower price. The crucial word here is “negotiate.” Your landlord is unlikely to agree to let you pay less per month, and simply asking for a rent decrease is unlikely to yield results. If you want to elicit a positive response, you’ll need powerful and persuasive argumentation. If you are looking for property to rent in Notting Hill then what are your options for getting a reduced monthly rent? Here are five suggestions.
Pay rent several months in advance
Whether or whether their renters will pay their rent in whole and on time is a major concern for landlords all around the world. You’ll be valued as a renter if you can lessen this fear for your landlord, and one of the greatest ways to do so is to pay the rent for the next few months. Not only will your landlord be relieved that he or she won’t have to deal with late payments or the costly process of eviction for nonpayment of rent (which will cost him or her a lot of money to start), but you’ll also demonstrate that you’re dependable and will always have enough money to pay for your housing. In exchange for a lesser rate, offer to pay your rent several months in advance.
Rent for a period of more than a year.
Landlords face a significant challenge in finding new tenants each year. They must clean and repair the rental property in between lessees, and there is no assurance that they will find a good renter — or any tenant at all — to rent their home. A landlord would value you highly if you can commit to staying in a place for two or perhaps three years. If your plans allow for a longer lease and you have yet to sign anything, you may be able to negotiate a cheaper monthly rent in exchange for signing a longer lease. Be sure to ask about it if your plans allow for a longer lease and you have yet to sign anything.
Present evidence to your prospective landlord if the rental market is slow.
What is the current state of the rental market where you live? In similar neighbourhoods, what is the average monthly rent for the size of the home you’re renting? Do some research online and inquire around, and if you can find evidence that your landlord’s asking price is excessive, show it to him or her. Similarly, how is the rental market in your area doing? If it’s low, the landlord may be having trouble finding a new renter and may be prepared to cut the monthly rent to keep you. In any situation, you may be able to persuade your landlord to reduce the rent.
Prove that you are a responsible tenant.
It’s easier to do this with a landlord from whom you’ve previously rented, but you may always argue that your rent should be low due to your great value as a renter. You’re extremely useful as a tenant if you have a history of paying your rent on time, keeping your home clean, taking good care of everything within your home, not having pets, not smoking, being quiet, and getting along with others. Offer to show your landlord your credit score if you know it’s good, as a solid credit rating is frequently an indicator of a responsible person. Make your case to your landlord such that lowering the rent is preferable to losing such a fantastic tenant and having to start over with a new renter who may not be as excellent.
A flat “no” isn’t the end of the negotiation.
Let’s imagine you ask your landlord to reduce your rent by £200 per month, but he or she refuses. That doesn’t imply the conversation is over; rather, it implies you need to continue negotiating. Remember the old social psychology principle of the door in the face: if a major request is turned down, back down and try a modest request. If a £200 monthly reduction is too much, you may argue for £150 or even £100. These smaller figures will appeal to your landlord far more than your first request, and you may discover that even if you don’t obtain the full amount you requested, you will still receive a monthly rent reduction.