How to Negotiate Price When Renting

Don’t forget always negotiate price when renting. However, the amount of leverage you will have depend on the amount of time the rental property has been on the market, whether you are a desirable renter with good credit and excellent references, what similar property are renting for in the neighbourhood and your competition – people who are also interested in the same property.

Here are some suggestions when you negotiate price:

Do your research

Make sure you know the average rents for in the neighborhood and city where you are looking to rent. You can review classified ads on major websites and have a general idea on how much is being paid in this area.

Find out how long the rental property you want has been on the market. If it has not rented after 8 weeks of availability, the landlord will be about losing money and might be more willing to negotiate your rent.

Sell yourself as a renter

Prove that you are a great tenant compared with other people who are also interested in the property.

Bring references, the most recent pay stubs, bank balances and credit reports if you have when you meet with the landlord. It will facilitate the process of background check, credit check and employment verification and give you a big edge over other competition.

Remember you have options

Let the landlord know that you are considering other places with lower rents. You might have an extra bargaining chip.

Demonstrate flexibility

If there is no room for negotiation on the amount of rent, ask for other considerations. For example, ask whether utilities can be included, see if you can pay a lower security deposit, get an extra parking space or free cable.

Consider your timing

Start to look for a rental place at least 2 or 3 months before your current lease expires. Try to avoid rent in peak seasons i.e. it’s less likely to negotiate rent on a property in a university town in August.

Offer to sign a longer lease in exchange for a lower rent

 It costs landlords money every time a tenant moves out and a new one moves in. If you offer to sign a 3-year lease, the landlord might be comfortable enough to lower rent.