{"id":3471,"date":"2023-12-12T11:00:31","date_gmt":"2023-12-12T16:00:31","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=3471"},"modified":"2023-12-12T16:39:55","modified_gmt":"2023-12-12T21:39:55","slug":"how-to-negotiate-rent","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/how-to-negotiate-rent","title":{"rendered":"How To Negotiate Rent"},"content":{"rendered":"

Securing a home that aligns with your lifestyle and budget can be challenging. With both parties looking to benefit, how do you know you\u2019re getting a fair deal? Whether you\u2019re renewing your lease, revisiting your current rental agreement or searching for a new place altogether, we hope this blog arms you with the knowledge you need to be able to advocate for yourself and get a reasonable rental offer.<\/span><\/p>\n

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Do Some Research<\/b><\/h3>\n

If there is a specific location you are looking to live, search in the surrounding area for the average rent of similar properties. Consider the size, included amenities, distance to retail establishments and more when examining the local market. Bring these comparables to your meeting to help sell your point.<\/span><\/p>\n

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Timing Is Everything<\/b><\/h3>\n

When you decide to negotiate rent can play a pivotal role in determining your success. Rental inventory is higher in the winter months since there are less people moving. This would be a great time to negotiate for lower rent as landlords are more desperate to lease their spaces. If the property has been on the market for a while, negotiations may be easier as well. Also, wait until the end of your lease when you will be renewing. Likewise, wait until the end of the month if you pay monthly. This aligns with you wanting to stay in your apartment and landlords wanting to fill the space. Start discussions ahead of your lease end date to hopefully reach an agreement before then.<\/span><\/p>\n

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Set Up an In-Person Meeting if Possible<\/b><\/h3>\n

Conversations of this nature are much easier to have in person. Sitting down with your landlord will allow them to get to know you better and understand the person who is renting their space. It is also harder to say no face-to-face.<\/span><\/p>\n

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Be Professional and Realistic<\/b><\/h3>\n

When approaching this conversation, make sure to be realistic. Walk in aiming higher than you expect and work your way down to a reasonable settlement somewhere in the middle. Furthermore, be respectful. The property manager is also a person who is trying to make an income and pay for their own expenses. If you address sensitive topics, such as maintenance repairs and outdated appliances you noticed in the images on the listing, address these concerns politely. While they may play into your benefit during\u00a0 negotiations, maintaining a respectful yet constructive tone will help foster a positive relationship with your potential landlord.<\/span><\/p>\n

Start by presenting a strong rental application if this is for a new apartment. Provide proof of income, record of employment, an exceptional credit history and additional references above those asked for on the application. Next, highlight your strongest points as a tenant. Explain how you are reliable and back it up with evidence, like always paying rent on time, never missing a payment to a landlord and how you\u2019ve taken good care of previous (and current) properties. Lastly, be honest and explain your situation. If you are facing financial challenges or personal struggles, address those in this meeting and how lowering the rent would be beneficial.<\/span><\/p>\n

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Be Open to Incentives and Compromise<\/b><\/h3>\n

If the property manager is unable or unwilling to lower the rent, negotiate other potential benefits. This could be an extended lease term, utilities included or improvements to the property. Be flexible with these options and work together to reach a compromise.<\/span><\/p>\n

If there are amenities you do not need, offer them as incentives. If you do not have a car, but have an assigned parking space, propose giving it up in exchange for lower rent. Similarly, you can offer to prepay a certain number of months of rent in advance or extend the 30-day termination notice to either 60 or 90 days. Having these discussions will help find a solution suitable for both parties.<\/span><\/p>\n

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Get Everything in Writing<\/b><\/h3>\n

Once the conversation has ended, make sure to have the details you agreed upon put in writing. This will allow them to be reviewed a final time by the parties and provide protection from unwanted changes or disputes later on.<\/span><\/p>\n

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Consider Professional Assistance<\/b><\/h3>\n

If negotiating sounds uncomfortable or the situation sounds a bit too challenging, seek out professional help. This could either come from a real estate agent or a lawyer. They will be able to assist you, give expert advice and help get the best deal for you.<\/span><\/p>\n

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