Millions of people live in rented accommodation these days. House prices are at an all-time high in the UK, and most of us can’t afford a mortgage. However, as the demand for rental properties increases, so does the price. City apartments in the UK tend to cost over £1000 per month. These homes are small, cramped and rarely have outdoor space.
Fortunately, you can negotiate your monthly rent with your landlord and ask them to lower the price. You could cut back on electricity, water and your food budget in a pinch. But rent prices take a significant chunk out of our monthly income, and it’s worth asking for a reduction.
Renters insurance can protect your personal possessions in the property and give you a safety net. Both landlords and tenants can benefit from renters’ insurance in the long run.
Most tenants think their rent is fixed when actually it can be negotiated. Here are a few tips on how to ask your landlord for a reduction in rent.
Highlight your strengths as a tenant
First up, you need to prove that you are a good tenant to have in their property. Highlight your strengths and remind them that you are a reliable and responsible tenant. You always pay your rent on time and look after their property. A gentle reminder might give them an incentive to reduce your current rent.
Inquire about extending the lease
Ask your landlord to extend your lease by 18-24 months to show they won’t have to find a new tenant any time soon. In return for extending your lease, the landlord could offer you a subsidised rate.
Be open to compromise
You might not be able to get a significant rent reduction on your apartment. However, you might be able to get a 5 or 10% reduction. For example, you could ask to reduce the rent by £50 instead of £100. Back up your offer with research findings and remind them of your stability as a tenant. Remember, your offer has to be a logical conclusion based on research and your track record.
Negotiate in writing
You could ask your landlord directly to reduce your rent. They will probably agree to think about it and back to you. You need to follow up this conversation with a written email to make sure they are considering it. Let them know you are serious about this reduction and need an answer from them.
Ask if rent is open to discussion
Your landlord will not voluntarily offer a rent reduction. You can ask if it’s a good time to talk about your rental price and whether there is any leeway in price. Be polite and assertive with this conversation.
Rental properties allow you to explore new areas and live in different places. However, they are also very expensive, and it’s important to get the best deal possible.