5 Tips To Negotiate Your Rent In London

5 Tips To Negotiate Your Rent In London

The end of the month is drawing near, and whether you pay rent at the beginning or end of the month, you know you have to keep the amount ready on the due date.  “Oh, if only I didn’t have to pay so much”, you may think.   Well, what some tenants do not realise is that rent sums are not fixed or irreversible – they are negotiable with the landlord.  As Barkingside letting agents will agree, especially if you are looking at places like Ilford, rental amounts can be discussed and negotiated.

Listed below are 5 tips to try and bring down your rent:

Pay rent in advance for a few months:  One of the major stress factors for landlords is whether or not their tenants will pay the whole rent or in time.  By paying advance rent, your value as a tenant will rise.  It will show that you are dependable. You can offer to pay the advance rent in exchange for a reduced rental.

Offer evidence of lower rentals:   It is important to research the local market.

  • For instance, with apartments to rent in east London, if you can prove to the landlord that similar accommodation in the area is being offered for a lower rent, then you can bargain with him.
  • If you cannot find cheaper accommodation, you could look for amenities (like car parking) available in other properties but lacking in yours. You could use this to negotiate on the rent.
  • Alternatively, if there is a flaw in the rented property which you can live with, bringing it to the attention of the landlord to request a lower rent could work.

Provide incentives:  For landlords, one of the hassles is having to frequently change tenants.  The costs involved – vacant months, marketing, fees – are enormous as well.

  • So, if a tenant offers a longer tenancy period, it may provide the chance to request a reduction in rent.  As the government has recommended, “Assured short-hold tenancies are no longer appropriate in London’s private rented sector and should be replaced with open-ended tenancies with no fixed term.”
  • Experts including letting agents in Ilford say that more the financial security, the better. If you can offer a bigger deposit, the landlord  may agree to negotiate on the rental amount.
  • If either or both of the above is insufficient, you can try offering to take up additional responsibility by taking care of certain tasks in return for a lower rent. However, do not take on more than you can chew.  And always keep in mind that maintenance and key repairs are the responsibility of the landlord and cannot be shifted.
  • If the rental demand in the area is low, then it may be difficult for the landlord to get a new tenant and thus be willing for you to stay on at a lower rent.

Earn the rent decrease:  A model tenant earns the right to request a lower rent.  You should prove that you are the model tenant by treating both the landlord and the property with respect and giving them due attention.  There are many responsibilities for a tenant to shoulder and living up to them proves that you are the ideal tenant. Taking care of the property, keeping it clean and tidy, having a good rapport with neighbours and living a peaceful life without causing problems will help a great deal in convincing the landlord. If you are a new tenant, you can present the landlord with references, credit checks and proof of employment to verify that you will be a model tenant.

Timing:  Demand and supply of property affect the prices.  So does the timing.  Most people move during the summer months and for students, usually during the beginning of the academic year.  Hence, during those times, prices will be high with not much leverage for negotiation.  If you can avoid the summer and wait for November to January or so, when people usually don’t move, the market is slack and landlords may be more willing to accept bargains on reduced rents.  If you are a new tenant, you should look for accommodation which has been vacant for more than one month.  Landlords usually drop their prices after this period.

Conclusion:  The basic fact is that if you do not ask, you will not get.  And there is no harm in asking, as long as you have all details checked out and available.  “An early conversation between landlord and tenant can help both parties to agree a plan if tenants are struggling to pay their rent” is what is suggested in

So do not give up hope!  We trust the above tips will help in achieving your goal.