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7 Ways to Effectively Negotiate for a Lower Rent

7 Ways to Effectively Negotiate for a Lower Rent

Getting a decent accommodation these days is not a piece of cake at all. Although, there are many owners that are more than happy to rent out their place, but skyrocketing rents prevent many people to move into a comfortable apartment. Apart from that, the present economic status of most individuals also imposes limitations on the options. Knowing the right ways to successfully negotiate for a lower rent will determine the success of the transaction.

In few tight markets, where there are more renters than apartments, it’s very unlikely that you will get a decent deal. A bit smarter way while negotiating a deal is to find a way to gain upper hand by using some out of box strategies. However, you must do your homework before negotiating a deal with your landlord.

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1. Sign up for a long term lease:

When a landlord has to rent out a vacant apartment, he loses a lot in broker fees, cleaning costs, and transaction costs. All that can be recovered if you can convince him that you will be staying for more than couple of years. Highlight these points while making a deal with the landlord.

2. Get ready to pay several months in advance:

Some landlords prefer to receive large sums of money and may be willing to provide discount, if you can pay a couple of months of rent in advance. He can use that money on several things that he may have delayed due to insufficient funds. From a landlord’s perspective, it is better to rent an apartment as he may be losing out money by keeping it vacant.

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3. Let your landlord know about your available options:

Just like an offer in hand that can help you to ask for a better pay packet from your current employer, it may be much easier to negotiate with landlords when you have some options in hand. Use this strategy as leverage to build a strong case in front of your landlord. If the apartment has been vacant for a long time, then make your landlord realize that it would be fruitful to negotiate a deal, else it will be an additional cost on his part.

4. Do more research:

You can go online and check if there is any better deal available on any rental website. Check out what other landlords are charging for the same space. This information is available free of cost on a number of websites. A quick Google search will let you know about various sites depending upon your current location. Talk to others in the apartment building to find out what they pay per month. You can then use this comparison chart to avail some reasonable discount from your landlord.

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5. Be ready to carry on small repairs:

Tell your landlord that you can pay for minor repairs from your own pocket and won’t bother him for such issues. This tip may come in handy as most of the landlords find it pretty frustrating when their tenants come on their doors every month with the request to carry on some small repairs.

A better idea is to make a list of minor repairs that you can carry on your own in order to avoid any last minute hassles. While negotiating for an extension of lease, you can point out the repairs that you carried out even though the contract states that it is their responsibility.

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6. Show your positive characteristics:

Every landlord would like to have a tenant who is courteous, polite, reliable and trustworthy. No one wants to sign a deal with a tenant who cannot afford to make payment on time, proves to be a nuisance to neighbors, keep the noise levels up and starts fighting over minor issues. If you can portray some positive characteristics by providing some referrals of your previous landlords, this might help you to save few dollars in your pocket every month.

7. Provide some referrals:

You can offer your landlord some referrals in case if he has some vacant units that could be rented out. After all, an empty unit might put extra burden on the pocket of the landlord. You could also use social media to spread a word among your peers about the vacant apartment. This can help you to strike a better deal with your landlord.

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Rinkesh Kukreja

The founder of Conserve Energy Future, trying to educate people how to save energy and sharing entrepreneurship and management tips

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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