Renting
In the current climate, most people are struggling to get on the property ladder and renting is becoming increasingly popular. But how can you find out about paying a lower amount and save money on your biggest monthly outlay? Perhaps you are under the impression that your monthly rent payment is set in stone and the only way to pay less is to move to a cheaper rental. It may surprise you, but this isn’t necessarily the case.
Communicate with your landlord.
If you are struggling financially, speak to your landlord. Landlords don’t want the hassle of looking for new tenants and chasing late payments with the chance of receiving nothing if their tenant can no longer afford their rates.
Your landlord is human and in all likelihood, will understand if you fall on hard times. You could try asking for a decrease in rent in exchange for signing a longer term’s lease – this keeps the landlord happy, as they don’t want the expense of hiring an estate agent to look for a new tenant.
When it comes time to renew your lease, don’t be too quick to agree to any increase in rent. A good, reliable tenant is a godsend to a landlord, and they may be more willing than you think to negotiate. All you need to do is ask – you will be surprised how accommodating landlords can be if they think you are saving them time and hassle.
For those living in a complex and who enjoy DIY type work, there may be the option to assist the property owner in carrying out various tasks around the complex in order for a reduction in rent. As well as simple DIY tasks, you could carry out gardening tasks or clean windows.
Check trends.
Everything is negotiable and it pays to keep up with market trends. Speak to neighbours to find out what they’re paying, and even speak to your local tenants Have facts ready before speaking to your landlord to show that you know your stuff and have done your homework.
Highlight the benefits of having you as a tenant:
- always pay your rent on time
- intend to stay there for a long time
- keep the place clean and tidy, and
- don’t give the landlord any other hassles, etc.
Showing yourself in the best possible light with confidence will go a long way in any negotiations with your landlord.
Get a roommate.
Think of the amount of money you could potentially save if you rented out a spare room. This is the best way to gain a massive rent reduction. Always check with your landlord that this is alright. Most will have no problem with it. Renting to someone you know is always preferred. If you do not have that luxury, then make sure you screen any potential lodgers thoroughly, and ask for references in order to avoid problems later on.
Consider rent subsidy.
You may be entitled to assistance from the government if you are on a low income and should make enquiries through your local housing office. You could be entitled to some form of housing benefit and it won’t hurt to ask.
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