Real Estate

A Brief How-to Guide For Negotiating Rent With The Landlord

A Brief How-to Guide for Negotiating Rent with the Landlord

You sure are lucky if you were able to bag a deal on one of the flats in South Mumbai. After all, it is one of the most sought-after locations in the entire city. The area is home to many popular celebrities and artists. It is an expensive locality and if the landlord ends up increasing the rent, it can upset your budget a great deal.

Even though rent increases are quite common to keep up with the neighborhood trends and other maintenance needs, you can negotiate with your landlord. Also, you should know that rent increases are legal. They can charge what the market allows to be charged for a rental unit. However, they cannot do so whenever they want. For example, not during the lease term.

So here are a few tips to negotiate with your landlord regarding the rent increase. You might be able to keep the rent stable for another lease term.

Tips for Rent Negotiation

Do Your Research

This is necessary. You have to do your homework. Ask around the area. Look up the flats in your immediate neighborhood. Ask about the rent. Is what your landlord is charging fair? What are others charging for the same apartment size and amenities?

Is your landlord increasing the rent higher than others? Although there are no fixed rules for regulating how much the landlord can demand the rent, you should never pay unfair or extra or more than the market conditions dictate. You can negotiate if you think your landlord is unlikely to find another tenant who shall agree to pay the increased rent amount.

Try to Communicate with Your Landlord

The best thing that you can do is open lines of communication. Try to sort out the matter with him. Stay calm and respectful. If you have been a good tenant in the unit and have not been given any trouble of any kind, the discussion might turn out in your favor. Your landlord might decide to take back the rent increase. Even the landlords know that good tenants are not easy to come by who pay rent on time and take care of the property.

Negotiate a Deal

When you are asking for a favor, then you should also offer them something in return. For example, if the landlord decides to forgo the rent increase, you could sign a longer-term lease. Landlords greatly benefit from a long-term lease as it gives them the surety and reliability that comes along with continued tenancy. If you like the place and want to continue living here, then why not? Sign a lease for a longer-term.

Try out the above-mentioned tips and maybe you can be successful in getting a good deal and keep your landlord from increasing the rent. However, if your landlord is the kind of person you cannot talk to easily and is stubborn, then there is no use. You should never pay more rent than you can afford.  If you are unable to find a good apartment, you can browse through the flats in Byculla that come with a wide range of facilities and amenities.