REAL ESTATE

How to Ensure That You’re Getting the Best Rent Deal Possible

Tenants may find their lives to be challenging due to rising rents, complicated leasing agreement conditions, and large bills. There are several strategies you may use to make your life easier, from negotiating a deal to finding the best house within your price range.

Below, estate agents in Cheltenham discuss how you may find a good deal and save your monthly rent by a few pounds.

Look into the local property market:

The most crucial stage is to conduct research on your local real estate market. You must be aware of the prices charged by comparable homes in the area, their amenities, their locations, and pretty much any other aspect you deem significant.

​​The best course of action is to choose two to three properties that each meet one or more of your criteria. The landlords might then be pitted against one another to discover who offers the lowest rent. Limit your choices to no more than two or three if you are unsure of your ideal neighbourhood.

Timing is key:

Prices for real estate take current demand and supply into account. Most relocations occur from May to September, when it is warm outside. For students, this is especially true.

There won’t be much room for negotiation when there is a huge demand for houses. On the contrary, many landlords would attempt to leverage the demand to raise their own rent significantly. There may be many potential renters, some of whom will have less stringent requirements than you have. Someone else will probably pay the required rent if you don’t want to. Avoid relocating during the summer if at all possible. Instead, make an effort to move in November.

The ideal time to move is during the final two weeks of November. Most people don’t move throughout the Christmas season, picking up their slack after the New Year. Properties that are vacant at the start of December typically remain vacant into January.

Begin as soon as you can:

Finding the best offer needs work and occasionally patience. If you just have one month to find your new apartment, you most likely won’t have time to scour the whole market, identify prospects, and then haggle over the price. Give yourself three months before the move. You’ll have enough time to do all the required tasks without feeling rushed or under threat of homelessness. You must search the real estate market, choose the homes that best meet your requirements, make contact with the appropriate parties, schedule viewings, and engage in negotiation. All of this takes a long time. 

Negotiate and provide support for your offer:

You’d be astonished at how often all it takes is a simple request. Experienced landlords, and letting agencies in particular, frequently offer their properties for more money than they would be willing to accept. This is done in anticipation of prospective renters commenting on the pricing and eventually reaching an agreement through some bargaining. Nobody will object to receiving extra rent, though, until you ask for reducing it.

Keep in mind to be specific. It’s not enough to just say “The rent is very high.” It’s too ambiguous, and it implies that you wish to pay less but don’t know the property’s worth. It’s unlikely that a landlord or agent would just offer a lower price, without you asking for it.

Do your research before submitting a lesser offer; you should prepare a list of arguments to support your offer. Investigate the local real estate market to see how other houses are priced, what amenities they offer, and how attractive and conveniently placed they are. Show the landlord the specifics of any comparable houses you locate that are less expensive and ask if they would match the price.

Offer incentives to improve your chances of receiving a discount:

Long-term, reliable renters are preferred by landlords. Changing renters regularly is the largest expense for landlords, aside from damage to the property. The cumulative expenses—void months, property marketing expenditures, referencing fees, etc.—are significant. They will be more likely to consider your pricing proposal if you can guarantee them a lease for two years or longer.

Cash flow is important to landlords. They will be willing to lower the listed price if you can provide them with greater economic certainty in the shape of a larger tenancy deposit or an early payment of your initial 3 to 6 months’ rent.

Nothing is better than receiving your payment in advance. Furthermore, it serves as a guarantee that the renters will stay for at least the agreed-upon period of time.