How to Negotiate with your Landlord for Rent Reduction?

Kishan Thakkar K

There has always been an upward trend in property rentals since the concept was introduced.

Until people stick with the work-from-home model, rental units that would go on rent within days are now empty for weeks.

In addition, the pandemic has forced a lot of people, including those in the working class, out of work; this has also led to people moving into smaller apartments or units with lower rents.

The parity in demand and supply implies that negotiation is essentially a skill that you need to hone. The best way to approach rent reduction is to use your negotiation skills. As a tenant, you should be able to place your concerns amicably with landlords to foster a good relationship.

Here are a few suggestions

Be Transparent and Polite 

While you are stressed from losing your job or having monthly pay cuts, keep in mind that the pandemic isn’t biased and might have hit the landlord even harder. Be transparent about your situation as well as polite.

Flexibility and the ability to adapt to current financial circumstances are crucial for both parties.

Prepare a plan

Make sure you have a clear picture of what you want before approaching the landlord; you should be realistic about the amount of reduction you expect to receive.

Take advantage of your track record

Those who have always paid their rent on time before the pandemic has a high probability of the landlord agreeing to your terms because they understand the current situation and do not want to lose a trustworthy tenant.

On a Final Note

We suggest that you both agree to a written document that documents the discussion in order to avoid misunderstandings in the future.

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