Whether you’ve been terminated from employment, or your hours have been cut short, Covid-19 may have affected your financial situation. Like many people, your biggest expense may be mounting over housing. You may have cut down on other expenses to meet your ends, now you can also think about saving on rent by talking to your house owner. When it comes to negotiation with landlord, you must deal reasonably and do your research well.
Things to Remember While Negotiating with Landlord
Here are five steps to help you with rent negotiation with your landlord during the Covid pandemic.
1. Understand your Options
If you experience an effect on rent during Covid pandemic, then it is necessary to get several facts together before contacting your landlord. This means learning about how much tenants in the society or building are paying for rent, whether bachelors are allowed, and other details. Or browse through online property portals and classifieds to learn about the different prices. You can also check with brokers and local tenants to learn more about the market rates. For example, if you have rented a 1-BHK apartment, you can settle for a price based on what the asking rates are in the locality. The information you gather will serve as your negotiating means to offer you the right perspective on how reasonable your requirements are.
2. Learn Your Apartment’s Cost
It is important to learn what the apartment cost is before you proceed with your landlord. If you feel like you are being charged a high price, then negotiate with the owner. Ask him for different options available. You can also lookup for local rental guidelines in your locality to check if the increase is officially authorized. But, if the previous tenant was paying the same rent, then the house owner may be expecting the last received rent.
3. Be Honest and Reasonable
Always be respectful whilst negotiating with your landlord. It should be profitable for both of you. If you’re fixated upon a certain rent quote or asking for a discount that is unreasonable, then the house owner will not be open for negotiation. Meet them in person rather than talking over the phone. Remain respectful and honest when discussing your rent options because their income may be hit with the pandemic as well. Respect for their time and common courtesy will go a long way in getting the best deals.
If you are out of work, then show them proof of your financial constraints such as job loss, salary deduction from the employer, and other income loss statements.
4. Suggest an Extended Lease Agreement
For many house owners, maintaining a long relationship with a tenant may prove to be more profitable than increasing the yearly rent. The surety that the apartment is not going to stay vacant is relieving. Most rent agreements are made for one year. But, if you are not planning to move out of the house in the coming months, you can consider proposing an extended lease agreement of two to three months with your landlord.
5. Have Evidence of Being a Good Tenant
No landlord wants a tenant with a bad record. But if you have evidence as a good tenant, then you can use it as a bargaining means. For instance, if you have been paying your monthly rent on time, then you are in a better position to negotiate for a rent hike. Or if you have maintained the apartment well, then use it to your advantage. In addition, you also offer to share the society maintenance charge or prepay rent of six months for a limited discount.
These are some of the ways you can negotiate with your landlord during Covid pandemic. In case, you have some financial obligations, then you may rethink your living arrangements. Hostels or paying guest’s options are the next available option. Many cities around the country provide good PG facilities including Chennai. You may look up for PG in Chennai by contacting a trusted property dealer like NoBroker for getting the best paying guests options.