The price of renting a room has increased considerably over the last few years, in particular for places in and around the big cities. It’s hard to know exactly where prices will be this time next year, but it’s likely they will continue to rise, so get the best deal you possibly can right now.
We have some advice on how to approach the topic of rent negotiation - you never know, it might just save you a few extra quid each month. You can thank us later!
Firstly, how do you know what a good deal is?
You probably got a few areas in mind in. Therefore it is very important that you know roughly what you should be paying in the these areas. It can be easy to find a place that you really like and then just assume that is the sort of price you should be paying.
Time to do some research! Without knowing a good benchmark for the area, you could end up agreeing to a monthly rent that is much higher than others in your neighbourhood, or, perhaps less worryingly, you could miss out on the opportunity to celebrate wildly over what a great deal you have found yourself.
There are a number of way you can establish what a fair price actually is. But at the end of the day, the more properties you view in the local area, the better understanding you will have over what you should be paying. By actually looking round a few places, you will start to see why one property may be a bit more expensive than another.
Going in with this knowledge will put you in a great position to negotiate if the price is marked as higher than other similar properties nearby. If there is no obvious reason that one property is more expensive than another, you could see if there is any room to negotiate.
The letting agent or landlord may not be able to budge (remember, they have bills to pay too), but it is worth a try, as long as you approach it in an appropriate manner. And if you still feel like the price is not suitable for the area, then you can always walk away and choose somewhere better suited to you.
You may also be able to negotiate a better price if you are willing to commit to a longer tenancy. Landlords may be happy to reduce the rent slightly if you agree to 24 months rather than 12 months. This is potentially something to consider if you are sure you are there for the long haul. But you are of course reducing your flexibility.
Negotiating the rent may not always be possible. But having a good idea of what to expect puts you in a strong position, and even if you aren’t able to reduce the price, at least you can be safe in the knowledge that you aren’t paying more than you should.
Do you have experience with negotiating your rent - or tips on making sure you are paying the right amount? Let us know in the comments below.