Renegotiating Rent over Existing Lease: 6 Ways to do it the Right Way

Reduction in house rent helps lodgers to save money and cut monthly expenses under the existing lease. Depending on credit history, rental market and lease term, boarder’s can easily deduce their monthly. Constant fluctuating economy and global inflation not only affected property prices but almost every other commodity which makes it quite difficult to renegotiate rent. However, with simple research, precise steps and a valid proposition, you can easily cut down rental fee.

Calculating the Term

The first thing you need to do is calculate how longer you’ve lived in your present home; count only years and months. Note down all the possible reasons as to why you want current lease cost to decrease. Include new tenant referrals, repair and maintenance done so far and number of payments you’ve already made in the list. Compare the expenses with current budget before filing a request.

Comparing Local Rates

Next, compare local rates of homes within your neighbourhood or city limits to decide upon the probability of negotiation. Don’t go way below market value or else your request wouldn’t even be considered. Average percentage of reduction rate lies between three and 30 depending on local market position. Taking example of Dubai, Jumeirah Lake Towers rental property prices are touching the sky however the graph seems to be declining slowly but is still above others.

The Big Meeting

Apparently you’ve to establish contact with decision making force that’s either the manager of the property or direct owner. So schedule a meeting with someone having power either to accept or reject the request! This is perhaps the big day you’ve been waiting for and hold the meeting face to face, not telephonic or email!

Elucidate All the Points

The general notion of holding a meeting is for a chance to say and hear everything in detail. Begin discussion by letting proprietor know how much you’ve enjoyed being a tenant and would further wish to extend the term. Mention all points from the list to elucidate the point of holding this session.

Conclude by requesting rent reduction but don’t be cocky! Remember, clear communication is the key to positive outcome so be prepared to answer manager’s questions as well. Reasons might include company downsizing and neighbouring complexes being cheaper. Use local market research as a backup for lease reduction.

Let’s Negotiate

You must’ve outstanding persuasive and negotiating skills to convince real estate manager. Request to extend lease term which will automatically reduce rental cost. Being a skilled repairman, you can easily work your way to upkeep the property without any help from intermediaries.

Meanwhile, consider services such as free house, carpet or garden cleaning while the amount is covered with rental fee. Accept the final decision even if it’s against your request without creating a fuss. Lest your demand is rejected, prepare to move from the place!

Additional Tips

Resources such as Listaproperty and city statistic websites plus classified section in a local newspaper are best to perform preliminary research. Compare the price of other residential projects within the vicinity and find out if there’re any special deals on lease properties. Number of empty units available provides you with a chance to move into another which is referred to occupancy rate.