Renting a property in Australia can be expensive. The good news is, in some situations there is room for negotiating cheaper rent.
From changing rental prices to market trends and even pandemics that affect people on a widespread scale, there are situations where it’s appropriate to ask for cheaper rent.
Whether you’re considering asking your current landlord or prospective landlord for cheaper rent, you need to be prepared with research and a strategy to increase your chances of being successful.
It’s worth noting that if you put an offer forward to negotiate cheaper rent to a real estate agent, they are required to take it to the landlord for consideration and a decision.
Like anything in life, if you’re considering asking for cheaper rent, it pays to be prepared, do your research and go into with a plan.
Here are the things you should consider before asking for cheaper rent.
If you’re going to request cheaper rent, make sure you go into the situation armed with information that could support your case. This could include showing evidence there are similar properties in the area at cheaper prices, proof that prices have been dropping in the area, or you could even look up the percentage of vacant properties in your area.
Another thing you might want to keep track of and show evidence of, is if the property has been on the rental market for an extended period of time – this could also give you some negotiating power.
Before you begin negotiating, ask yourself how far you’re willing to go. If your landlord won’t meet your price expectations, are you willing to terminate the lease early and move elsewhere? If so, make sure you read over your lease agreement first.
Breaking a lease can cost thousands of dollars, and you don’t want to jeopardise your bond. It’s important to understand how much money is at stake before jumping ship (or threatening to).
It is possible to terminate a lease early provided that you and your landlord come to a mutual agreement first. If this is the case, make sure to get any agreements around liability or cost in writing.
Once you’ve done your research and checked your rental agreement (if you’re asking your existing not potential landlord), you now need to decide how you’re going to approach them and what you want to ask for.
You might want to write a letter or request a video call, where a face-to-face meeting isn’t appropriate. Either option is fine.
Then make sure you go in with the exact discount you are thinking of, research that supports this discount and be prepared with what you are willing to negotiate on. For instance, your landlord might agree to the discount if you are willing to sign a longer lease. Anticipate this and figure out where you are willing to compromise before you approach with the request.
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