The stress of rapidly increasing rent prices is felt by every renter. Rent increase being an unavoidable consequence in Indian cities, a prospective tenant must be aware that there is always a room for negotiations. Most property owners follow the familiar rule of a 10% increase in rent each year, with a minor margin for negotiation.
The right to modify the rent is with the landlord, he/she send a notice to the tenant, that is written as per the rules specified in section 106 of the Transfer of Property Act, 1882. Though, an experienced or first-time tenant should know that an efficient negotiation is feasible with no disagreement in the landlord-tenant relationship.
RentScribe has listed a few points that Renter should take into account at the time of negotiation with the Landlord:
Do your research
A tenant should be educated regarding what the average rent is in the location he/she is living. One of the simplest ways is to search properties on an authentic portal like RentScribe and search the prices of rental properties in the area and nearby. Therefore, if you have rented a 3-BHK apartment in an area, based on the rent that is charged in nearby areas, you can negotiate the rent price.
Know the worth of your apartment
Before you start the discussion, it is also vital to know what the apartment is worth of. If you feel like the amount you are paying as rent is not worthy of the apartment you are living in, there is always an option to discuss the other options available for you. It is advisable to know the local rent laws and regulations and confirm if the rent increase is as per the laws. However, the landlord will like to receive the minimum rent that he/she was receiving from the previous renter.
Propose an extended lease agreement
In some cases, it has been noticed that the long connection with the renter is more worth than an increase in the rent for Landlord. For some landlords, a long association with a tenant might have more worth than an increased rent. Mostly the lease agreement is signed for one year but in case you and your landlord share a good bond and you are not looking to relocate shortly then you can consider a 2-3-year agreement with the landlord.
Prove your worth as a tenant
For a landlord, a worthy tenant is more beneficial than increased rent. If your record as a tenant is quite impressive then this can help you in the bargaining of the rent amount. As per your track record if you have maintained the property in a good condition and paid your rent on time, try to highlight these points, as this would increase your worth as a tenant.
These tips will definitely be going to help you in negotiating the rent amount with a landlord.
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