If you live on rent, you must know that negotiating a rent increase is one task. So, if you are someone who is in a situation to negotiate a rent hike, then this is the article for you. In this article, we will be discussing some of the free templates that will help you to negotiate rent hike.
Rent Hike:
Folks, if you are living in rental agreement terms, you must have signed on a tenancy agreement. Once the duration of that is up, you will need to think about whether to renew that agreement or not.
It is usually during this time that the landlord will be taking the opportunity to increase the rent payable for the premises. Sometimes, you may not be able to afford this. So, in that situation, when you cannot afford the rent, you will have no option but to negotiate rent hike with your landlord. However, there are several crucial factors that you need to consider when making such a decision.
Check out the next section of the article, where we will discuss how to write a rennet negotiation letter and more.
How can You Negotiate Rent Increase?
There are several ways by which you can easily begin the process of negotiating rent increases. But you must have a respectful and tactful attitude during the negotiations to get the most out of it.
During this time, you might be wondering on how you can negotiate rent hike with your landlord . Check out these tips for the most effective rent renewal negotiations.
- Firstly, you must determine who should You negotiate a rent increase with. Some landlords have agents acting for them to avoid getting personally involved with the tenant. Other landlords are more hands-on in communicating with their tenants. If you are dealing with agents, you should ensure that your intentions regarding the negotiations for a rent increase are properly and firmly presented before the landlord.
- Secondly, you can get personal. The idea behind this is to find a way to negotiate a rent increase and to do it directly with the landlord. When share a good relationship with the landlord or even their agent you dealt with when you first got to the place, it would really be good if you could get to them by speaking to them over the phone.
- You can also propose a compromise. You can politely propose to the landlord your reasons and then humbly request for any rent increase to be put off, probably for at least another 6 months.
- You can also propose a lock-in period. This proposal usually goes down well with landlords. Especially when they are not willing to agree on a rent increase upon the renewal of your tenancy.
- Another way that you can try is to offer referrals. You can definitely try requesting a lower rental and referrals. You can also inform your agent or landlord that you will be more than happy to let others know of the property and for a lower rental rate. This approach will be very beneficial, especially if you are a student or member of a community that will need housing frequently.
- Always be respectful and polite while you consider negotiating rent hike with your landlord. If you show them that you can understand their point of view. Also, make sure to inform them that you are willing to meet in the middle; more often than not, the landlords will be willing to negotiate rent hike.
Now that, folks, you have got a good understanding of the way you must deal with the landlords when you are looking to negotiate rent hike, Check out the next section of the article where we will be telling you whether you should consider negotiation for a rental hike or not.
Should You Consider Negotiating Rent Hike?
Folks, you must know when to start considering the decision to negotiate rent hike. This is usually when the landlord hits you with a proposed rent increase and when it comes the time to renew your tenancy. It is quite understandable if your initial reaction is one of discomfort, indignation, or defensiveness. However, before you agree with your landlord over this send him or her angry-face emojis via text message. Think calmly and consider the following factors.
- Consider whether you like the current space. If you have got hold of a comfortable space where you are now. Additionally, if you have put in plenty of effort in making your rented house a home, then you may be hesitant to move out. It could also be the case that you have gotten involved with the community where you are and have built a network where you help each other out and look out for one another. In that case, you consider the rent hike.
- When you are looking to negotiate rent hike. You can also consider looking at things from the point of view of the landlord to determine if the proposed rent increase is fair or not.
- The next thing that you can consider the rent hike is your relationship with the landlord. Consider the relationship that you have with your landlord. If you have a good relationship with your landlord and he or she promptly attends to any issues with the premises. In that case, a rent increase may be justified.
- You must consider your willingness to move from your current place. Even if you were to find a place with a cheaper rent amount. Then, the process of moving is hardly the most straightforward thing to do. You would need to pack, hire a moving company, and arrange for the necessary utilities to be set up.
Salient Features to Keep in Mind When Drafting a Negotiation Letter:
In this section, we will be listing out some of the salient features that you must keep in mind before you draft an e-mail or negotiation letter. The salient features are:
- You can consider referring to the conversation that you had previously with the landlord or agent (if you have previously reached out to them personally or via text or phone);
- Make a Humble request that the rent not be increased OR propose a lower rate of increment;
- If applicable, you can also propose a lock-in period
- Clearly explain your reasons for this request;
- Lastly, thank the landlord for his or her understanding and patience.
These are some of the salient features that you must keep in mind when you are writing an e-mail or negotiation letter to your landlord.
Conclusion:
Make sure to consider the reasons that we have laid down for you in this article, which will help you negotiate a rent hike. In this article, we have briefly discussed the way you can negotiate rent hikes and other important information. That’s all, folks. I hope the article helped you in getting all the information you needed.
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