Ready to Rent? Here’s How to Haggle
Since 2020, the average rent has increased by 8.8%, with some areas of the UK increasing by up to 15%. In this highly competitive market, with desperate tenants offering more than the listed rent price, or several parties registering their interest minutes after the property becomes available, it might seem impossible to secure anywhere at all, let alone to get a good price. Read these tips for renting, to help you find the right place for the right price.
Rent Haggling Tips
(from a former Estate Agent)
1. Research Online
Look at prices on property portals (e.g. rightmove.co.uk) to get a comprehensive idea of the market value of a similar property in the same area and condition. If there are similar properties for less, you can use this research to help you negotiate a lower price.
2. Days on the Market
If a property has been available for a long period of time, there is usually a good reason. The problem is often that the asking price is too high – giving you scope to negotiate down. It’s always worth looking at the number of days a property has been ‘available’ online, as good value properties do not stick around!
3. Prepare Paperwork
Get all your ID and financial paperwork ready before you start negotiating on a property (e.g. bank statements, employer & landlord references, guarantor info – find out what you need here). If you can provide necessary information and documents quickly, you may have more chance of securing the property at a lower price. You should also have your deposit ready to go, as if you can put it down straight away, you may be able to secure the property quickly.
If your landlord won’t budge on the rent, ask if they could make improvements to the property instead. Be realistic here and make sure you are making reasonable requests (e.g. replacing the ageing washing machine). These sorts of improvements could save you money in bills and will benefit the Landlord in the long-term, as it will improve the quality of their property.
5. Set up Property Alerts
In this competitive market, properties can go as soon as they appear online. Setting up alerts with property portals or estate agents with your criteria mean you can register your interest quickly. If a property gains a lot of interest very fast, it might be deleted online – so make sure you don’t miss out.
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