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As a renter, it may never have occurred to you to question the rent that pops up in the corner of the screen on Zoopla. If it is within your rent budget filter you’ll take it. But according to Phil Spencer, you should always be negotiating on rent.
On his podcast Move IQ, Phil Spencer shared his sharing his top tips for renters who have yet to make it onto the property ladder. In one of the latest episodes the podcast, the presenter explained that it isn’t just house buyers who should be negotiating on asking prices, but renters should be negotiating on rent, too.
Negotiating on rent
‘I think people are aware that you try to negotiate an asking price of a house when you buy it, but actually, it seems that tenants go, “well that’s the rent, it’s not the asking rent”,’ explains the Location, Location, Location star.
‘In a competitive marketplace, that is certainly the type of image and feeling that a letting agent will try and give you,’ Phil Spencer adds. ‘And sometimes it is absolutely like that – that is the rent, do want it? If you don’t, the next person will have it.’
However, it is always worth asking if the landlord would be willing to take a little less in rent. ‘You want to have a discussion about the price. You want to do your own comparable research. Using the internet to find out what a fair and reasonable price is,’ says the Love it or List it presenter.
If you can’t get your landlord to drop the rent, consider negotiating a deal on other parts of the home. Phil Spencer suggests looking around the flat to see if there is anything you can ask for in lieu of paying less for the rent. For example, if you want the wall painted, carpets cleaned or even new storage built in, it doesn’t hurt to ask for it.
‘You’re well within your rights to say: “I like the house, but in order to pay that level of rent can you give it a coat of paint”,’ suggests Phil Spencer.
So before you get swept up in the excitment of finding a dreamy home to rent, and a rate you are happy to pay, take a minute and consider if you could negotiate a lower rent or change of wall colour.
Remember, you don’t get if you don’t ask.