Rentals.ca just released its 2019 rental market predictions, reporting that finding an apartment, house or townhouse to call home will continue to challenge renters in 2019, mainly in Canada’s larger cities, It is forecasted that here in Toronto, rental prices may go up 11%, while climbing 9% in Ottawa and 7% in Vancouver. including Toronto.
If you approach it the right way at the right time, it is possible to get a discount on your monthly rent. Here are five important steps you’ll need to take in order to make it happen.
Do Your Homework
There is really no reason you shouldn’t ask for a lower rent payment. But first, you have to do your homework to provide your landlord with motivation to lower it. Check out other rental properties in the area and find out what the going rent is with them. If you already pay less, it’s unlikely your landlord will lower your rent further. But, if you pay more, you’ve got a good argument for lower rent.
Sweeten The Deal
Give your landlord more reason to lower your rent by offering incentives to do so. For example, offer to pay for minor repairs up to a certain dollar amount or sign a longer lease to show your commitment to staying there if the rent is lower. Lastly, you could even offer to pay a larger security deposit as a show of your desire to stay if the rent is lowered. As long as you don’t damage the apartment or break your lease, you’ll get the money back anyway.
Ask The Right Questions
When doing a walk-through with the landlord, be sure to ask the right questions to gauge how willing he’d be to lowering the rent if asked. For example, ask questions like “How long has the place been vacant” and “How soon are you looking to fill the unit?” His answers will let you know his willingness to compromise if you ask.
Be The Ideal Candidate
The better you look to a landlord as the ideal tenant, the more likely he will do what he can to get you into the apartment. This means you should have a good rental history and give the landlord the feeling that you’re always on time with the rent and that you’ll take care of his property.
Look For An Apartment During The Off Season
Most people will forgo apartment hunting during the cold winter months. If you’re looking for discounted rent, this is the ideal time to look for your next place. From October to February, fewer people are on the hunt for a new apartment, making it more likely a desperate landlord will agree to lower rent.
Monthly rent isn’t set in stone in most cases. Under the right circumstances and during the right times, landlords can be convinced to accept lower rent payments if you’re willing to make it worth their while. Use the tips above to negotiate into getting a discount on your monthly rent.