4 Mind-Blowing Tips To Negotiate Rent In Toronto
Don’t know what to discuss when negotiating rent? Here are the top 4 tips to help you out.
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When Emma got her first job offer in Toronto, she was on cloud nine. She found the best one-bedroom apartment in a homey neighborhood on Craigslist. Her only worry was the rent. With the current pandemic, she wanted to discuss terms with the owner. And after much haggling, the tenant agreed to lower her rent.
She was ready to cut her other expenses, but things became simpler when she could negotiate her rent. The most ingenious thing she did was to work out a deal. It helped her to create a budget and allowed her to save up her money.
If you are moving to a new house, try to negotiate your rent with the property owner.
Are you looking for certain tip-offs to help you find the middle ground while renting a new place? Then you are in the right place. For your help, we have assembled the top 4 tips to help you strike the best deal with your property owner. Read on to know more.
Tips for negotiating rent:
1. Do the research
No one likes to overpay the rent. Do thorough research into similar rentals in the area. Some units might provide you with facilities like laundry, dishwasher, storage units, outdoor spaces. It can measure up to the added costs of the apartment. Figure out if the rent is reasonable for the amenities provided. Also, do not forget to consider the distance between your home and public transit.
2. Get your profile ready
Get all your documents handy. Credit reports, employment proof, proof of rental payments to your former property owner can help the property owner develop trust in you. It builds the owner’s trust in you and thus allows you to conduct negotiations about the rent.
3. Get tenant insurance
Though it is not mandatory, many property owners expect you to have tenant insurance. The tenant insurance covers your belongings both inside and outside the property. It will help you and your guests from any injury caused because of unforeseen mishaps. Having tenant insurance will make the owner trust you. And so, you will get the chance to ask him to negotiate the rent.
4. Ask for rental concessions
If the property owner does not agree to waive off your rent, you can also ask for rental concessions. You can ask the owner to ignore the pet fees instead. If you have a car and want permanent parking, you can ask them for free parking spaces. You can also ask the owner to compensate for the lesser storage space by providing an extra locker.
There you go then. Use these tips and try your best to negotiate your rent in Toronto. Are you planning to beautify your apartment? Check out ‘Top 5 Ways to Spruce Up Your New Apartment in Toronto’ to find out some beautiful décor tips you can use.
