You are lucky if you were able to find a rental that you love in Mumbai. However, affordability is a key factor. If the landlord increases the rent and upsets your budget, that’s a problem. Rent increases in 2-BHK luxury apartments in Mumbai are quite common. A landlord might want to increase the rent due to various reasons.
This can include the neighborhood trends, adapting to the market, or improvements and maintenance needs. Nonetheless, you might be able to negotiate the increase and keep the rent stable for another lease term. If not, you may still be able to reduce the amount of the bump.
Brief Overview of luxury apartments Rent Increase
Rent increases are legal. Both property managers and landlords can charge whatever the market allows for a rental unit. Many don’t have a limit to the amount that your rent can be increased. However, your landlord cannot increase rent whenever they want. For example, they cannot do so during the lease term.
Tips for luxury apartments Rent Negotiation
If your landlord is increasing the rent and you cannot afford the additional cost, here are a few tips to help you negotiate:
You need to do your homework. Is your landlord increasing the rent way higher than rents in the area? Even though there is not a regulation in terms of how high rent can go, you should never be expected to pay way more than what the market conditions dictate. Look up the flats in your immediate neighborhood.
If your landlord is unlikely to find another tenant who agrees to pay the increased rent, you can find room to negotiate.
Talk to Your Landlord
The best thing to do is open lines of communication. Try to stay calm and respectful while discussing the matter with them. If you have been a good tenant in the unit and have not been given any trouble, it may turn out in your favour. Your landlord might decide to keep you around and lower the increase. Give examples of how you have been a good tenant, kept the unit cleaned, and paid rent on time and what would they lose if you decided to leave. Good tenants are not easy to come by. Presenting your case to the landlord in the right way may lead them to forgo the rent increase for now.
Try to Strike a Deal
If you are asking for something, then how about offering something as well? You could sign a longer-term lease if the landlord keeps the current rate. Landlords benefit greatly from a long-term lease as it offers them the reliability that comes with the continued tenancy. If you like the apartment and want to continue living here, then why not? Get rid of the shorter lease.
In case all your tries to negotiate with your landlord have failed so far, you could try the above methods to try and negotiate the rent. If the landlord is adamant, then there is no use.
Remember, never pay more rent than you can afford. Even if it means moving out. If the landlord doesn’t agree, gear yourself up for apartment hunting, and if you can up your budget a bit, you can consider the luxury apartments in south Mumbai that come equipped with every comfort of a peaceful life. Good luck!