In order to negotiate the rental price of a home with the owner, the first thing to take into account is your purchasing power. That is, how much can you pay a month for a property and still cover other needs, both basic such as food, as well as minor needs. To ensure that the monthly rental price you pay meets these requirements and doesn't exceed your budget, experts recommend following the 30% rule.
What is this rule? Well, it is as simple as setting the limit of what you will have to pay every month for the property at 30% of your monthly income. This way, you will still have a monthly margin to cover everyday expenses as well as any unexpected events that may arise. According to this rule, a family unit that has a monthly income of €3,000 should look for apartments to rent with a value that is about €900, or failing that negotiate with the owner.
However, it can always be a bit flexible and negotiate a higher price, for example an amount that reaches 40% of your monthly income, but only if we get advantages in return. For example, if the apartment that the family wants to rent with €3,000 of income costs €1,000 a month, but it has very good public transport links to work, those €100 over the experts' recommendation will be offset with the savings in gas. Another scenario would be finding an apartment at €1,200 a month (40% if we earn €3,000), but that, as well as public transport links, it includes sports facilities and/or a swimming pool in the same building. This way, the money above what was negotiated would be compensated by the savings in gas and by the monthly gym fee.
So, if you have the 30% rule as a guide and the additional expenses which we do not want or cannot give up, it will be easier to negotiate the rental price of the home around this figure. Firstly, because when we know our real payment options, we will now be seeing properties that, more or less, fit our purchasing power. And, secondly, because going into a negotiation with some previous calculations will give us confidence and the ability to be stronger and more convincing in the negotiation.