Rent is widely considered to be wasted money, used to pay someone else's mortgage. But with house prices falling, tens of thousands of prospective first-time buyers are happy to be tenants while waiting for property to become more affordable. And with rental properties coming on to the market at the fastest level on record, there are bargains to be had. Here are five tips on how to get the best deals.

Know your market

The rental market can change quite rapidly, so it is worth doing research before looking for a new place. By checking lettings agents' shop windows and searching the internet you can make sure that you do not end up paying more than the going rate. Lettings websites, such as gumtree.com or moveflat.com, will help you to establish rental costs in the areas you are considering. If you do not want to move, you could even use this information to negotiate cheaper rent on your current home.

Promote yourself

All landlords want reliable, decent tenants, particularly during a recession when people start losing their jobs and may be unable to pay the rent. Use this to your advantage when negotiating the rent on a new property or remind your existing landlord of the advantages of keeping you. Extending your tenancy, hopefully on a lower rent, will save your landlord from potential void periods in which the property is empty.

Get time on your side

If you are looking for a new rental property, make sure that you give yourself plenty of time. The last thing you want is to leave yourself only a couple of weeks to find somewhere because this will reduce your bargaining power and could force you to settle for an inappropriate property.

Another way to make time work for you is to negotiate a longer rental period. Most renters are under what are known as assured shorthold tenancy agreements. Typically, these stipulate a term of six months or a year. Finding good tenants takes up a landlord's time and money, with credit and reference checks needed, and fees to be paid to letting agencies. Tenants who sign longer-term agreements, such as two years or more, negate these inconveniences and costs for the landlord, who may then be inclined to reward loyal tenants with a discount of between 5 per cent and 10 per cent, if they ask for it.

Work for your discount

Some landlords will reduce the rent on a property in exchange for various maintenance jobs. For example, you could promise to clear and maintain an overgrown garden. If your flat does not come with a garden, you could offer to paint rooms or sand floors.

Another way to secure a better deal is to take a new flat unfurnished. This will demand some initial outlay of extra cash to buy furnishings, but in the long term you will be building these up for your first home.

Be a better negotiator

There are golden rules that hold true in any negotiation. Experts suggest that adopting a win-win approach helps. In a rent negotiation, this could mean reminding the landlord of the positives on both sides. You could say: “If we sign for two years, you have reliable tenants and we have more security.”

Saying nothing is sometimes as powerful as speaking, provided that silence is used in the right way. Nerves often prompt people to talk over silences, which can make them look unsure. So be confident enough to wait for the landlord to agree to cheaper rent once you have asked for it.