Your Rent Is Too High — Here’s How To Lower It Without Moving
A considerable chunk of American renters — nearly 50%, according to a recent Apartments.com survey — simply settle on an initial monthly number, deal with increases as best they can and never try to negotiate a better deal. Doing so may be worth a shot, especially considering the surge in average rent costs this decade.
There are multiple factors in your favor. Most landlords worry about vacancy and realize that a unit sitting empty may cost them more than giving someone a modest discount. Landlords also realize that turnover can be costly, with cleaning, repairs and advertising for new renters adding up. Plus, most of them value reliable tenants and the complaint-free stability they provide.
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Check out these tips for how to approach your landlord seeking a better deal. Many of them also apply to negotiating your initial rent agreement.
Before You Ask, Build Your Case
You’ll have a much greater chance of success if you bring some actual numbers and other data.
Start by looking up comparable places near you. Check sites like Zillow, Apartments.com and Craigslist for examples of comparable homes that are renting for less.
You should also be ready to demonstrate your reliability. Show proof of on-time payments, good credit, little drama and the length of your tenure if you have that going for you.
Finally, prepare to highlight how your landlord stands to save money. Remind them that keeping you will save them money on costs associated with vacancies. And speaking of vacancies, check how many your building has. More vacancies equal more leverage for you.
Time Your Request for Maximum Leverage
If possible, shoot for the winter months or other slow-leasing periods. You’ll have more bargaining power than you would if you approach your landlord in peak times. Now may actually be a good time, as rents have cooled relatively since spiking earlier in the decade.
Start two to three months before it’s time to renew. This catches landlords before they list units and it gives both sides more time. And don’t forget to request the renewal quote early. You want an earlier commitment on a number so you can negotiate it down.
Be Clear and Specific With Your Ask
You can start by requesting a flat reduction to your monthly bill. Again, it will help to have a number backed up by comps. You can also ask for a one-time concession. For example, one month free, a lower deposit or waived fees. If your landlord won’t budge on any of that, you can ask for a rent freeze to keep things steady.
Offer Something Valuable in Return
Sometimes you have to give to get. You could offer longer lease terms, which landlords generally like. Less turnover equals less risk for them. Another option: Offer to pay up front. Maybe two to three months. This also cuts down risk for landlords. They also may be receptive to flexible move-out timing. If you’re willing to do some light work around the property, throw that in the mix as well.
Negotiate Beyond the Monthly Payment
If your landlord refuses to lower the monthly payment, you can still negotiate on other factors, like the following.
Parking fees
Storage fees
Utility fees
Amenities fees
You can also try asking for improvements like new appliances, new paint, new carpet or in-unit laundry in exchange for staying.
Use Scripts That Have Been Successful
There’s nothing wrong with having your wording ready in advance —consider the following.
“I’m seeing comparable units in the neighborhood for $X. I’d like to stay — can we adjust my renewal to match the market?”
“I’ve paid on time for X years and take great care of the unit. I’d like to renew, but the proposed increase makes that difficult.”
“If you can’t reduce the rent, would you consider waiving parking/pet fees or offering one month free?”
Be Ready To Walk Away
As in any negotiations, have a walk-away price in mind. And if you’re willing to move, that willingness will put you in a stronger position.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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