4 Ways Young Renters Can Save Big Before Lease Renewal Season
Summer is a great season for a lot of activities: getting a tan, taking on a side hustle, moving. Changing houses in the hotter months is so common that even Britannica has referred to summer as "moving season." That means a lot of leases are coming up for renewal — and young renters are faced with difficult choices about reducing their housing costs.
Saving money on housing in the summer doesn't always mean coordinating another move. MoneyLion chatted with some experts about the steps young renters can take to save the most money before lease renewal season fully kicks off.
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According to Jon Brooks, a housing market analyst and real estate commentator at Momentum Realty, the smartest money moves young renters can make happen 60 to 90 days before their renewal — when they should start planning to negotiate with their landlord.
Brooks said the first part of any plan should involve researching comparable rents in the area.
"Many renters assume the renewal offer is non-negotiable, but in reality landlords are competing against current market conditions, especially in the Sun Belt," Brooks said. "In markets where apartment supply has increased, landlords may have less pricing power than renters realize."
Waiting until the lease renewal notice arrives is a huge mistake. Be aware of when your lease is due for renewal; use the months leading up to it to "shop around" and compare prices.
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Show Flexibility in Your Negotiations
After adding that most successful negotiations start early, Brooks said people who are willing to think creatively in their asks — not just in terms of rent — can potentially save money during the lease renewal process.
"Instead of simply asking for lower rent, renters often have better success negotiating waived fees, free parking, reduced amenity charges, flexible lease terms, renewal caps or upgraded concessions that reduce their total housing costs," Brooks said.
Brooks isn't alone in this opinion. Chris Ashmore, founder of The Webfluence Agency, said factors like renters insurance bundling, utility costs and parking or storage add-ons are all more negotiable than many renters think.
Remember, You Have More Leverage Than You Think
Many young renters may perceive that their landlords have all the power in negotiations. Ashmore wants them to know they have more leverage than they think — especially if they've lived in their home for a while.
Ashmore encouraged renters to lead the conversation with tenure and reliability, not emotions. He even offered a sample script:
"I've paid on time for 24 months and I'd like to stay — can we hold at the current rate for a 14-month term?"
Ashmore said these longer commitments are your strongest bargaining chip.
Still anxious about having the conversation with your landlord or property manager? Ashmore had more words of comfort: "Landlords hate vacancy more than they love rent increases," he said.
Consider When Moving Might Be Right
Ashmore provided a simple template for understanding whether your landlord might be likely to negotiate a lower rent. He advised comparing your unit against three to five active listings with the same bedroom count within a half-mile radius.
"If your renewal rate lands above market, that's your negotiating number," Ashmore said. "If it's at or below market, your landlord has zero reason to negotiate."
When your landlord doesn't have much incentive to offer a lower rent, you may think the only choice is moving. And that may be true. However, Ben Mizes, a real estate agent and president of Clever Real Estate, encouraged renters to consider the full cost of staying versus moving.
"This includes the cost of deposits, moving expenses, application fees, a longer commute and lost time at work," Mizes said. "A cheaper apartment may not be cheaper once the full costs of moving are calculated."
Sometimes, the new rent really does create a significant financial burden. In those cases, Mizes said it may be time to move, get a roommate or make other major financial changes.
The Bottom Line
As a younger renter, you might be stressed about lease renewal season. That's an understandable fear. But you have more negotiating power — and more options — than you think.
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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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