If the apartment you love is slightly out of your price range or your rent is about to be raised, we have five tips on how you can negotiate your rent. With a little strategy, you can get the price that is right for you.
Ask if the rent price is up for discussion.
Ask, and you may receive. Contact your landlord and ask them if the rent price is open for discussion. Prices are not as flexible if you are dealing with a property company. However, if you rent from an independent landlord, your chances are greater for price negotiation. Also, start your conversations at least a month before any increases are scheduled.
Show what a good tenant you are.
If you are renting a new place, offer to pay a few months worth of rent upfront for a discounted amount. In addition, offer to sign a longer lease which saves the landlord money in turnover.
In the case of a rent increase, remind your landlord how you have always paid on time and maintained the property. When you point out what a responsible tenant you are, the landlord will consider keeping the rent the same to keep you as a tenant.
End the lease in the summer.
Traditionally renting an apartment is easier in the summer. Offering to end your lease in the summer is more appealing to a landlord since they know it will be easier to fill that space. Ask them to reduce the monthly rent in exchange for a summer end date.
Be willing to compromise.
If the landlord declines your lower rent offer, offer a middle ground number as a compromise. Back this up by reiterating what a responsible tenant you have been. It is worth asking the landlord for a compromise if you can afford this halfway price.
Negotiations are best-done face-to-face or, in these times, by phone. Be polite and professional. Also, follow up with a thank you for speaking to me email 24 hours after your conversation and reiterate your ask.