Nobody likes to pay more for anything. When you are looking for an apartment or a home or a commercial property for rent. You don't want to spend more than your budget. Here are some ways you can go about negotiating your rent price. Every tenant should know these tips as to how you can give your landlord a proper reason why they shouldn't raise your rent and ask if they are open to negotiating rent.
Ask your landlord if he is open to negotiating rent
Having a conversation is the best solution to any problem.Talking with your landlord face to face can help remind him that you’re more than a monthly rent check.
Such is the case even with your landlord for negotiating rent. You need to stay confident and know that you need to talk directly to him/her and share your concerns with the rent being raised. Give your landlord a proper reason why he/she shouldn’t raise your rent and ask if they are open to negotiating rent. This will not only help you convince them and draw their attention to your issue but will surely build a healthy relationship which is a necessary element for your long term stay at his/her place.
Be polite
Some people think negotiations are the time to be aggressive. But understand there is a difference between being confident that you are a desirable renter and being rude. This is (hopefully) the beginning of a long-term relationship with your landlord. Be polite and professional. You have the right as a renter to negotiate rent — but diplomacy and tact are how you’ll seal the deal.
Prove your worth as a tenant
If you pay your rent on time, you might have high chances of negotiating rent with ease.
You’ve been a good tenant, Remind your landlord of your timely payments and any extra work you’ve done to maintain your unit. It may also help to inform your landlord that you really want to stay and you’re not one of those tenants always looking for the next best rental. You are committed.
Ask the landlord for negotiating rent as a new tenant
Discuss with the landlord if they are willing to discuss rent prices. If you’re negotiating the price for a new place, it’s important to know who you are talking to. A large property company is less likely to negotiate terms, while an independent landlord has more leeway to change prices.
If you’re facing a rent increase, start the conversation at least a month before your lease ends so your landlord has enough time to consider your offer or, if need be, you have time to make other plans.
Highlight your strengths as a tenant
If you’re looking for a new place, make sure to inquire about rent concessions. Rent concessions are benefits offered by the landlord to tenants such as move-in specials. You can also show you’re financially stable by offering the landlord a few concessions, such as paying a few months of rent in advance or signing on for a longer lease which saves the landlord money in turnover.
In the case of a rent increase, you should remind the landlord what reliable, responsible tenant you’ve been. If you’ve always paid your rent on time, are courteous to other tenants and have kept the property in good shape, make sure your landlord knows it. It can help prove your worthiness and give them an incentive to keep your current rent.
Offer to end the ease in the summer
Landlords know the summer is usually an easier time to find tenants. Since most people have more flexible schedules then, such as recently graduated college students looking for first apartments, there are simply more people looking for rental spaces. Offering to end your lease in the summer can be an attractive option for a landlord, and they might be willing to shave prices in exchange for the convenient end date.
Research the property’s value know the market
Much like other markets, the rental industry too has its price affected by the current market conditions. Depending on the demand and supply chain, it may have frequent price raises too. This is the reason why you should first do your research about the market, and then consider negotiating your rent with your landlord.
Remind your landlord of the rental prices around you. Check in with your neighbors, ask friends, and research apartments and typical lease terms in your area. It may be possible to negotiate a less substantial increase when you’re able to cite average rental rates around you.
Consider if the rent is beyond the actual worth of the prevailing market. Research rent rates by talking to other landlords or neighbors in the area. Knowing average property prices and the frequency of rent hikes in the neighborhood may give you leverage.
And if your landlord has a raised rent even if the market rates are down, you should consider asking him to reduce your rent. This should work for you as your landlord wouldn’t want you to seek other players in the market.
Negotiate directly, follow up in writing
Although negotiations usually work best when done face to face, during times you can have the conversation on the phone. Remain calm, polite and professional during the discussion – never rude or defensive.
Follow up the discussion within 24 hours with a brief email thanking them for the meeting and reiterating your “ask.”
Propose an extended lease agreement
For some landlords, longer association with a tenant might have more worth than an increased rent. The guarantee that the apartment would not be vacant, is reassuring. Most lease agreements are signed for one year. However, if you do not have any plans to relocate in the immediate future.
Showing that you plan to stay in your apartment for a substantial length of time can demonstrate that you’re a stable investment. If the lease is annual, offer to extend it to 18-20 months in exchange for keeping your current rent, you could perhaps consider a two or three-year agreement with your landlord. If the landlord knows he/she won’t have to take a risk with a new tenant, this could be a good compromise.
Leverage other properties amenities
Here’s where your diplomacy really needs to shine. A good argument for lowering rent is that other places in the area have more to offer for the same or lower rent. For example, you might explain how you’d really love to rent this apartment because it’s so close to work, but then again, a building across town offers a pool and a gym membership for the same price. This can help the landlord see how lowering rent will help you make your decision.
Be open to compromise
Unless you’re simply unwilling or unable to afford the rent rate, suggest a compromise amount that you can afford. If your landlord is asking too much rent from you, consider setting a certain amount from your end and trying to convince him/her to do the same, the rental agreement between a landlord and a tenant is bargaining too! For instance, if the rent is $100 higher than you’d like, offer to pay $50 instead. Back up your offer by mentioning your research findings and focusing on your stability as a tenant.
Have a backup plane
If you’re looking for a new place, you should have more than one apartment, house or condo on your radar. Banking on a landlord increasing rent prices can be risky, especially if you have a set date you need to move out of your old place.
There are always chances that despite all the advances from your end, negotiating rent with your landlord will never come to terms. In such cases, you need to have a backup plan prepared which will allow you to think beyond negotiations.
Your plans can include either looking out for better accommodation which will come in your budget or even getting yourself a roommate to share your rent.
If you’re facing a rent increase, you have to decide if you’d be willing to pay the higher rate just in case negotiations don’t go as planned. If you are definitely unwilling or unable to accept the new rate, it’s a good idea to start researching new apartments. If you decide to stay and pay more each month, you can request property upgrades to make the increase more palatable, such as repainting the walls or updating the landscaping.
