As a college student, you are on a tight budget with little wiggle room. Aside from tuition, one of your biggest expenses is likely your rent, especially if you live off-campus. You may have other friends who go to the same school or live in the same city who also rent an apartment or house during the semester and it is likely that at some point, you compare prices. If you notice a major difference in your rental cost and the rent of those who live nearby, you may be able to negotiate your rent if you know the skills to do so.
Image: Christina Morillo via https://www.pexels.com/photo/two-person-seating-on-chairs-1181224/
Type of landlord
Most private, or even accessible, landlords are more willing to negotiate rent than other landlords. Before you even move in and pay a cent, see if you are able to find a private or accessible landlord to increase your chances of being able to negotiate. You may even opt to look for someone subleasing their space as those who are subleasing are more worried about finding someone to move in. Even if this means saving $100 a month, that is a substantial amount to save.
Be in the know
You do not have to know all of the nitty-gritty details of how the economics of the real estate market work, but knowing what others are paying for a similar space with comparable amenities can help you see if you are paying too much. As mentioned above, you may have people you talk with and are comparing rent costs with. If you are comfortable with these people, consider asking about what amenities they have access to and how big their space is. There are a number of online resources that you can also access for additional comparisons.
All about timing
As with most things in life, getting the timing right when negotiating rent is crucial for your success. In most cases, negotiating at the end of the month is more successful because landlords are in more of a hurry to fill their apartment instead of having it empty for another month. If you already have a lease with a landlord, start researching early to either have another apartment lined up or convince your landlord that you could easily move into a less expensive place. Also, winter months tend to be slower for landlords, so landlords may be more willing to negotiate rent during these months since they want to keep their properties filled.
Haggle away
It may seem intimidating going into a rent negotiation, especially since you do not know the outcome, but it is essential that you are confident in your approach. You have likely done a lot of research and asked around, so you have valid sources to back you up. When negotiating, start with a lower price than the price you are actually aiming for. It is essential to be as calm yet confident, non-aggressive but non-hesitant so you come across as knowledgeable.
Negotiate parts of the rent
Your landlord may be uncompromising on overall rent, but they may be more willing to compromise on certain aspects of your rent. For example, if you pay for a parking spot but use alternative transportation methods, your landlord may be more willing to negotiate that. You may even be able to ask for a fresh coat of paint for free, depending on your landlord. Landlords have a lot of expenses that may go into rent such as lawn mowing, snow plowing, and other sorts of administrative expenses. If you are good at handy tasks around your rental space, consider volunteering to take care of these things for your landlord in exchange for a lower rent. Ask what sorts of things your landlord needs done, and volunteer to help take care of them. These things have value, and not only will you be able to negotiate your rent to be lower, but you will also show that you are a good tenant who cares about the property and your fellow tenants.
Know your worth
Even if you have not lived in an apartment complex your landlord owns, you have the power to leverage your own worth as a good tenant in order to lower rent. You may have lived in the dorms before or have had other rental experiences where you were viewed as a good tenant. Have landlords or RA’s write letters of recommendation that you can use to show your current or potential landlord that you are worth having as a tenant, even at a lower rent cost. If you are renewing a current lease, remind your landlord of things you have done that have been positive, such as consistently paying rent on time or assisting in community matters.
Rent negotiating can seem overwhelming and scary, but knowing how to approach it can help you be confident and get the outcome you desire. As a student, any money saved is crucial, so lowering your rent can make a huge difference in your budget.
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