By Aaron Swartz
Considering the shape the economy is in, the majority of people will end up renting an apartment at some time in their lives, which means most folks will have to spend time negotiating rent payments. Rent can cost an arm and a leg in a lot of places, but oftentimes the monthly expense isn’t set in stone and can be negotiated down a bit. It can be tricky to do though, especially if you’ve never done it before, so to help you save some money and keep your living space, here are our top tips for negotiating a rent reduction.
1. Research, Research, Research
The first step you’re going to want to take when you try and get your rent reduced — before you even speak to your landlord — is to start doing some research. There are two primary things you’re going to want to be able to prove to your landlord when you ask them to lower your rent. One of them we’ll get to in a moment, and the other is that your rent is significantly higher than the rent for comparable units. That’s what your research is there to prove. Start looking at other properties nearby your apartment, units with the same or similar amounts of space and amenities so you can compare them to your living space. If you start seeing prices that are noticeably lower than what you’re paying, make note of the listings and save them somewhere so you can prove to your landlord you know what you’re talking about. This is why it pays to do your research.
2. Know Your Worth
In the prior tip, we mentioned two things you’d want to be able to prove when asking for a rent reduction. One, of course, is that your rent is too high. The other is actually pretty simple: that you’re a good tenant. When asking your landlord to lower your rent they’ll be much more willing if you can show them that you’ve been an exemplary renter, paying rent on time and in full, taking care of your space, and having very few problems. If you can prove to your landlord that you’re worth keeping around (even at a slightly lower cost) they may be willing to negotiate down your rent, especially if it means they don’t have to replace you with someone who might be much, much worse.
3. Time It Right
You know what they say, ‘timing is everything,’ and with a rent reduction it’s no different. The world turns on cycles, and renting works much the same. Between May and September, the number of people moving into new homes is incredibly high, whereas, conversely, in the winter the demand for new living spaces is low. You can use this to your advantage when asking for a rent reduction so long as you pick your timing right. Asking for a rent reduction can be much more successful in the winter since there are a lot fewer people around for your landlord to fill your unit with, they run the risk of losing money for several months if you leave. Similarly, if your lease renewal is coming up it can be an excellent time to start the conversation with your landlord about maybe charging you a bit less. Timing can make a huge difference, so make sure you wait for the right moment.
4. Be Willing to Make a Trade
Unfortunately, you may not be able to get something for nothing when it comes to a rent reduction, and your landlord may ask for something in return, which you should try and be prepared for. As a trade-off for lowering your rent you may be asked to make a larger security deposit than before, or sign up for a longer-term lease so your landlord has a guaranteed income for a greater length of time. Just like your rent though, these are all things you can negotiate with your landlord, and if they try and make you pay more while pretending it’s a good deal you’re under no obligation to take it. However, a longer lease may be a great trade-off for a lower monthly rent, so if your landlord makes a counteroffer, make sure to give it some careful consideration.
5. Get It In Writing
As with everything around rent and finance, it’s best to get things in writing. Once you’ve done your research and prepared your points, reach out to your landlord via email (or regular mail if that’s unavailable) and make sure you have a paper trail. Once you come to an agreement (hopefully) ensure your new rental agreement is drawn up with the new terms of your lease. A spoken deal can be reneged upon, but if you’ve got things down on paper you can protect yourself and make sure you’re not overcharged.
And there you have it, five tips for negotiating a rent reduction. From doing your research to choosing your moment, you should have a better idea of how to cut down your monthly expenses while still keeping a roof over your head.
Equal Housing Opportunity
