5 tips for negotiating rent

5 tips for negotiating rent

12Can you negotiate the price of rent? Most people have never seriously thought about this question, especially those who live in apartment complexes, even though rent is the single highest monthly expense for most people. Well, turns out that you can and should negotiate a lease. Many apartment or house complexes have set rent prices, but you should always ask the leasing office if there is room to negotiate. Often times apartment complexes struggle to fill up empty units during certain times of the year, so you may get lucky and be offered a discount. Plus, there may be some promotions or rent discounts you are qualified for and it never hurts to ask. Worst case scenario – the person will say that they don’t do that, best case scenario – you save hundreds of dollars. On the other hand, if you’re renting from an individual and not a company – negotiating is almost expected.

Negotiate rent politely and professionally

Rent negotiation for an apartment complex or a house is a business interaction and should be treated as such. There is no place for emotions or anger. If you already live there and wish to negotiate rent increase, think about what you’re going to say before meeting with the leasing agent. It can help to create a list of reasons why rent should stay the same or get increased and thinking on your feet when it comes to the sensitive topic of finances is not always a great idea.

Rent negotiation timing

It is ideal to negotiate a lease before you sign the documents for a new home or an apartment. Before you go over to the leasing agent, do your research and try to find out whether the landlord is eager to rent the place out as soon as possible or if there are many applicants. In the first case you are in a very strong position and can go ahead and negotiate a bit more aggressively. If you are already living in the home and are trying to negotiate a prospective rent increase, try to struck up a friendly conversation with the landlord to get a feeling of their mood. You don’t want the negotiations to fail just because you picked the wrong day.

Barter you skills for lower rent

If your landlord wants to increase rent but you absolutely can’t afford it, try to negotiate a lower price by offering to help them with some tasks. This could include conducting minor repairs and maintenance in the homes the landlord manages or helping with day to day business and administrative tasks. Just make sure that you agree on how much time you would dedicate to this and that the amount of work is reasonable for the price reduction.

Find a compromise

If the landlord doesn’t think that your reasons for asking for lower rent aren’t reasonable enough, try offering them something else in return for lower rent. This could be an extension of lease period, a longer notice before you move out or a more favorable for the landlord move out time.

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