Can you Negotiate Rent?
Yes, rent, like many things in life, can be negotiated. Curious about how you can negotiate yours? Here’s a few tips:
Tips for Negotiating Rent:
1. Research the Rental Market in Your Area
Before starting negotiations, research the local rental market to understand the average rent for apartments of a similar size, with similar amenities, in a similar area. This information will give you a foundation for your negotiations and will also give you a sense of what your other options are.
2. Know Your Numbers
Once you’ve done your market research, determine what you can afford and what amenities are most important to you. Knowing what your priorities are will help you identify areas where you can compromise.
3. Time it Right
If you want to try to negotiate your rent, the day before your lease renews is not the time. It’s generally recommended that you start these conversations early – to allow for any back and forth.
4. Leverage Your Rental History
If you have a strong track record of being a good tenant, leverage that to your advantage. Many landlords would rather forgo a bit of extra rent in exchange for a responsible tenant who respects the property and pays their rent on time.
5. Offer Something in Exchange
Some landlords may be more willing to negotiate if you’re able to offer something in return. Maybe you offer to do minor repairs, cut the lawn every month, sign a longer lease, or pay more money upfront. Either way, offering something to your landlord – other than your continued tenancy – may move the needle in some situations where your landlord isn’t willing to budge.
6. Be Respectful
This should go without saying, but it’s always important to approach negotiations in a respectful and professional manner. You don’t want to treat your landlord like an adversary – instead, think of the negotiation as a collaboration, not a fight.
And remember, negotiations are a two-way process – both parties should be willing to compromise. Approach the negotiation with a clear understanding of your needs and be prepared to come up with an alternative solution if necessary.
Ready to negotiate but not sure what to say? Try this template:
Rent Negotiation Template
I received the rent renewal agreement, but the new rate is much higher than expected. Similar apartments [# of bedrooms, # of baths, in x neighborhood] are renting [for around $ amount], so I'm hoping you'd be willing to come down to [$ amount.]
Since moving in, I have always paid my rent on time and have been kind and respectful to both you and this property.
I'd love to continue living here, but [$ amount] is out of my budget. Please let me know what you think or if you have other suggestions. I'm happy to connect via phone at your convenience.
Sincerely, [Your Name]