Rent is often something we do not think about when analysing our budget to cut costs. However, you can negotiate with your landlord to lower your rent price. It doesn't matter if you have lived there for some time, your lease is coming up for renewal, or you are seeking a new apartment. You can negotiate a lower rent price.
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Pay your rent months in advance. If you can pay three, six, even twelve months in advance you can use that to leverage some savings. Talk to your landlord about paying in advance and she should be more than happy to offer some savings on your rent when you pay upfront.
Offer to sign a longer lease for your apartment. Landlords know that it costs a lot to find new tenants and clean up the apartment for them after you leave. If they know you will be there longer they can save money on those costs, which means you can negotiate your rent price. Ask for a deal on your rent and sign a longer lease in exchange for it.
Research the rental market in your area. Ask other tenants of your landlord what they are paying in rent. If they are paying less than you are for the same type of apartment you should be able to use this information to negotiate rent price. Check the rentometer in the resource box below to see where your rent price ranks. When collecting information to use, make sure the apartments have the same amount of bedrooms and baths as yours. Check apartments up for rent in your area to see what those landlords are charging.
Show your assets. If you have excellent credit and high income for your area you should be able to negotiate rent prices before you sign anything. Excellent credit is hard to come by and shows your landlord that you can handle your finances well. High income ensures that you will be able to pay your rent on time every month.
Look for apartments that have been vacant for some time if you are currently seeking a new apartment. The landlord will be eager to get it rented out to someone, and you should be able to easily negotiate rent prices with her. Inform her that you know the apartment has been up for rent for the specific period of time it has been. She knows that she will save money paying for it once you move in, so ask for a deal. Landlords want to have their apartments rented out. Otherwise, they are paying all the overhead of ownership--maintenance, utilities, taxes, perhaps even a mortgage--without income from the unit.
Tips and warnings
- Be prepared with the research necessary.
- Be prepared to walk away from a bad deal.
- Watch out for short leases where the landlord can raise the rent after three months.
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