Whether you have started searching for a new place to rent or it’s time to renew your lease, now is the best time to consider negotiating your rent. Here are some tips on how you could negotiate a cheaper monthly payment:
renting from a private landlord
renting from a private landlord
- Research the current rental market.
You should start by researching the local rental market so that you can assess what you believe should be the rental price for the unit you are considering in your area of interest A real estate broker can show you historical data for the region, and you can also research prices online on different websites. - Find out for how long the apartment you are interested in has been on the market
When a property has been marketed for more than a month with no success, as the landlord is getting worried about losing money he/she might be more willing to negotiate your rent. - Sell yourself
Landlords want renters who are reliable and trustworthy. Some factors that can help you are good credit scores, strong income, and an excellent rental history. You can use these to help your case when negotiating a better deal. - Offer to pay more upfront
Offering to put down more money on the apartment is always a good way to negotiate lower monthly rent payments. Instead of paying the standard security deposit and the first month's rent offer to pay the first three, six or even twelve months' rent right away: Landlords love cash flow! Receiving a larger chunk of change right away may make your landlord more apt to give you a discounted monthly rate. - Sign a longer lease.
If you found the perfect place that has everything you want and if you plan to stay multiple years and want to sign a longer term lease, that should work in your favor as landlords love long leases too! - Offer to pay more upfront
Offering to put down more money on the apartment is always a good way to negotiate lower monthly rent payments. Instead of paying the standard security deposit and the first month's rent offer to pay the first three, six or even twelve months' rent right away: Landlords love cash flow! Receiving a larger chunk of change right away may make your landlord more apt to give you a discounted monthly rate. - Be flexible
You should be willing to meet somewhere in the middle. You can also ask for other considerations if there is no room for negotiation on the amount of rent, such as free parking or improvements to the unit like fresh paint or you can ask for a gym membership. You never know what options are available until you ask. - Consider your timing
It is best if you can begin negotiating at least 2 months before your new contract is due – this way the landlord knows you have time to move out, so you have more leverage over him or her. If you are seeking for a new apartment you should start searching during that time of year when the rental market is low with many vacancies and dropping rent rates. - Point Out Needed Repairs
Point out anything in your unit that is worn out or unattractive and offer to repair or replace it yourself in exchange for reduced rent. You can also suggest that the current condition of the items in question deserves a proportionate reduction in rent. - Mention your other renting options
Let the landlord know that you are considering other places with lower rents and you might get an extra bargaining chip. - Begin the negotiation process
Negotiate your rent with your bottom line in mind. Don’t overburden yourself with a rent that is not affordable.