If you live in an urban apartment, you likely don’t have much outdoor space, but you may be able to give back your unused parking space, which your landlord can peddle to another tenant. Generally you’ll need to offer something to make it worth their while, so it’s important to find the levers you can pull in your specific situation.įor example, if the home you live in has outdoor space that requires maintenance, you may be able to negotiate lower rent payments in exchange for maintaining the property (landscaping, shoveling snow, etc.) yourself. Unless market conditions are extremely dire (and they’re certainly not right now), it’s rare that your landlord will agree to negotiate your rent without getting anything in return. It’s not a good idea to go into the negotiation without being armed with knowledge about the market and a willingness to compromise. These five tips will help you prepare to ask for a reduction in your rental payments. But if you find a few similar homes to yours available at significantly lower rents, you’re probably on to something.Ĭheck out these nine tips to score an apartment in a hot real estate market. Of course, you’ll want to get more specific than just home type and neighborhood: you should consider size, amenities, age, and other factors when doing your research. Having this information at hand can be incredibly powerful when it comes time for your negotiation. This comparison can be a strong indication that you’re overpaying, and that your landlord may have a difficult time finding someone else to move in should you decide to leave. You can do this research for any city be it Phoenix, Seattle, St. When you look at other 1-beds nearby, though, you notice that they’re renting for an average of $3,500. But you don’t need to know everything about real estate to negotiate your lease: you only need to know about the type of house or apartment you live in your neighborhood.įor example, imagine you pay $3,850 a month for a 1-bedroom apartment in New York City. If chatting with your friends is the passive approach to learning the real estate market, scouring properties on sites like Zillow is the active one. If a friend tells you they rented a place for less than what you’re paying, that’s a good indicator that the time might be right for you to talk to your landlord about your rent. Housing is the perfect example here, because a lot of valuable housing information gets exchanged in casual conversations. Chitchat is one of the best ways to stay on top of current financial trends, and lays the foundation for a support system should you need one down the road. Talking about money is taboo in some friend groups, but it shouldn’t be.
Here are two methods for discovering whether it’s a good time to request a rent reduction or not. This is essential to putting yourself in a strong bargaining position, giving you a much better chance of success.
In this post, we get into the nuts and bolts of doing just that, even in these dizzying times.īefore asking your landlord for a rent reduction, you first need to identify that the time and conditions are right.
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It goes without saying, then, that there’s never been a better time to learn how to negotiate your rent. In the past 12 months, rental prices have skyrocketed between 20 and 40% in Boston, Miami and New York alike.Īustin, Texas - long known for being a cheap-but-cool alternative to its coastal counterparts - is catching up pricewise, with the average 1-bedroom now going for more than $1,800/month.Īnd of the 30 most expensive cities in the country, only six experienced rent increases of less than 10% over the past 12 months, and none went down.
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