Money is precious, right? So when it comes time to sign a lease, whether it’s a renewal or your first lease for this particular rental, you want to get the most bang for your buck. We’re right there with you! This begs the question – can you negotiate your rent? And if so, how? If these are similar to the questions currently spinning in your head as you’re choosing between apartments or debating renewing your lease, then you’re in the right place.
Is Rent Negotiable?
Let’s answer this question sooner rather than later – yes, your rent is negotiable. I’m not saying, however, that you can negotiate your way into paying less rent with every lease and landlord – it’s situational. But it’s always better to try and fail than to have never tried at all – right? Let’s keep our piggy banks (relatively) full and our apartments affordable, shall we?
So now that you know you can negotiate your rent, you need to figure out how to do so before signing a lease with either the landlord or property manager. If your lease renewal comes with a rent increase, or if your new lease comes with some hefty fees or high rent, then it’s time to consider negotiating. Remember, you can negotiate more than just a lower rent! Bring up move-in fees such as the administration fee or monthly charges such as pet rent. This can get a bit tricky, so let’s cover some of the basics.
How Willing Is the Landlord To Negotiate?
Before you get too far in, it’s best to ask the landlord or property manager the likelihood of negotiating rent. If they have a firm stance that the rent is set in stone and there are no ifs, ands, or buts about it, then it’s probably best you cut your losses and stay on good terms with this person, considering they have control of whether or not you get approved for this lease (or get to renew your current lease).
However, if you find that your landlord or property manager is swaying towards the side of leniency, then get to negotiating! Not too quickly, though. You’ll need to do some digging before things get too heated in this great debate.
Come Prepared to the Negotiation.
The first step to getting what you want in a situation such as this is coming prepared. Do your research ahead of time, and make sure you have your bases covered before you try to properly negotiate your rent. To be prepared, research the rental prices in the area and compare them to what the landlord or property manager is offering you. You should also check what the other apartments in the complex or units rented out by the same landlord currently cost. This will keep you from overpaying for an apartment and may also help you negotiate a lower rent.
For instance, if a landlord charges $1,100 for a one-bedroom unit, but is asking you for $1,250 for a similar floor plan in the same building, then bring this to his/her attention! It’s better to do your research and get a reasonable rate than to blindly accept the listed rent. If the rent is a fair price in comparison to other units or apartments in the vicinity, then it’s time to start promoting yourself as the ideal candidate for lower rent.
Prove That You’re a Good Tenant.
Whether you’re a current tenant for the landlord or property manager hoping to extend or renew your lease, or you’re applying to be a new tenant, you have some ground to stand on. If you have a reliable income (usually 3x the rent), a good rental history, decent credit, and no legal issues, then it’s likely the landlord or property manager will deem you as a good, reliable tenant.
But if you’re hoping to pay less in rent, then you need to make a case for yourself. It’s one thing for your application to be accepted, but it’s another to convince the landlord that giving you (the tenant) a lower monthly rent will be beneficial to them. It may be more than just selling yourself as a great tenant – you may need to offer the landlord or property manager something in return. And I’m not talking about bringing baked goods to the leasing office once a week – as delicious as that sounds, I just don’t think that’s going to cut it. So let’s get down to business.
Offer Something in Return.
What’s going to make the landlord or property manager agree with you and offer you lower rent? Well, it may take offering him/her something in return. If you're dealing with a small property management company or an independent owner, you can offer to help with maintenance work (small repairs only) in your unit rather than filing a maintenance request. Your landlord or property manager may be more willing to compromise on the cost of rent, as this will save them time and money on simple repairs.
While offers such as this may intrigue some landlords or property managers, it may not be enough to sway (or be acceptable for) big-time property management companies – but it never hurts to ask! In another scenario, you could offer to pay several months’ rent upfront. This will prove that you have the funds to pay a higher rent, but you’re just hoping to spend less on rent and save more for future endeavors. Depending on what situation the landlord or property manager is facing with their properties, they may be willing to make this type of compromise with you – more upfront for them equals less overall rent for you.
You may find that negotiating lease length is an option, as well. Maybe you were wanting to sign a six-month lease, but that rent was going for $1,300. But the landlord or property manager agrees to negotiate on rent with you, and comes back with a 12-month lease for $1,150. If you’re able to sign a year-long lease and stay put for a bit longer than you anticipated, then paying less in rent may work for you this way! You’ll be paying more overall, but you’ll also have a home for six extra months at a lower rate than what you’d be paying for a shorter lease. Weigh your options!
Timing Is Everything.
You’ve heard this one before – timing really is everything. It’s important to time your negotiation wisely and know how much leverage you have when it comes to negotiating your rent. If the landlord or property manager is eager to rent the apartment – probably because the rental market isn’t ideal – then you have a pretty good chance of getting your way in the negotiation. Whether you’re renewing your lease or signing a new one, it may be the case that the landlord is willing to lower your rent rather than risk losing a tenant and having to look for a new one. However, if it’s prime renting time (during the late spring and summer months), then you may be out of luck.
This is the time of year when rental costs skyrocket (a bit dramatic, but you catch my drift), versus the winter months when you’ll find lower rents and move-in specials (can you say waived pet fees?). As long as you know the situational limits, come prepared, present yourself well, and time the situation correctly, you may just find that you can negotiate your way into paying less rent! Best of luck, my fellow renters.
