Hunting for a suitable apartment to rent is not easy, nor is balancing your budget in order to be able to afford the apartment you really want. Did you know that it is possible to bargain with your landlord to establish a rent amount that is more suited to your personal circumstances? If not, then you owe it to yourself to learn how to approach the subject of lowering your rent with your landlord. Think of it this way: would you purchase a car without first trying to negotiate the price? Of course not! Here are some great tips for negotiating your apartment rent:
Study the market
Call around and ask about other comparable rentals so that you know what is reasonable to negotiate. Also, ask a realtor that acts as a property manager what the market is like right now. If rentals are in high demand, you will have to be more careful about negotiation than you would be if renters were sparse (and landlords desperate).
Present yourself in your best light
Make it a point to let the landlord know that you are an ideal tenant (of course, this must be true for this to work). Use things like positive references, rental history data, and job stability to enforce your landlord’s belief that you are a valuable commodity in terms of potential rental income.
Prepare your case
Before you attempt to negotiate with a landlord, make sure you have thoroughly prepared your case. That means that you need to have paperwork to back up any claims you make about the rental value of the property, the current state of the market (renter’s market versus landlord’s market), and your worthiness as a quality tenant.
Agree to a longer lease term
It is likely that your landlord may budge on your rent amount if you can commit to staying in the rental property for an extended period of time. Landlords hate having to find new tenants, and hate even more having to experience a gap in rental payments during the search for a new tenant. Therefore, if you can prove to your landlord that you are going to be staying for a considerable amount of time, you may just leave the negotiation table with the rent you want.
As you can see, negotiating your apartment rent with your landlord will take some homework and preparation. However, all of the hard work can and will pay off if all the circumstances are right. Follow these tips to ensure your best chances of lowering your rent through negotiation.