When you’re renewing your lease as a renter, don’t just assume you need to keep paying the same price. If you’re a good tenant, your landlord most likely wants to keep you around. You can haggle within reason for lower rent if it’s the right time to do so. There are a number of factors to consider to make sure you have ground to stand on, but if all the elements align, don’t miss the opportunity to do so. Here are three tips for how to haggle with your landlord to reduce your rent payment.
Compare Other Real Estate Trends
The first step is deciding whether it’s time to haggle over your rent is to review other real estate trends. If the housing market in your community is in a downward spiral, that’s the perfect time to haggle over how much you’re paying per month. When there are other properties up for grabs at better prices, this gives your landlord serious incentive to negotiate. Look up some home listings online and show them to your landlord to back up your case. When dealing with your landlord, always be polite and courteous, but be firm about the fact that you’re aware prices are going down. It’s only fair that they listen to you and give you a chance to state your desires.
Inferring You’re Looking at Other Properties
To drive the point home that it’s in the landlord’s best interest to negotiate, you can also inform them that you’re looking at other properties. This could be a ruse, or you might actually consider moving elsewhere if the housing market is down. After looking around, you might find that you like a particular neighborhood or apartment better than the one you’re in. If it’s a better bargain, then you might end up considering moving. The fact of the matter is that when the opportunity presents itself, you should take advantage. Make this all clear to your landlord if you want them to really consider your suggestion of lowering the rent. At the very least, attempt to prevent an increase, which is customary for when a lease is renewed.
Highlighting Your Strengths as a Tenant
You’ll want to remind your landlord why you’re a good tenant. These qualities can include paying the rent on time, taking good care of the home you’re renting, and generally being helpful where needed. Never forget that a good tenant can be hard to find, especially when the only thing that a landlord has at their disposal is a credit check, a possible background check, and a deposit. Another good point to make is if you’ve lived in the same place for a long time. A tenant who can also prove dependable as well as having longevity isn’t one to lose. On the flipside, don’t bring this up if you’ve had negative issues in the past. Only play to your strengths when it comes to convincing your landlord to lower the rent, or else they may just get fed up with your request and not make any offer. You should be prepared during these negotiations, though, to actually name a price if they ask. Base how much you actually want to pay on similar properties you’ve found listed for lower prices. If you live in a one bedroom apartment in a fourth floor walk-up, for example, don’t use a studio apartment in a fifth floor walk-up as a comparison price. This will make the landlord think you’re pulling the wool over their eyes, and abandon all efforts to get you to stay. The key is being reasonable and direct, and knowing what you want once you start the discussion.