The Importance Of Negotiating Rent
As others have noted, negotiating rent is not easy. As with many difficult tasks, success is never guaranteed but there are ways you can improve your chances. Here is guidance that from my experience have helped a renter's odds.
First, the obvious. You need to have been a good tenant. You pay your rent on time, you keep noise levels to a minimum, and you plan on staying at this rental unit.
Why do landlords want to retain good tenants? Well, the enemy of all landlords is vacancy. A vacant unit means no income to offset expense. Additionally, a new tenant means taking time to review applications, credit reports, background checks, and there are always risks with the unknown.
*This is your weapon. *
Use your pristine history to start renegotiating …show more content…
How much do comparable units rent for? Look for similar units in the area with the same number of bedrooms and bathrooms. If you live in an apartment complex, use other apartments within the complex.
If you live in a high demand city, negotiating rent is probably going to be difficult because it is likely the landlord will have a list of people waiting for the space. If you’re in a less populated area with housing vacancies, you can negotiate more aggressively.
**TIP:** Craigslist is a good tool for this. I'd recommend you regularly check Craigslist, and keep track of the comparable apartments you find so you have historical data available for reference. To find increases/decreases in your area, check Zillow Rent Index.
**How long have you been there?**
Landlords are usually looking for long-term tenants, particularly living personifications of the perfect tenant like yourself. Renters like you make their lives easier and provide a steady income. If you want to stay, then it’s in the interest of both of you to adjust the rent, either downward or upward, to match the current market …show more content…
Offer something that may not be as important to you in exchange for something that is significant to the landlord i.e. stability, on-time payments.
Here are some suggestions:
* Sign a multi-year lease (the landlord knows that he will not need to look for another tenant again in a year, saving him effort and time)
* Longer notification time when you need to terminate your lease (the landlord knows that he will have ample time to find a new tenant which reduces the risk of vacancy)
* Prepay rent months in advance (this gives the landlord peace of mind that he will not have to worry about collecting rent for several months)
* Promise not to smoke (this makes the rental unit harder to clean and repair)
* Agree to not keep pets (dogs and cats can damage the floors, walls, and leave stains on the carpet)
* Give up your parking space (if you don't have a car, offer to give the space back to your landlord) When your landlord proposes raising your rent, bring up your history. Mention your history of payments, lack of complaints, and the like. It's not unlike asking for a raise at work. Remember, this is still a business transaction and there is absolutely nothing wrong with standing your
First, the obvious. You need to have been a good tenant. You pay your rent on time, you keep noise levels to a minimum, and you plan on staying at this rental unit.
Why do landlords want to retain good tenants? Well, the enemy of all landlords is vacancy. A vacant unit means no income to offset expense. Additionally, a new tenant means taking time to review applications, credit reports, background checks, and there are always risks with the unknown.
*This is your weapon. *
Use your pristine history to start renegotiating …show more content…
How much do comparable units rent for? Look for similar units in the area with the same number of bedrooms and bathrooms. If you live in an apartment complex, use other apartments within the complex.
If you live in a high demand city, negotiating rent is probably going to be difficult because it is likely the landlord will have a list of people waiting for the space. If you’re in a less populated area with housing vacancies, you can negotiate more aggressively.
**TIP:** Craigslist is a good tool for this. I'd recommend you regularly check Craigslist, and keep track of the comparable apartments you find so you have historical data available for reference. To find increases/decreases in your area, check Zillow Rent Index.
**How long have you been there?**
Landlords are usually looking for long-term tenants, particularly living personifications of the perfect tenant like yourself. Renters like you make their lives easier and provide a steady income. If you want to stay, then it’s in the interest of both of you to adjust the rent, either downward or upward, to match the current market …show more content…
Offer something that may not be as important to you in exchange for something that is significant to the landlord i.e. stability, on-time payments.
Here are some suggestions:
* Sign a multi-year lease (the landlord knows that he will not need to look for another tenant again in a year, saving him effort and time)
* Longer notification time when you need to terminate your lease (the landlord knows that he will have ample time to find a new tenant which reduces the risk of vacancy)
* Prepay rent months in advance (this gives the landlord peace of mind that he will not have to worry about collecting rent for several months)
* Promise not to smoke (this makes the rental unit harder to clean and repair)
* Agree to not keep pets (dogs and cats can damage the floors, walls, and leave stains on the carpet)
* Give up your parking space (if you don't have a car, offer to give the space back to your landlord) When your landlord proposes raising your rent, bring up your history. Mention your history of payments, lack of complaints, and the like. It's not unlike asking for a raise at work. Remember, this is still a business transaction and there is absolutely nothing wrong with standing your