If you’re a seasoned renter, then you’ve probably experienced seemingly unjust rent prices. Most people think that haggling with the landlord for better rent prices is impossible.
However, rent negotiation is possible and doing it right could possibly save you hundreds or thousands of dollars annually.
In spite of a booming rental market, you can find a way of gaining the upper hand throughout the negotiation. If you’re wondering how to negotiate your rent increase, consider these strategies.
Know the Real Estate Market in Your Area
Before heading into the meeting, you must conduct research. Therefore, you must document the cost of similar units within your neighborhood using online tools.
Alternatively, you could check with neighbors and friends. This will help you gauge a suitable price range for the negotiations.
If you consistently discover that similar apartments in your neighborhood are offering a lower price than what your landlord is demanding, then you have a stronger case.
Bear in mind that “similar” doesn’t merely imply the same number of bathrooms and bedrooms. You should also consider other less prominent aspects of your apartment, including square footage, laundry facilities, and amenities such as gyms. Make sure you print out and organize your findings for the meeting.
Showcase Your Worthiness
Tenants who’ve demonstrated that they’re courteous, reliable, and trustworthy must emphasize why they are worth keeping. You’ll discover that landlords are typically seeking tenants who make timely payments, maintain their rental unit, and maintain good relations with their neighbors.
Prepare a list that highlights your good qualities as a tenant and prepare to discuss them with your landlord. Furthermore, if you’ve assumed any household tasks that are typically the landlord’s responsibility, calculate the financial value of every project and present the figures to him or her.
These tasks include gardening and painting. The landlord might lower your rent in return for your continued work on the rental if they recognize the amount of savings that have originated from your efforts.
Long-term Lease
One tactic of proving your worthiness and willingness to stick around is offering to sign a two-year lease. A longer lease implies that the property-owner can rely on consistent rental payments.
This strategy is particularly effective if you sign a lease during the winter off-season. According to reports, most Americans tend to move between May and September. Therefore, rent prices tend to increase in summer because of the influx of people seeking rentals.
On the contrary, rent prices are typically lower between October and January, and landlords frequently cut deals throughout these months in order to fill vacancies.
Offer Public endorsements
Generally, this strategy is best for major leasing companies because it’s unlikely for individual landlords to have their review pages on websites such as Yelp.
Online reviews can break or make your leasing office or landlord’s chances of wooing prospective tenants. If you offer to do things such as writing a glowing review and post it on different online platforms, the landlord might be more receptive to decreasing your rent.
Find Wiggle Room on Amenities and Utilities
Your landlord may not be keen on decreasing the rental price. However, if you have air conditioning that you never use, establish whether the property owner will consider paying for utility that’s not included as a compromise.
If this doesn’t work, take stock of the items that require fixing around your apartment. You could then request a little revamp if you pay the stipulated rate. Inform them you are willing to pay the increased rate if they make it worth your while.
You don’t have to deal with rent hikes every year. Although your landlord may have informed you of a hike, you could still strike a negotiation with these useful tips.
For more information on how to negotiate your rent increase, contact us at Apartment Agents or leave a comment for other ideas.