Effective ways to Negotiate Rent with your Landlord
The process of finding a rental that caters to your needs and lifestyle may not be as tedious as buying a home, but there are certain nuances that should be ironed out once you do decide on a place to rent. Perhaps the most important of them all is the monthly rent.
Not many know that before signing on the dotted line of a lease contract, you can offer to negotiate with the landlord on the final price of your rent. It never hurts to try, especially at this time when the rental scene is bound to suffer from the looming threat of mass evictions as an indirect effect of the ongoing pandemic. You will need to keep your money close to your chest in these trying times, and a lower rent can help to ease the financial strain.
If the landlord is amenable to the idea of negotiating with you for a lower rent, then you have surpassed one major obstacle to your goals. Now, you and the landlord need to settle on a price that’s favorable to all. Here’s how to do it:
Start at a price slightly lower than your acceptable range
This is a bargaining strategy that gains good results when done right. You first have to know the average rent price in the area where your rental of choice is located.
In Chicago, for example, the average rent for an apartment here is slated at $1,800. You can bargain for a monthly rent of $800 or $900, even though $1,400 is a comfortable rate for you. The landlord may then negotiate for a range between $1,200 and $ 1,400. This will translate to monthly savings as high as $600 after the agreement is set.
While it is challenging to meet in-person nowadays due to the COVID-19 health threat, personally negotiating with the landlord can significantly boost your chances of getting the best rate possible.
Negotiating in person allows you to add a personal touch. This can help nudge the landlord toward common ground. In addition, there may be lesser chances of the landlord saying no.
Set the stage for your request
A request for reduced monthly rent has to be framed properly. When negotiating for your ideal price, begin with an introduction that highlights, among other things:
- Your good payment track record;
- Minimal or no issues when making repairs and approved improvements; and
- If applicable, an intention to occupy the property for the next few years
After laying out in clear terms that you are asking for lower rent, you can present a fairly good case that the landlord can properly weigh on.
You may want to raise another set of values that make you an ideal renter other than the ones stated above. What’s important is that the landlord will be more inclined toward granting your request.
Timing is Key
If you are already renting a home or apartment, don't wait until the last month before your lease expires to negotiate lower rent. Bring up the topic several months in advance so that you can explore other options in case the landlord says no.
Plus, the idea of you moving on to other rental properties may be useful bargaining leverage in your negotiations.
For more tips on how to negotiate with your landlord or for assistance in looking for homes and apartments for rent, the United Realty Group is here to help.