It is difficult for low-income middle-class families to pay skyrocketing rent prices while meeting other family needs. Some people afraid and don’t know how to negotiate the rent. You can negotiate your rent by following simple rules. In US cities rent increase being an inevitable scenario, but they should always be aware that there is a scope for negotiations. You can use apartment listing websites to compare and find the best deal.
However, a first-time renter or an experienced tenant should keep in mind that without causing any discord in the landlord-tenant relationship, they can still negotiate for their rent. Below we are going to show you four best negotiation rules.
1. Know what you want
If you’re a first-time tenant and you don’t have an exact number in your mind, then you’re at the mercy of a landlord. How much money to charge you per month is totally on your landlord, so therefore they can maximize their profits.
Therefore, you have to know the exact number that you want to deduct from the rent as a tenant. This number depends a lot on where you live, and it also varies from person to person.
Zillow or Craigslist are the two best apartment listing websites on the internet, where you find a good percentage. Now compare your apartment price with any other apartment in your neighbourhood according to size in your city. For a rent reduction percentage, this would be helpful.
Even if you lower your rent by $60 per month, that’s a saving of $720 per year. Now, this is a great win to save $720 per year and completely achievable goal.
Below are some more things that you can negotiate:
The amount of negotiation does not include what you are paying your landlord. There are also some things for which you can bargain. Such as:-
- Free parking
- Free garage and storage unit
- Free or partially paid utilities
- Guest parking passes
- Security deposit
- Waived pet fees
You can crisply communicate to your landlord if you know what you want and what your landlord want.
2. Offer something in return
Of course, it is a truth that you can’t say I want to take $60 per month off my rent! In return, you have to be ready to offer something. Offering something in return to your landlord is one of the vital negotiation rules.
The question that arises What does your landlord want? Answer for this is simple: Of course money, but there’s a lot more you can offer to your landlord. The goal is to exchange anything you don’t care.
Below we mentioned few things many landlords will happily lower rents for:-
- Sign an extended lease
- Pay your monthly rent in advance
- Offer an extended termination notice from 30 days to 60 or 90 days.
- Promise not to smoke or drink in the apartment. (When you move out it will save the landlord money).
- Offer not to keep any dog, cat or any other pet even if they’re allowed. (It will cost your landlord extra money for cleaning).
If you know what you want and what your landlord wants, then the chances will increase that you will get the best deal that fits in your budget.
3. Understand when to negotiate
Timing plays a vital role in negotiation rules.
When it’s a buyer market and the landlord has a lot of empty apartments, they need to rent, this time is perfect for tenants. And sometimes there are periods where there is a shortage of apartments. That time is better for renters because they can demand higher rent as there is a shortage in the market.
However, you have to understand what is the right time for negotiation if you want to get your landlord to agree to a lower rate. I recommend you to bargain 2-3 months before your lease expires if you’re bartering a current lease.
As it gets closer to your lease expiring, your landlord will do anything to keep you on as a tenant. Therefore, this time is perfect for negotiation.
During the winter months, it is the best time if you’re negotiating on a new lease. On the other hand, it is uneasy time for landlords to fill their apartments.
According to a recent study from a popular apartment listing website “RentHop”, when you negotiate you can save hundreds of dollars a year. The summer and early fall are the worst time to bargain as a tenant.
4. Practice in low-stakes environments
Due to their failure to practice upcoming negotiations, most people will lose tens of thousands of dollars over their lifetime. Actually, in reality, most of the people living on rent won’t negotiate at all. But people who bargain rarely practice how to barter rightly.
Most of the people feel weird to negotiate. Well, that’s why you need to practice negotiation. You have to find a friend or family member to do tactically. You can even bargain to the local farmers market for small items. Every time you practice, it will contribute to your negotiation rules.
So that’s why I am saying if you don’t practice, you’ll not be able to find perfect rent for yourself. So find a friend or a family member and try to do a role play. You don’t have to worry whether it feels strange or awkward. Saving thousands of dollars will not feel embarrassing.
So here are the four best negotiation rules. However, most of the homeowners are increasing their rent, so it becomes vital to do some negotiation before confirming a room. If you are also finding space for rent, then you can use some apartment listing websites to get the best deal that fits in your budget.