How to Have a Rent Negotiation with Your Landlord

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Most people would avoid having any type negotiations. Whether you’ve been living in the same place for years or just moved in, it’s nerve-wracking to have to negotiate price with your landlord, especially because your interests and point of views on the topic can clash. 

At the very least, you’d want your landlord to stick to the price already negotiated and not increase rent. But unfortunately, sometimes landlords have no option but to increase rent, considering various factors, such as inflation and utility and maintenance costs. 

Rent prices are on the rise worldwide. In fact, in the major cities like New York and Los Angeles, rent has been rising at a double-digit pace. Rent increases come as a blow for the tenants, who then have to pay a certain percentage more on top of the previously negotiated amount. 

According to RealtyTrac’s annual report, rents jumped 3.7 percent across the nation in February 2017 compared with a year prior. Landlords nowadays stand their ground on rent increase come every lease renewal period. 

You should have a solid plan to back you up in your negotiations with your landlord. The first thing you need to check is whether you are paying the right amount for the property. To know what the right amount is, use the rent affordability calculator, which will give you the exact breakdown how much rent should be charged for your property. 

If you’re thinking of moving out when your lease is up, there’s not much point in negotiating. You might even consider moving out early if you’re not able to resolve pressing issues with your landlord. 

Rent negotiation can be an uncomfortable discussion for anyone. Your landlord is only looking out for the rent value he thinks is fair. Through the negotiations, the landlord wants to gauge whether or not you will be the right fit for the community and be able to pay on time. 

If you have a good rapport with the landlord, then it will be easier for you to argue for your price more assertively. 

Mentioned below are the tips that will help you successfully negotiate your rent: 

Do the research

Before you go ahead and make or accept an offer from the landlord, you should be aware of what the other tenants in the building are paying. 

You can find rent information online by searching for “rentals” in any area on sites like Trulia and StreetEasy, or by using a rental search engine like RentHop and filtering properties by price, size, and amenities. 

You can also get information on rents paid by tenants at any apartment building by going through the public records on the New York City Department of Buildings website.

Don’t be afraid to ask

If you find that there are tenants paying less than what you pay for a condo that is the same size as yours and also identically amenitized, you should ask the landlord for a rent renegotiation. The worst they can do is say no. 

Build a case

In order to justify your argument for lowering rent, it’s better to come prepared with a list of reasons that will make it equally beneficial for the landlord to be interested in lowering prices. How can you expect the landlord to be interested in lowering prices? 

Well, you could tell them how great of a tenant you’ve been so far, and that you’ve always paid rent on time. Plus, you could let them know that you plan on staying longer than would be expected of any other transitory tenant. 

Know the market

Are rents in your neighborhood on the rise? Before you approach your landlord, know how much the other apartments similar to yours are going for. Do the apartments in your neighborhood get filled as soon as one tenant leaves? If not, how long has it been since they’ve been on the market? Backed up with facts, your argument will carry more weight during rent negotiations with the landlord.

Dig up the numbers 

For the rent negotiation, you should bring along with you: a rental price range based on your research and a lease offer to sign if your price gets accepted. Be prepared to present the two things together, showing that you aren’t making casual inquiries but are serious about renting. 

Figure out what’s negotiable

If it’s not explicitly mentioned in the lease, it probably is negotiable. Leases are legally binding documents—you cannot renegotiate certain terms later. 

On the other hand, anything not specifically stated in the lease is up for grabs. Parking fees and pet fees are usually not explicitly mentioned, so these are the first things you can negotiate on. 

Make a reasonable offer 

Find out the ideal amount for your condo, but also keep in mind that you have to pay this monthly without fail. If your condo building is hot in the market, it won’t take long for the landlord to get a better offer from another prospect. Make sure the offer you are making takes into consideration all the factors. 

Have the difficult discussion before it’s too late 

Instead of delaying the rent negotiation discussion indefinitely, you should have it upfront, so you don’t get feel short changed later. You should spell out your side of the argument clearly and let it be known that you’re a punctual and loyal tenant. And that kind of qualities in a tenant definitely require some concessions. 

Identify any fault in the apartment you can point out to lower rent 

Whether it’s a leaky roof or the noisy neighbors next door, they could be perfect reasons for rent decrease, especially when the landlord feels you’re a loyal tenant. Once you’ve done your research and gathered all the information you need, it’s time to call up the landlord and request a meeting to broach and negotiate.

Conclusion

Landlords do, in fact, in certain cases, lower rents, provided you plead your case with solid arguments, backed up by solid market research and the effective presentation of yourself as a loyal tenant. You should put the offer based on the locality, the condition of the building and apartment, and available amenities. But once you make the offer, you should stand your ground and hold out for a better offer if you have to.