Is your landlord increasing your rent? If so, that probably doesn’t put you in a good mood. Remember that that is usually the ultimate goal of the landlord. They want to bring in as much money as possible per month. Your job on the other hand is to keep the rent as low as possible.
If you live in a private home or rental, it is usually far easier than if you live in a large apartment complex. Nevertheless, here are a few tips that can help you get started on negotiating your rent for the next term.
It is not good enough just to say “the rent is too high”. It’s best to be prepared. If your not happy with the rent increase, simply call around other relevant Downtown apartment communities in the area. See what they are charging per square foot. If you find that you can move to another comparable community, then this will provide you with ammunition you need to counter.
Let the manager or owner know that the property down the street is offering a more affordable rate. While you don’t want to move, it just doesn’t make sense to pay more than what the market states. You have to actually be willing to move though.
If you move out, they will have to recondition the apartment and find another renter to pay that higher rate. Depending on how long it takes, they can come out losing money. It’s really a hassle to find other renters. The owner may have to run ads and field phone calls.
If you live in a large apartment community, then have a friend contact a leasing agent and find out what move-in incentives they are offering. Many of you probably get so angry that you cannot get an incentive as a new resident.
Apartment managers hate having vacancies. Their job is to earn as much income for the apartment as possible. If you find out a new renter gets a better deal, let the manager know that you are a current customer, and that your business is just as good as a new renters. Tell them “you probably can do something for me”. Leave it at that. See how they respond. If you apartment community has a lot of vacancies, chances are you will get a favorable offer.
While this generally only works with private residences, this tactic helps build a bridge between you and the landlord. Simply let them know you are in a position to pay a few months rent upfront. They get the upfront large payment and you get to have a more favorable rate. This is probably not the first recommended method, but an alternative if neither of you can agree.
If the owner won’t budge on the rent, tell them you will consider paying the higher rents only if they upgrade the appliances, floors,etc. If the air conditioning unit or refrigerator are on their last legs, let them know that they probably will have to upgrade this anyway. This tactic is more about negotiating on other items than just rent.