How to negotiate a rent-tenant edition

Whether you’re hunting for your next apartment or your current landlord is raising the rent price, most people don’t realize that negotiating is an option! The idea can be intimidating, but with a little strategy, you just might be able to land a sweet deal. 

Here are some ways you can go about negotiating your rent:

Ask Your Landlord

Yes, you read that right. The first step is to ask your landlord if the rent price is open for discussion. Politely ask your landlord and see when the right time would be. In the case of a landlord increasing the price of your current place, start the conversation before your payment round so your landlord has enough time to consider your offer or, if need be, you have time to make other backup plans.

Take Advantage!

It’s a difficult time for landlords to stay above their loan payment. With Covid-19, it is definitely going to be much harder for them to stay afloat. There is not really an actual "pandemic discount", per say, but you can experience some savings for renting during the pandemic. So why not use that as leverage? 

In the other case, if you can pay a few months upfront, believe me, many landlords would be thrilled to not have to worry about chasing late rent payments and that can give them a huge sense of security as a landlord.

Highlight Your Strength

Show your landlord that you are a reliable, responsible tenant. Always pay your rent on time, be courteous to other tenants and neighbors and always keep the property in good shape. This can help prove your ‘’good tenant’’ score and give them an incentive to keep your current or requested price on.

Do Research

Research rent rates in the market, compare it with other units in your complex, ask your neighbors or even a property consultant to get a better view of a suitable rent price. By knowing average property prices in the neighborhood, this may give you leverage. So before you enter a negotiation, look at prices that you desire and see if it’s possible to match that. 

Backup Plan

You have to decide if you're willing to pay a higher rate than what you expected, just in case negotiations don’t go as planned. And if you are unwilling or unable to accept the new rate, it’s a good idea to start looking for something new. If you think the landlord’s asking price is too high, or it is over your budget, don’t overpay. There is always something out there that will fit your budget.

Get It In Writing

The most important part of all, get your negotiation in writing! After you've worked out a price with your landlord, make sure you get it in writing so both you and your landlord have a paper trail and proof of your negotiated rate. 

Final Thoughts

Remember that rent is not the only thing you can negotiate, some landlords might be unwilling to negotiate on rent. However, that doesn’t mean they won’t make exceptions in other areas. You can ask your landlord to cover utilities and internet bills you normally pay for each month, or if they can replace old appliances or furniture with newer ones. You may be happy where you are with the rent you are paying, but that doesn’t mean you can’t ask for something.