While most people are focused on trying to buy a home in this incredibly affordable market and escape paying rent altogether, the renting population in America is definitely growing. With it, rental rates are on the rise as well. While you might think that this is a recipe for inescapable high rents on your lease agreement, there are still some ways that you can bring your monthly rent down while still moving into a nice complex or home in a good area. Here are three tips for negotiating lower rent in a landlords’ market:
Point out your good payment history
If you have already been paying rent to a landlord for an extended period of time and you have always paid on time and in full, instead of automatically agreeing to rent increases when you sign your new lease, point out what a good tenant you are and see if you can keep your rent payments the same or even get them lowered. Your landlord will want to keep such a model tenant and may be willing to make rent concessions to do so.
Research comparable rentals
If you can demonstrate to your landlord that you could be living in a comparable property and spending less on rent, they may adjust their rental requirements to a more competitive rate. Be sure that you are citing properties with comparable amenities, security, and size, however. Citing a smaller property in a more dangerous area with fewer amenities will not help you make your case.
Ask for help
Tell your landlord that the rental hikes are forcing you to consider moving and ask for guidance. Is there anything you can do to bring your rent down? How could you be a better, more productive tenant? Moving an old tenant out and a new one often costs landlords more than a month’s rent in transition costs alone. Alerting your landlord to the possibility of your leaving could lead him or her to lower your rent in order to keep you in your home.