No one wants to pay more in rent. Unfortunately, landlords feel the need to continue to bump up your expenses, usually at a rate higher than what you’re able to increase your income. Add to that the fact that finding a new place with a monthly rent you can afford can be extremely difficult, and the whole situation is extremely frustrating.
What many folks don’t realize is that they may be able to actually negotiate their rent with their landlord. Most folks who are looking for an apartment don’t bother trying to negotiate their rent, because they assume that the amount that’s being asked for is the going rate, and that’s just what they’re going to have to pay. In addition, it’s easy to walk into an apartment that you love, especially after you’ve been apartment hunting for some time, and not even try to talk the landlord down a bit.
The fact of the matter is a potential landlord isn’t going to tell you that you can’t rent an apartment just because you tried to haggle. The worst that can happen, if you try to negotiate, is that you won’t be able to come to an agreeable price.
In particular, there are some situations that make it ideal to try to negotiate your rent:
- It’s a renter’s market. Right now, there are very few places that this is the case. Rental markets are tight, largely because so many people who used to own homes have been foreclosed and forced to find other dwellings. Still, there are pockets where it’s still a renter’s market. If there are lots of vacancies in your area, you’re in a better position to try to negotiate.
- The apartment is vacant. If the current tenants have just left an apartment, the landlord may not be in all that much of a hurry to rent out the apartment. However, if it’s been sitting empty for a while, chances are pretty good that the landlord is going to be easier to win over. For every month that the apartment sits empty, the landlord is losing 100 percent of the rent. Even giving you a 10 percent discount on the rent is better than letting it sit vacant for two more months.
- You have stellar credit. The fact of the matter is that landlords, especially smaller ones, need reliable tenants. They don’t want the hassle of trying to evict a deadbeat tenant. If you can convince your landlord that she’ll never have to worry about that with you, you may be able to swing a discount.
Just make sure that, after you close the deal, you call your agent and update your renters insurance.
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