1 in 4 renters are successfully negotiating lower prices. Here's what they're doing right
1. Research rent prices in your neighborhoodIf you're paying more than you would for a similar unit, you'll have a convincing, fact-based argument for a fair price based on local rental market rates.Landlords favor renters who keep their units in good shape and have a long history of on-time rent payments. If you've been with the same landlord for a long time, it's reasonable to ask for a discount.
Likewise, when negotiating a lease with a new landlord, offer references from previous landlords to make the case that you're a reliable renter.If you're happy with your unit and don't expect to move soon, consider proposing a longer lease, such as two years instead of one. In exchange for the commitment, ask your landlord for a discounted rate on your monthly rent.
Plus, by locking in a fixed rate over two years, you can ensure your rent won't increase with inflation for the remainder of your lease.Try to sign new rental leases in December or January, which is the peak off-season for the rental market. That's because the rental market is seasonal, so rent prices fluctuate depending on the demand and time of year. When there's less demand, prices tend to drop.
You could also suggest other expenses be waived, such as the cost of utilities or fees for extra storage space.Sign up for our new newsletter!where Kelly Evans reviews the top indicators that a recession is coming or has already begun.
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