If it’s time for you to re-up on your apartment lease, you may be able to stop a payment increase or even lower it. The main thing you should keep in mind is that an open line of communication can open the door to rent savings for you.
This article will show you some steps you can take to negotiate your rent.
4 Ways You Can Negotiate Your Rent Price
I don’t have to tell you how rent prices continue to affect the economic landscape in metropolitan cities like Atlanta and other areas. Rent prices typically always go up and never come down, so any relief you can bake into your lease is something you should pursue.
Let’s go over some ways you can work out an arrangement to lower your rent.
Can I Negotiate My Rent?
I know what you’re thinking: Are rent prices negotiable? Everything, including rent prices, is negotiable. The way to get what you want is to have something of value that your landlord wants or needs in return.
The truth is that few things are given to us in the world, and that includes opportunities to save money. You have to make the effort to save money to be help your finances.
1. Offer Your Services
Are you a chef? Do you own a side business? Whatever you do, see if you can offer your services to your landlord in exchange for cheaper rent.
Here are some things you may be able to do for your landlord:
- Paint the interior or exterior of your place.
- Do some on-the-side plumbing work.
- Lawn care or other maintenance services.
2. Offer To Sign A Longer Lease
Another way you can negotiate a cheaper rent rate is to agree to sign a longer lease.
For example, if you would normally sign a lease for one year, offer to sign for 18 months. The landlord will see the extra money he or she can make.
3. Agree To Pay A Lumpsum
Most landlords will take a deal that includes them getting a lumpsum payment. Of course, you’ll want to reduce the overall payment in exchange for a lump sum.
For example, if your rent is $1,000 a month, then instead of incrementally paying $12,000 for the year, you could offer to pay $10,000 in cash. The landlord may not be able to pass up an opportunity to make that kind of money instantly. Also they may reason that the cash can help them pay for some other expense that needs immediate attention.
4. Write A Letter To Your Landlord
Why not just ask your landlord to lower the rent? This should be done in writing so that there’s a documented record of the request.
You can simply make a petition based on your current or projected income and other specific circumstances. Make sure you tell them how much you love your apartment and what you like best about the property.
Also, tell them specifically how much you’d like taken off your rent so that there’s no confusion.. If you’re nice about, the landlord just may consider, especially if they value you as a tenant.
5. Offer To Live In Another Unit
Another way you can knock off some of your rent money is to negotiate moving into another unit that is less expensive. You could also tell the landlord that you will do minor fixes to the place.
For example, if you’re in a three-bedroom unit, you might consider downsizing to a two-bedroom or one-bedroom if your circumstances allow.
Final Word
Getting a rent reduction can really make a difference in your overall budget. Don’t hesitate to write out all the things you do to improve and beautify your living space. Show it to the landlord so they know the efforts you take to make your apartment livable.
After you negotiate your rent, it’s time to move into your new place.