It hasn’t been a popular belief that your lease could be negotiated. If you know that you are disciplined with your finances, chances are you can save much more by asking a discount from your landlord.
Did you even know that you can negotiate your rent? It boils down to timing and the balance of what you can bring to the table to meet halfway.
Here’s the right approach to negotiate your rent the right way.
Inquire about extending the lease
If you’re already in a lease and planning to extend it, let the management or the landlord know to extend it to 18 to 24 months. This gives the management confidence that you can commit longer term for them not to worry about stability. Discounts is mostly given for long term leases.
Research property values
Property Profile reports in a particular area gives you the current market trend. Research rent rates by talking to other landlords or neighbors in the area. Knowing average property prices and frequency of rent hikes in the neighborhood may give you leverage.
Highlight your strength as a tenant and negotiate in person
Always magnify your strengths and you have been consistent and never late with your rent. Took care of the property and have been part of the neighborhood, highlight that. Show them that you relieved them of those worry and you take care of small repairs so not to bother them.
It also helps a lot to negotiate in person. It’s easier for them to say “no” on an email and telephone than in person. Don’t forget to ask and bargain with them for the items you would like since you have been a consistent good tenant.
Put what you like in writing
Plan ahead of time and write down negotiation points that you can fulfill. Ask for free shaded parking, free storage or rate reduction.
But be prepared to bargain, hire a cleaning person and state that you have every intension to maintain the place.
If you can afford it, offer to pre-pay quarterly, giving them the peace of mind and boosting confidence that you are in a secure financial standing.
Negotiate to end the lease in the summer
Summer time is the best and easiest time that landlords get tenants. It’ll be convenient to show that you care and stress that there are more people looking for rental spaces at those time making it easy for them to rent the space again with no downtime.
Offering the landlord to end the contract in the summer can be an attractive option.
Negotiating your rent could be uncomfortable but the rewards could give you the peace-of-mind and enjoy all the amenities of your location.
Keep in mind that your landlord is human too and can be reasoned with.
Meeting in the middle could benefit both of you in the long run.
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