Have you finally secured a dream apartment with the help of apartment quest? Though you have the initial rent to pay as you move in, finances may get tricky with time and knowing how to negotiate your rent can save you from straining. Rent is inevitable when renting an apartment, but it should not feel like a burden.
Negotiating your rent can help you save some money that you can use elsewhere. Even if you save $ 50 every month, this can translate to a substantial amount at the end of the year. Some people end up saving up to $ 2,400 simply because they were courageous enough to negotiate their rent.
Saving on your rent can also help you create a better relationship with your landlord. If you do it respectfully, you can establish open communication between you and your landlord. If you feel like you are not getting value for your money, negotiating can help you get better value so that you don’t get frustrated when paying rent.
Timing is important when negotiating the rent. You can do it at the end of the month when looking for a new apartment to reside in. During this time, landlords are under pressure to find tenants if some of the houses have stayed vacant for a while. Negotiating at this time increases the likelihood of a landlord considering your offer since they want to reduce the vacancy rate.
You can also negotiate some few months before the expiry of your lease if you plan to renew it and continue staying at your current apartment. If you intend to stay in the apartment for the next year, negotiating is easy. Take note that for this to work, you must be a tenant that pays their rent on time and without fail.
Some landlords also have a hard time getting tenants during winter, especially in colder areas. You can negotiate the rent if you are moving to an apartment in such an area. Apart from negotiating the rent, you can also request for other things such as free parking, new upgrades, or free storage.
Though timing can help you get what you are asking for, you have to be good at negotiation to convince the landlord. Before you talk to the landlord, take some time to do some research in your neighborhood, and find out what other tenants pay for similar apartments. This information can back you up when you present your case to your landlord and gives you the confidence to negotiate. The landlord can also agree to lower the rent if you are willing to pay rent for a few months upfront.
You have to know what you want so that the negotiation process goes smoothly and without tension. Prepare all the necessary resources before approaching the landlord. For instance, you can print out your payment records to show them that you are consistent in your payments. If you find better rates in similar apartments, print such details too so that you can reduce arguments during negotiation.