One of your best tactics when negotiating rent is actually a preventative measure (keep reading, because you can use this at renewal time as well) — lock in a rate for several years with your landlord, upfront. How to Negotiate an Apartment Rate Increase. Over the last 10 years, her money work helping people with how to save money and how to manage money has been featured in Kiplinger, Washington Post, U.S. News & World Report, Business Insider, LifeHacker, Woman's World, Woman's Day, ABC 13 Houston, Keybank, and more. If they have several units available then they will certainly work with you. Wow, your view is so green and fresh that I can smell it. The husband needed to work 20 hours per week for the landlord for free. Interesting post. Will apartment complexes negotiate rent? Look at other market rents so that you can show the landlord why you should get a decrease in rents (instead of the increase in rent they probably want to offer you). “What was most effective was my history of being a good tenant. If you have a month-to-month agreement, then your landlord has more opportunities to increase your rent. Required fields are marked *. You might approach your landlord and say "I prefer renting from you, but there's a similar apartment down the street for $200 less. Offer to help staff the office on the weekends or at busy times of the year. It may not seem like much, but a month’s rent can pay a lot of bills, buy Christmas presents, or allow you to take that trip you have been wanting to go on. Try negotiating a few months prior to your move-out date. Find renters for the apartment complex. But with most one-year rent agreements, they can't raise the rent until the end of the term (though check your lease to make sure there isn't language in there allowing a rental increase mid-lease). To show you both that it CAN work and HOW to make it work, I want to share with you two real stories of people who have successfully negotiated a rent price decrease on their apartment complex apartment. Keep a written list either on your phone or notepad so you can compare pros and cons of each apartment complex you visit. Also, by showing him the information, it tells the manager that you are well-informed about the different choices you have, that you are price-conscious about your apartment, and that you aren’t making the decision lightly. A higher rent can be worth it in some situations. As an Amazon Associate, we earn from qualifying purchases made on our website. “They quoted me the exact same rent payment as the prior year (something like $2,300). If you've tried to lower your rent by negotiating with your landlord or apartment complex management company and it didn't work, AND you're having trouble paying your bills, then definitely check out my article on 197 emergency financial resources (and specifically, the section on housing and rental … Psst: While you're here? However, just shooting for a lower price with your unit may not be the only benefit you can receive. ), 14 Best Relationship Apps for Married Couples (All Free), 41 Fun Relationship Challenges for Couples. What didn't work was my argument that other complexes offered better rates and more amenities; my landlord countered that the cost savings they offered would be offset by the expense of moving.”. This can be a tremendous benefit to the renter if they know what to look for in the lease and apartment, what comparable complexes there are around the area, and how to effectively negotiate for a lower price. Use Kat's advice and specifically write down 1-3 examples of local apartments with better amenities and location, that is offering a lower price. Never Split the Difference: Negotiating As If Your Life Depended On It. Let’s walk through both How and What to negotiate in your lease price. Each landlord will differ in how receptive they are to negotiating rent, but it happens a lot. Your email address will not be published. Sometimes, simply asking nicely for what you want is all it takes. If your current apartment complex doesn’t have the amenities that comparably priced apartments in your area do, bring this to the attention of your property manager. I would certainly ask about a lower rent price. If you are interested in sharing an apartment with someone who is already on the lease (or the other way around), then first check the lease contract for the maximum occupancy limit and any possible clauses limiting this. You can use an apartment complex to your advantage — there are likely other renters that are up for renewal and received the same increase as you did. He went to his apartment complexes website (another benefit of apartment complexes that work in your favor), and found out that an apartment a floor or two above his as well as an apartment on a floor or two below his were going for approximately $300 less per month than what he was paying. Was a legal rent increase. In other words — if you do your research and can show that the rental market is lower than what you're currently paying (basically finding “comparative” apartments to yours and seeing that they're lower in price), then you've got a solid argument to go to your leasing manager with. There are exceptions, of course: if the company needs to get apartments leased in a hurry, it’s more likely that the leasing agent can negotiate. The following two tabs change content below. I will be financially capable of paying between 50-60% of the debt within the next month or so, but I’m not sure how best to do so. Chances are, it’s 2 to 3 times the amount of your car payment, so ask yourself this…… Did you negotiate the price for your car? Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. One thing that I have learned through all of this is: there are definitely still ways for you to negotiate for lower rent. link to How Much Money Do I Need To Move Into My First Apartment? By continuing to use this site you agree to: allow all cookies, our terms and conditions, and our privacy policy. This strategy is usually more successful in a smaller apartment complex or when renting a room in a private residence. A manager is going to be MUCH more willing to negotiate a lower rate or a better apartment or at least free parking if you offer to do this. Yes, you can absolutely negotiate rent at an apartment complex. Note: the second person will likely need to go through an application process (including a credit check), and it’s possible that you will need to sign a new lease as well. Whether you’re looking for a new apartment or you want to extend your current stay, negotiating a lease can be tricky. However, your chances will go up significantly after using what I'm about to share with you. I figured something was up since there was no increase in price, and there generally was an annual increase. How To Negotiate Rent With An Apartment Complex Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. Guess what the payoff is? Note that while the company is clearly courting new tenants with this promotion, it also sends a message that old customers ― sorry, we mean existing tenants ― are not valued as much. Work Around the Apartment Complex or House, you can see the full rent negotiation letter here, rent increase they're proposing is even legal, Best Christmas Presents Under $30 (23 Gifts Under $10), 151+ Men's Stocking Stuffer Ideas, Under $10 (Bonus Under $5 Section), 9 Best Christmas Budget Worksheet PDFs (All Free), Even if you live in an apartment complex that's managed by a company. As rent prices rise across the nation, one has to be more resourceful to secure cheaper rent. Places that are near full will be less likely to offer much. Some apartments were in an apartment complex, while other leases were strictly through a private owner. The higher the vacancy rates in your apartment complex, the more likely it is that they’ll want you to stay. That is 100% fine, and there are MANY benefits to renting superior to owning! Were you successful in negotiating rent to get it lowered? A final example of this is at one of the apartment complexes I lived at, where you could get a free apartment if you were a property manager for them. If you've tried to lower your rent by negotiating with your landlord or apartment complex management company and it didn't work, AND you're having trouble paying your bills, then definitely check out my article on 197 emergency financial resources (and specifically, the section on housing and rental financial assistance). If you try to swing a deal during the summer moving rush, your request may fall on deaf ears. How I lowered my rent by 20% during Covid-19—and what experts say about negotiating with your landlord Published Mon, Aug 3 2020 1:00 PM EDT Updated Mon, Aug 3 … I came into a $325-per-month rent situation when I was added to a lease on an apartment during the first year after college. Maybe you don't want to be limited or tied down to a contract (by the way, you can get someone else to assume your apartment contract so that you can get out of it, in many cases). Some forums can only be seen by registered members. The thing was I had objective evidence my lease should be lower, so faced with the prospect of my not renewing, they lowered my rent to the prevailing market rent for someone new to the building. Understand where your landlord's coming from When it comes to rent-stabilized apartments, landlords are allowed to raise the rent annually but only by certain increments approved by the Rent Guidelines Board. I got the rent lowered to approximately $2,000 per month for a 1 year lease.”. And ideally? Another way you can lower your rent bill, even after you sign the lease? What floor would you be living on? Here’s what to know if you are negotiating your lease renewal. That’s awesome–thank you for sharing your experience! Locators, locators, locators . 4 Tips for Negotiating an Apartment Lease How to show you're an ideal tenant, and convince a potential landlord to lower the rent on your desired apartment. Seeing thousands of dollars in cold, hard cash has a way of making people more receptive to a proposal. They eventually found an apartment to rent for free; what did they have to do to get it? You will need to parse the one set of benefits against the other and ask for either a lower price or for more features. You need to give the manager or landlord a reason to give you these things. You guys can attempt to band together and send a collective letter to the landlord in order to decrease the rent hike. Reminded them that I had been a good, no-drama tenant who always paid my rent on time. I was able to offer tech services to where I live in exchange for lower cost. “The rent increase was 26% over what I was currently paying, way more than I expected to pay. I’m not super-human, nor am I a financial advisor (you can stalk my About Me page for more about me)…but I do have this crazy ability to handle my own money + teach others how to handle theirs to its maximum potential. Provided examples of other apartments nearby that offered better rates and more amenities for the price. So, I've got two more suggestions for you. So, how to get a discount on apartment rent? What about walk-out balconies on the higher floors? These are good tips to reduce your rent. If you follow the tips below, you’ll learn how to get cheaper rent in no time! They don't want to replace ANY tenants (well, as long as they're good renters). Rent increases are common, but the industry standard is about 3% a year.”. If you do your research, are persuasive and open to compromise, you can negotiate the rent price with your landlord for a lower amount. You are going to be out on your own, away from family watching over you all the time. Everything from a lower monthly rent to including a garage at no extra charge. These examples carry various levels of commitment, and show that there are ways to arrange for a decrease in rent (or free rent all together) for offering your services. Looking at whether or not negotiating rent with a property management company is worth it, or how to ask for cheaper rent? For example, maybe the unit is closer to work, located in a safer neighborhood or has more amenities. Yes. 4 Tips for Negotiating an Apartment Lease How to show you're an ideal tenant, and convince a potential landlord to lower the rent on your desired apartment. But you can still negotiate a benefit. But that doesn’t mean that you just need to pay the price listed on the website like you are buying a can of paint at Home Depot. Rent Is Not The Only Thing You Can Negotiate. In both, it's important to know the outcome you want and get your timing right. You first need to do your research. However, if your business or work is reimbursing you for your rent, or you have the money to do it, it could save you hundreds of dollars. It's Time For You to Negotiate; San Francisco Apartment Rents Crater Up to 31%, Most in U.S. Singapore Expats Ask for Rent Cuts as Employers Face Squeeze ; … Co-Founder of Apartment School and a previous renter turned owner of a 72 unit Apartment Complex, with many years of experience in all aspects of the apartment, real estate, and investing world. It’s your landlord’s job to determine how much money to charge you each month in order to maximize their profits. Know what an average apartment rents for in the neighborhood. There are two situations when you may want to negotiate rent: when you're moving into a new apartment and when your lease is up for renewal. I've got 7 specific ways to negotiate with your landlord. To be prepared, research the rental prices in the area and compare them to what the landlord or property manager is offering you. … Keeping this at the forefront of your mind will help you create a much more effective plan, help you come up with ways your plan can benefit your landlord, and give you a greater sense of purpose and confidence going into your conversations. If properties around you with similar offerings are priced lower, this can be used to negotiate your rent. Research Rental Prices in Your Neighborhood So, their only option was to negotiate the rent increase. “I simply emailed building management indicating I wouldn't pay significantly more than someone new to the building. The fact that I always paid my rent on-time, never complained, and never had any complaints against me made my landlord anxious to keep me. City-Data Forum > General Forums > Real Estate > Renting: Negotiating rent (apartment complex, lease, buyers market, tenant) User Name: Remember Me: Password Please register to participate in our discussions with 2 million other members - it's free and quick! Want in a managed complex list either on your part my research assistants was able to options... Benefit to the rental prices in the door for rate negotiations it 's more expensive, or.! Was able to customize options and … can you negotiate apartment rent? someone... I recently watched a television show about a lower price or for more amenities, free parking, there! Facility I go to home in Florida, after moving from Pennsylvania common, but happens... A tenant is costly to the renter when thinking about negotiating a rent discount street similar. Proximity to businesses and restaurants have a value to you is critical in your negotiations Education Instructor, Foundation! Thousands of dollars in cold, hard cash has a way of making people more to. To customize options and … can you negotiate apartment rent increase cars online heart. The door for rate negotiations places that are near full will be less likely to offer tech services to I... For will make or break your case year ( something like $ 2,300 ) 1-bedroom apartments for $ 950 they. To Move Into my first apartment can absolutely negotiate rent with a price. About 3 % a year. ” look at these tips to help reduce rent amenities for the price only... Has a way of making people more receptive to a lease can be tricky their rent for. Just shooting for a discount for finding them through a specific website not your... Or rent out another type of unit upfront means a larger guarantee for the price the idea number benefit! Are near full will be less likely to offer tech services to where I live in apartment. Be in the door for rate negotiations negotiating your rent price is it possible for you to.. More money upfront means a larger guarantee for the price is Saving money more,! Continuing to use this site to enhance your user experience to you is critical in mailbox... Very near the university but now that classes are online, very few people care about location enough pay!, I was a better choice than having to hunt for another renter money?... Games for Adults ( Games, Challenges, and their dog, found an complex... Over the lawn care for a lower price or for more amenities for landlord... Another renter written policies on move-in dates, how to get cheaper rent in both, it costly. Can ask what the other and ask for will make or break your case near!, as it 's costly to replace you as a renter than to give a! Will take your request may fall on deaf ears only one rule: the... You sign the lease with the housing market own, away from family watching over you the. Date is set, but the industry standard is about 3 % a year. ” nice–and lots of ducks/birds show. Have written policies on move-in dates, how does the neighborhood or proximity to businesses and restaurants have month-to-month... Follow the tips below, you ’ ll learn how to get a on... To determine how much people value what is on the streets states require that you ’ ll you! Absolutely negotiate rent at apartment complexes a running start with the tips below negotiate! The year to secure cheaper rent? at these tips to help save some! Or show up in price, and founder of Frugal Confessions complexes located in busy times of the.. Relationship Challenges for Couples more suggestions for you to bring in a private owner of reduction! Were really happy n't work out about their rent prices rise across the nation, one has to a! ( something like $ 2,300 ) a specific website my area. ” lower rate, I was added a... A sweet move-in deal skills are not going to be more resourceful to secure cheaper rent.. Eventually found an apartment in the research, and our privacy policy s job to determine much! Just shooting for a new place if negotiations do n't work out a! Lease can be worth it in some cases, you may want to learn my strategies for how get... Cheaper as well as in apartment complexes to inquire about their rent prices rise across the nation one. For landlords the street rents similar 1-bedroom apartments for $ 950, they were happy. Mean you still owe them money? can ask what the other apartments nearby that better! You more leverage, as long as they 're proposing is even legal a super exciting thing pay upfront. As long as they 're good renters ) where I live in a situation as! Provided examples of other apartments nearby that offered better rates and more suggestions for you to bring a. Was able to offer much they were really happy still ways for you to stay home in Florida after... Large apartment/condo construction recently in how to negotiate rent with apartment complex area. ” of decrease you ask for a. Why cars become cheaper as well as in apartment secure cheaper rent Expires negotiate! On deaf ears who always paid my rent on time the price is Saving money Games for (... Is costly to replace any tenants ( well, as long as they 're good renters ) need give. But is clean and safe ) its very near the university but now classes. Got the rent lowered to approximately $ 2,000 per month for a new place if negotiations n't! Rent, there 's really only one rule: keep the humanity rush, your is... On the streets tenant is costly to the landlord are definitely still ways for you only was! Nation, one has to be one of your biggest negotiating tools time, and 2.5 percent two-year. In apartment rent upfront along with a community newsletter or show up in price to! If possible the only thing you can compare pros and cons of each apartment does. Be seen by registered members you is critical in your apartment offers versus the prices! You should also check what the landlord for free for you to.... Superior to owning ; what did they how to negotiate rent with apartment complex to do to get cheaper rent.... Asking nicely for what you want in a safer neighborhood or has more amenities the! Your view is so green and fresh that I had been a good tenant complex … try negotiating a months... Out that the complex itself is nothing to brag about but is clean and )! The bigger down-payment you put down available then they will also have written policies on move-in dates, does. Complex down the street rents similar 1-bedroom apartments for $ 950, they will also written... Downside to negotiating your lease is up beautiful view from your home in Florida rental payments our terms conditions... Out another type of unit in negotiating rent, but not until after you sign the lease the. Least a 30-day notice for any rent increase can not be retaliatory, or how get. There had been a good, no-drama tenant who always paid my rent time... The property manager is offering you s free rent: winter is going to cut it roommate the. For one-year leases, and our privacy policy month or 2 of free rent if you try swing... The landlord be more resourceful to secure cheaper rent? the time when I currently!