Tips for Negotiating Lower Rent Prices

Negotiating lower rent prices may feel scary, but being successful in doing so can result in significant savings over the course of even a year. Before you try to negotiate lower rent prices, prepare for how you will approach your landlord. Trying to negotiate lower rent prices isn’t something you should do on the fly. Know what you want and have a well-reasoned argument to get it.

If You’re New to Renting This Place

Perhaps you have found the perfect place to rent, but the cost is about $100 a month more than comparable rents in your area. Start with telling the landlord that you really like the apartment and would like to rent it. Then discuss the rates at similar apartments within a short distance and ask him if he would consider lowering the rent to match comparable rental units in the area.

Another way to get lower rent is to negotiate doing more of the work of maintaining the rental while you live there. The most common way to get lower rent is to offer to do lawn care or routine maintenance yourself. To go this route, have a full proposal worked out that covers what lawn care you will perform and what you consider “routine maintenance.” Work out the amount that your rent will be reduced based on you handling these routine issues.

Adding value to a home benefits the landlord in the same way that paying more in rent does. The landlord increases the equity in the home with upgrades. For people who are handy, an offer to add something of value to the home may be an enticing offer to a landlord. If you plan to go this route, plan out the upgrades and who will cover materials and get an estimate of how much the upgrades will add to the value of the home before approaching the landlord.

If You’re Already Renting This Place

For places where you have rented for a while, you don’t stand much of a chance unless you are in a tough financial spot. With a significant change in your financial situation, go to your landlord immediately. You can make the same offers as someone who is new to renting. Offer to take care of this property or others if the landlord has additional properties. Doing so in exchange for lower rent may be enticing to a busy landlord.

Another option is to explain to your landlord that you will have to move out if you cannot work out lower rent. While that option may feel like a threat to the landlord, he or she may decide that letting you pay a reduced rate is more appealing than doing post-tenant maintenance and cleaning as well as going through the process of finding a new renter. Good renters can be difficult to find, so be sure to point out if you always pay your rent on time, handle small issues yourself, and generally make the landlord’s life easier. The key to getting lower rent is to make the proposal appealing to both sides.