It’s particularly difficult to negotiate a lower rent in a booming rental market. In fact, landlords these days don’t want to lower the rent even if you are willing to sign a long-term lease. In most cases, the renters have to rent the apartment or sign a new contract at the amount fixed by the owner.
However, fret not! Sharp tenants always find some ways to take a negotiation in their favor. Check out the following ways to know how to gain the upper hand while negotiating rent with your landlord:
Most people even don’t try to negotiate the rent thinking that it will upset the landlord! Don’t worry; you can still ask in a polite way. Just think from the landlord’s perspective and offer him a deal that he will find worthwhile. For example, you can offer painting the apartment in exchange for a slightly cheaper rent. You can also say that if he lowers the rent, you won’t need a common but costly renovation.
Do the Research
Another way to negotiate the rent is to show your landlord that you can live in quite similar rental units somewhere less for less money. However, you have to do a bit of research about the neighborhood to back up such a proposition.
Some websites such as Zillow, Trulia, Apartmentfinder, etc. provide information about rental units and their rents in various neighborhoods. Browse those sites and collect the information you need to show the owner that you can move to a cheaper rental nearby.
Offer to Help
Every landlord will appreciate a tenant who doesn’t mind offering some help. You can offer him to refer the vacant units of the apartment to your friends and acquaintances who are looking for rentals. You can also spread words about the apartment in your social media circles and give positive reviews on different rental sites. Going to extra lengths may convince your landlord to lower the rent.
Show Your Credit Score
If you have a good credit score, show it to your landlord. A good credit score is an indicator of your financial stability and responsibility. Your property owner expects you to pay the rentals regularly. So, a credit score with an impressive figure illustrates a history of on-time payments.
You can also have the upper hand if you have a stable job or produce the proof of a steady monthly income that is two to three times the monthly rental rate.
Bring a Guarantor
It’s you who are going to live in the apartment but bringing a guarantor into the deal will add to your credibility and help you having some leverage. It can be your parents, a relative, or a friend and it will add to your case if s/he has a good credit score.
You have to figure out the way that will work best for you. However, never represent yourself as a nagging negotiator because there’s a slim chance that any landlord will want to deal with an annoying tenant.