Finding an apartment in the perfect location is hard enough, but finding one that suits your budget is another story. But sometimes, it is tough to let go of that ideal place despite the price being out of your perfect range. There one thing you can try doing: negotiate.
Negotiating with the landlord is one strategy that you can use to save on rent expense and get that apartment you desperately want. Negotiating may not be easy for someone who has never tried doing it before.
However, there are some things you can do to make the negotiating process less stressful. Who knows, with a little luck and perseverance, you might be able to persuade the landlord to slash the rent price.
Negotiate the Rental Price
Rent negotiation is nothing new, but a lot of tenants actually ignore or even forget that this option exists. You best negotiate with your landlord right before you sign the lease agreement. You can also do it when you renew your lease or even right before it ends.
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Why should you negotiate?
The reason is very obvious. If you're low on budget or just want to save that $50, $100, or $150 on a monthly basis, you can try and cut down on rent by negotiating with your landlord. If you fail, well, at least you tried, but if you do succeed, that $50 less in monthly payment could get you $600 in a year!
When is the right time to negotiate?
Just like everything else in life, timing is everything when it comes to rent-negotiation. If you're going to pop that question, try and ask around these times:
1. When you're considering another apartment or if the tenant is on the lookout for other tenants at the end of the month
2. Four or three months before your current lease agreement expires if you are negotiating for your current unit
3. At wintertime when the weather makes it hard for landlords to find tenants
4. If you know, you'll be stretching your stay - landlords like the idea of not having to look for new tenants.
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Other Things You Can Negotiate
Negotiating for rent doesn't necessarily mean that you're asking for a rent deduction. This could also apply to amenities that you can definitely bargain for. Try asking for a free parking space, additional storage, or even free upgrades to your unit; it definitely wouldn't hurt to ask.
Present the Benefits
To make your case more convincing, you need to make sure that you are a good tenant, to begin with. If you've been an ethical and responsible tenant all this time, gather your records to prove it.
Then, present the fact that your landlord should give you what you're negotiating for rather than them taking a risk with new tenants. If your landlord approves, then it's a win-win situation.
Set Up a Formal Talk with Them
Rather than catching up with them on their morning jog, call your landlord in advance to set up an appointment with them. This will show them that you don't lack conviction in your request.
