Negotiate Your Rent

1. Make Your Move Under the Right Circumstances
To negotiate your rent effectively, your landlord needs to view you as a desirable tenant. This is more likely if they’re eager to fill the apartment quickly, so focus on move-in-ready units. The longer a property sits vacant, the more open a landlord may be to offering concessions to secure a tenant.

2. Do Your Research
Scope out local listings: Review rental prices for nearby units to estimate potential savings.
Find average rents: Check online resources to get an idea of what 1, 2 or 3 bedroom accommodations are going for in your area.
Identify leverage: Look for signs like low occupancy or recent vacancies in the building. Talk to neighbors for insights about the property.

3. Prepare an Outstanding Application
Craft a rental application that showcases you as the ideal tenant:
Prove stability: Highlight steady income, good credit, and a solid rental history.
Include references: Provide contacts like past landlords or employers who can confirm your reliability.
Offer commitment: Mention if you’re open to a longer lease—landlords value tenants who stay.
Show flexibility: Emphasize if you can move in quickly or during a slow period, adding value for the landlord.

4. Make Concessions
Negotiating is a give-and-take process. You should be willing to offer something in exchange for a better rate.

• Offer to Pay rent ahead of time (offer as many months as you can reasonably afford).
• Sign a longer lease. The standard is twelve months, but it’s very common for apartments to offer better rates for individuals who sign for 14 months or longer.
• Agree to a unit that hasn’t been renovated yet for it in exchange for a lower rate.
• Offer to pay for minor repairs like clogged sinks or toilets and sundry items under $200 (as an example) in exchange for a reduction in rent.
• Owners like the idea that you have a stake in the unit and are willing to care for it like they would.

You may feel stressed about your current rent and finances, but timing largely determines how successful your negotiations are.

Before Signing a Lease: Negotiations can also occur before you sign a lease. If you’re a new tenant, you might be able to negotiate rent based on market trends or specific issues with the property.

Lease Renewal: The end of a lease term is usually the most opportune time to negotiate the rent. You may discuss the terms for the next lease period and negotiate a better rate then. Landlords typically prefer to retain good tenants over finding new ones.

During a Market Downturn: In a rental market slump, landlords may be more open to negotiations rather than risk having their property sit vacant.

When You Sign a Longer Lease: If you’re willing to commit to a longer lease term, landlords might be open to reducing the monthly rent. The certainty of a steady tenant can be worth a lower monthly income.

Off-peak Seasons: Landlords may be more willing to negotiate during off-peak rental seasons (typically during winter months) when it’s harder to find tenants.