Rent prices are ever-changing, but nowadays, rates just seem to be going up. However, what if there’s a way you can work with your landlord to find a favorable rate for everyone? Negotiating rent with your landlord is an option that most people don’t consider, although it’s a viable strategy. If you want tips on negotiating rent with your landlord or property manager, just keep reading.
Contents of This Article:
- Can You Negotiate Rent With Your Landlord?
- When’s the Best Time to Negotiate Rent
- Can You Negotiate Rent as a New Tenant?
- Tips for Negotiating Rent With Your Landlord
- Work With a Reliable Property Manager Today
Can You Negotiate Rent With Your Landlord?
Have you ever wished that your rent was lower? Well, have you ever considered negotiating the price with your landlord or Baltimore property management company? Unfortunately, many people don’t realize that negotiating rent is an option–but it is.
Rent makes up a large portion of most people’s expenses. So, shaving off just a small percentage of your monthly rate can help you save money in the long run.
Talking to your landlord about rent can be intimidating if you’re not used to speaking up or negotiating things that matter to you. After all, it can be uncomfortable and outside most people’s comfort zones. However, it can be completely worth it if you want the best rate for your rental home.
If you plan on talking to your landlord about rent, developing a strategy to politely get your point across is important. First, you’ll want to know when to negotiate rent and how to approach the conversation. Read along as we go over some tips.
When’s the Best Time to Negotiate Rent?
No matter how badly you want a lower rate, finding the proper negotiation time is crucial. For instance, there are better times to discuss your rent price than after you’ve already renewed your lease. After all, you want the highest chance of convincing your landlord to lower their price. So, here are some tips on when to negotiate your rate with your landlord or property manager.
- Before Your Lease Expires- If you want to stay in the same rental but want a lower rate, start negotiating 60-90 days before the lease expires. That way, it gives your landlord time to consider the offer and make a deal with you.
- When Signing a Long Lease Term- If you’re signing a lease longer than 12 months, landlords may be more willing to negotiate a lower rate. After all, it secures them long-term tenants, and you benefit from a lower rent price.
- During Winter Months- Rental inventory is generally higher during winter months since fewer people are looking to move. When seasonality affects the market, you may have a better chance of bargaining during colder months.
Can You Negotiate Rent as a New Tenant?
You may consider negotiating if you find a rental you love, but the price is just a bit high. However, it’s important to remember that your negotiation should mutually benefit you and your landlord, not just you. So, if you want to negotiate the rental rate before you sign a lease, here are some areas of consideration.
- Prepaying for several months
- Committing to a longer lease
- Giving up a parking spot
- Sending referrals for similar vacant properties
Negotiating rent before you move in can be more straightforward than it would if you lived there. Your landlord may be more willing to negotiate the rate with a new tenant than one that’s been living there for a while. However, while it may be challenging, it’s definitely not impossible. Here are some tips to make your negotiation better.
Tips for Negotiating Rent With Your Landlord
If you’re considering negotiating rent with your landlord, you’ll want to come prepared. It’ll be harder to get the price you want if you’re unsure why you’re negotiating or don’t speak confidently. As such, here are a few tips to follow if you plan on negotiating rent with your landlord or property manager.
- Do Your Research
- Talk to Your Landlord in Person
- Be Polite and Open to Compromise
- Follow Up in Writing
- Have a Backup Plan
Do Your Research
Before approaching your landlord about lowering the rent, doing thorough research is important. After all, if you don’t know what similar rentals go for, you don’t really have anything to justify your price. As such, you’ll want to look at similar rentals in the same location and compare your rate with others. Then, if you find that you’re paying more in rent than other tenants in your area, you can bring that up with your landlord while negotiating.
Talk to Your Landlord in Person
If you don’t want your negotiation to surprise your landlord, you may want to schedule a meeting or a time to talk with them in person. Then, you can prepare your thoughts and reasons why your landlord should lower the rent. Additionally, talking in person can help you get your point across easier and allow you to see your landlord’s reaction to your request.
Be Polite and Open to Compromise
Negotiating rent with your landlord is not the time to get aggressive. It’s essential to be confident about the fact that you’re an excellent renter without being rude or arrogant. You’ll also want to be open to counteroffers or compromise with your landlord. For instance, if your landlord doesn’t approve your proposed rate, perhaps they give you a counteroffer. Instead of ruling out the possibility, consider where your landlord is coming from with the rate they set.
Follow Up in Writing
If you’ve settled on a rate with your landlord, you’ll want to get it in writing. While verbal contracts are legal, they’re hard to dispute if there’s a discrepancy in your monthly rent price. As such, getting the new deal in writing is important, so you have proof of your new negotiated rate. So, ask your landlord to add the new rate to your lease agreement.
Have a Backup Plan
Developing a backup plan is crucial if your landlord doesn’t approve your negotiated rate. After all, if you plan on moving, you’ll want to have another rental in mind. On the other hand, if you’re willing to stay at the same rate, you may want to negotiate other aspects of the lease. For instance, you may negotiate who pays for utilities, parking, or other amenities.
Work With a Reliable Property Manager Today
If you find yourself overpaying for rent, negotiating rent with your landlord can help you get a lower rate. By doing diligent research and having an open conversation, you can negotiate with your landlord to find a reasonable compromise. However, it’s important to have a backup plan in case your negotiation doesn’t end in your favor.
If you’re looking for a new apartment or rental home, check out Bay Property Management Group’s current listings. On the other hand, if you’re looking for professional property management, our dedicated managers can ensure your rentals are well-managed 24/7. Contact BMG to learn more about our comprehensive services and how we can help you today.