Negotiating Rent When Resigning Your ContractOctober 16th, 2006 by aptsherpa
When it’s time to renew your lease, you don’t necessarily have to succumb to your landlord’s demands. If you’ve been a good tenant, you can engage in some savvy negotiation to get a better deal. It’s always easier for the apartment management to have a guaranteed good tenant than to have to seek out a new tenant with unknown payment and residential habits. These suggestions may help you get on your way to negotiating a better agreement with your landlord when re-signing your lease.
One of the best approaches you can take is to emphasize your history of making full and timely rent payments. There’s nothing a landlord loves more than money, and if you provide yours on time, you’re definitely a desirable tenant. Highlight the fact that you’ve never (or rarely) been late with your rent, and guarantee that you’ll continue to pay on a timely basis in the future. This will definitely get your foot in the door for rate negotiations.
The higher the vacancy rates in your apartment complex, the more likely it is that they’ll want you to stay. It’s not likely that your landlord will disclose the current vacancy rates, but you may be able to find out some information about vacancies by asking around or observing how many apartments are being shown. Use this information to suggest that it would be in the apartment complex’s best interest to keep you on your terms.
Loyalty to complex
If you’ve been at your apartment complex for some time, and especially if you’ve previously renewed your lease with them, you should gain some leverage with the complex. It’s definitely in your landlord’s interest to retain a dependable tenant, so emphasizing your loyalty should give you some points. If necessary, you can explain that you’ll be forced to take your business elsewhere if the complex does not adjust its rates. Stress that you love the complex and don’t want to move out, but just can’t afford the higher rent. If you’re using this tactic, it may help to point out comparable rents in your area. That brings us to our next section…
Apartment complexes will often raise their rates based on what other complexes in the area are charging. As a result, proving that other local apartments are being rented for lower rates may help make your case. Do some research in the area and come up with a list of local places for rent of comparable size and with comparable amenities for a lower price. Your landlord isn’t likely to reduce your rent on a 1000 square foot one-bedroom if a tiny studio in a complex with no pool, fitness room, or other amenities costs less. Bring your data and get results!
If you can prove your worth as a tenant and show your landlord that the new rental rate is too high, you should be well on your way to getting a better deal when renewing your rent.