Do you ever wish you could go back in time when you were a child and didn't have to pay rent? Yeah, us too. While paying Rent is a necessity of adulthood, there are ways to alleviate the stress of paying the rent bill each month.
Whether the apartment you want is slightly out of your price range or your rent is about to go up, negotiating your rate with your Property management company is a viable option to save money.
Sound intimidating? It's really not. Here are five things you can discuss to win over your Property Management company.
1. Ask if your rent price is open to discussion
While saving money each month might excite you, it's important that you don't walk into your property manager's office and immediately start negotiating. Politely ask if they're open to discussing rent prices and if you could set up a meeting to do so.
Keep in mind, an independent landlord has more leeway when it comes to talking numbers than a large property management company. If your landlord fails to accept dialogue about rent prices, be sure you have time to make other living plans.
2. Highlight your strengths as a tenant
Now is the time to brag about yourself. It's important to remind your landlord or property manager that you're a reliable and upstanding tenant.
Be sure to point out how you've never made a late rent payment and that you keep your property in great shape. Your landlord needs to know that your worthiness is an incentive that they can trust.
3. Brag About Your TLC
In addition to highlighting your strengths as a renter, you must discuss the interior and exterior upkeep to your place. Not all tenants keep their rental space in the best conditions and it's your right to inform your landlord of the love and care you have provided to your home.
When they see the value and respect you have placed on your apartment, they will value and respect your willingness to negotiate rent.
4. Offer to end the lease in the summer
More often than not, it's easier for landlords and property managers to find new tenants in the summer months due to flexible schedules. By offering to end your lease in the summer, it provides an additional rental space available for your landlord to sell and make more income.
This can be an attractive option and in return, they could be willing to lower your monthly rent in exchange for a convenient move out date.
5. Be prepared to compromise
Let's be honest, you won't walk away from the conversation with free rent. It's going to take a lot of negotiation and compromise. If the newly increased rent is $200 more than you would like to spend, offer to pay $100 instead.
But be sure to back up your new offer with comps of rentals in the area. Research the prevailing market and determine if the current or increased rent is worth the price for the area.
Discussing numbers with your landlord or property manager doesn't have to be intimidating. If your landlord is open to negotiating prices, focus on highlighting your worthiness as a tenant and know the property's value.
In the end, those factors will be the key to either lowering or maintaining your apartment's current monthly rent.
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