While it may seem like landlords have all of the power in a modern rental market where (depending on the city) there may be more demand for a place to stay than there are apartments, however, you still have the ability to negotiate your rent, if you play your cards right.
- If you are a (relatively) new tenant
If you are a new tenant, then the best way that you can negotiate your rent is to ask for a lower rate in return for something the land lord wants that is of little importance to you.
For example, you may offer to abstain from smoking in the apartment (even if you are a non smoker) in return for x amount every month taken off the bill.
Some other options are
- Pay in full and pay early
- Promise not to have any pets
- Agree to a longer Lease
- Agree to a longer cancellation term
- You Are Renegotiating Your Rent
If you are renegotiating your rent, things are a little bit different. If there is a habit that you have like smoking, keeping a pet, or something similar we mentioned above, you can always promise to give it up in exchange for lower rent.
However, your best option is going to be requesting a decrease in rent based off of the market value of your property.
Your landlord is in the business to make money which means that he likely will not rent to you for less than your apartment is worth.
However, keep an eye out on Zillow and Craig’s list to see what properties are changing in value and if you notice similar apartments in the area dropping in price, it may be time for a renegotiation.