How to Negotioate Your Rent

A good rental history can save you money when you rent a new apartment.

Rental property is an investment and to make it profitable, a landlord has to keep her apartments occupied by paying tenants. A landlord spends money preparing and advertising an apartment and screening potential tenants before she ever collects a rent check. According to the U.S. Census Bureau, more than 9 percent of rental units in the United States are standing empty at the time of publication. Many landlords are willing to negotiate a lower rent to ensure that their apartments are rented quickly and to reliable tenants.

Things You'll Need

• Copy of credit report
• Pay stubs or other proof of income
• Contact information from references
• Rental advertisements

Instructions

1. Gather evidence to show potential landlords that you are a valuable tenant. Include your credit history, proof of your income and references from employers and previous landlords. Bring this information when you meet with the landlord. If you are negotiating rent on your current apartment, remind your landlord of your excellent payment record and problem-free history.

2. Research the available rentals in your area. Note the advertised price as well as the size and features for each. Keep your eyes open for rental advertisements featuring reduced rent or other deals. These can be signs that the landlord is eager to fill empty units and may be willing to negotiate further.

3. Bring listings for comparable apartments advertised for less when you negotiate for a rent reduction. This shows the landlord that you have done your homework, and that you are willing to take your money elsewhere if necessary.

4. Remain flexible. Landlords may be willing to accept lower rent from tenants who can move in immediately or those who will sign a longer lease. Willingness to pay several months of rent up front is also a powerful negotiating point.

5. Offer your services in exchange for a rent reduction. If you have a specialized skill such as landscaping or carpentry, offer to complete a project for your landlord. A landlord of a smaller property might accept your lawn mowing or show shoveling services in exchange for a lower monthly rent. Make sure that the scope of any work you are performing is written into the rental agreement.

6. Have a backup plan. The landlord may not be willing to negotiate, in which case you will need to either accept the advertised rent and terms or find another apartment.

Tips & Warnings

• Many landlords will run background or credit checks on potential tenants. A strong credit history will strengthen your negotiating position.

• Having personal data including contact information for references on hand will speed up the application process.

• Remember that the fewer properties a landlord owns, the more eager he may be to fill vacant units.

• If you succeed, you are beginning a potentially long relationship with this landlord; be polite and professional when negotiating.

References

• U.S. Census Bureau: Vacancy Rates for the U.S.
• "New York Times"; Want to Pay Less, Dare to Negotiate; Kimberley Stevens; 2004
• Bankrate; The Fine Art of Negotiating a Lease; Michael Abramowitz; 2004