How to Get Your Landlord to Reduce Rent

Negotiating rent when vacancy rates are high plays to the renter's advantage.

Negotiating a rent reduction is definitely a challenge. It's even tougher if you live in a relatively hot real estate market. But that shouldn't discourage you from trying. There are many circumstances under which a renter wields power to negotiate a rent reduction. Landlords usually want to keep reliable and stable tenants, to prevent turnover.

Instructions

1. Check the vacancy rates in your building. The situation might be more in your favor when the vacancy rate is higher. A floundering rental market provides you with an opportunity to save on rent. You can research the rate of vacancies by looking at the number of units advertised on your landlord's website. Alternatively, you can ask your landlord's administrative staff or secretaries. They usually have such information.

2. Approach your landlord a few months before the lease expires. Tell him you're ready to move somewhere else, if the renewal process is not in your favor. Explain that as a good tenant who pays rent on time, you need a rent reduction in order to stay. Starting to negotiate rent in advance gives you an advantage. You lose your clout when you wait until your lease is about to expire.

3. Find out whether there are any incentives, including discounts, to prevent tenants from leaving. You might get several months' rent free when you sign a multi-year lease. Ask for more than you expect to get, when you talk to your landlord. If you want to get rent relief for six months, for instance, ask for 12 months. The landlord might drop it to exactly where you want it. Landlords will usually do anything reasonable to prevent turnover, especially in high-rent cities.

4. Find out if you can pay your rent several months in advance, in exchange for a discount. Landlords need cash flow to pay their bills, and a tenant willing to pay rent several months in advance will most likely get something in return. Use a credit card with buyer protection, in case something goes wrong and you need to recover the money. If your kitchen sink backs up every night, for instance, belching stinky air into your unit, you can terminate your lease if the landlord thinks it would be too expensive to repair. Your credit card issuer will recover the money for you.

5. List all the services included in your rent including parking, bundled television, swimming pool and other amenities. Check which services you don't need, and ask your landlord to remove them from your rent.

References

• "MSN;" How to Hit up Your Landlord for Cheaper Rent, Perks; Christopher Solomon
• "Bankrate;" Want Lower Rent? Think Like a Landlord, Aviya Kushner

Resources

• "Bankrate;" Want Lower Rent? Think Like a Landlord, Aviya Kushner