How to Re-Negotiate Apartment Rent on an Existing Lease
In an effort to help cut monthly costs and save money, many renters attempt to reduce their monthly apartment rent while still in existing leases. Depending on where the lease is, the renter's history with the complex, and the current rental market, many people are able to reduce their monthly payments. With simple research, a strong case and the proper steps, you might be able to reduce your monthly apartment rent on while in a current lease agreement.
Other People Are Reading
Instructions
-
-
1
Calculate how many years and months you've lived in your current apartment. Make a list of reasons of why you want your rent to be decreased, including timely monthly rent payments, any new tenants you've referred, and any improvements you've made to the unit.
-
2
Review comparable local apartment rates and your budget to decide how much you'd like your rent to be reduced before you begin the negotiation. This number can be anything from three to 30 percent off your current monthly rent amount, depending on your current local market situation.
-
-
3
Call to schedule an appointment with the apartment complex decision maker. Make sure you will be meeting with someone who actually has the power to reduce your rent on the current lease.
-
4
Communicate clearly during the meeting. Start off the discussion by letting the apartment manager know how much you have enjoyed being a tenant. Use your list and tell the decision maker why you've been a good renter.
-
5
State that you would like a certain percentage off your monthly rental rate, and tell the decision maker your reasons for the request. Reasons may include downsizing at your company, that you've discovered a comparable unit at the neighboring complex is much cheaper, and others. Use the local rental market research as backing for your proposed rental reduction.
-
6
Negotiate with the decision maker. You may offer to extend your current rental lease to gain the desired reduction. If you are skilled in home repair, you could offer to redo the tiling in your unit in exchange for the reduction. Consider accepting a free apartment or carpet cleaning in exchange for a monetary reduction.
-
7
Accept the decision and continue to pay your rent on time. Prepare to move when your current lease is up if the apartment complex decision maker does not give you the desired reduction and offers no concessions.
-
1
Tips & Warnings
Research your local rental market by looking at city statistics websites, apartment rental websites, and the local paper classifieds section. Learn what other apartments in the same area are charging for a comparable apartment. Call other apartment complexes in the area and find out what lease specials are currently being offered.
Learn about the apartment complex's current occupancy rate. Find out if there are several open units or if they majority of them are filled. You'll have a better chance of getting a rent reduction if the property has vacancies.
