How To Get Your Rent Reduced
With real estate values still plummeting and many people “doubling up” to save cash, rents in most major metropolitan areas are falling. If you’re a good tenant, always pay on time, low-maintenance, take care of the property, and are a good neighbor, chances are you can wrangle yourself a significant discount when it’s time to renew your lease. Indeed, you’re probably already aware of at least one or two neighbors paying less than you are for pretty much the same type of place you rent.
Renters looking to move probably won’t have to do a thing: the next apartment you rent will probably already reflect current market rents. After all, the landlord already has a vacancy and presumably want to fill it with a qualified tenant as quickly as possible. Those of you who like where you live and really don’t want to move, on the other hand, will have a harder time of it. Trust me: if your landlord thinks you have no intention of moving, he won’t think twice about trying to raise your rent, or at least not lower it. Unless you have an unnaturally generous landlord, you’re probably going to have to stick up for yourself.
How To Get Your Rent Reduced
Follow these Do’s and Don’ts to dramatically increase your chances of getting your rent lowered.
Do: Be Informed – Confronting your landlord with facts and figures about the local rental market is likely to pay dividends. By showing you’re informed, you demonstrate you aren’t an easy target to be taken advantage of. Newspaper clippings from a local newspaper documenting that rents are down would be ideal evidence, for example.
Do: Write A Letter – You might think a phone or face-to-face conversation would be more effective, but you risk over-playing your hand if you aren’t good at improvisation. Writing a letter will allow you to stick to the facts and avoid saying something stupid. Your letter should be concise, specific, and fact-laden. If you know your neighbor across the hall is paying less than you are for the same thing, state that in the letter (but don’t give out any names).
Do: Learn To Negotiate – Negotiation is an essential life-skill that will serve you well in practically any situation involving money. Bruce Patton’s Getting to Yes: Negotiating Agreement Without Giving In
Do: Make A Credible Threat To Move Out – Make it clear that if your rent is not reduced, you will move out. The only reason a landlord would ever agree to lower your rent is to prevent an expensive vacancy. If nobody believes you’ll actually move, you won’t get a reduction.
Do: Be Prepared To Move Out If Necessary - If your landlord calls your bluff, be prepared to follow through on your threat to move out. Giving in at the last minute will do nothing but completely eliminate any credibility you still have left for next time.
Don’t: Get Emotional - Nothing will undermine your negotiating position quicker than becoming emotional. In order to convince your landlord to lower your rent, he’s got to believe there’s something in it for him. By becoming emotional, you paint yourself as a trouble tenant.
Don’t: Appeal To Fairness – Claiming your rent “isn’t fair” is sure to backfire and put your landlord on the defensive. They will probably respond “well, my bank isn’t giving me a break on the mortgage” and leave it at that. The landlord most definitely isn’t going to take the view that your financial difficulties are his problem. It isn’t unfair that you have to pay more than the guy next door, it just means he’s a better negotiator than you are.
Don’t: Get Confrontational - Acting confrontational is a sure way to brand yourself as a problem tenant. Most landlords would prefer getting rid of their problem tenants unless they have no other choice. In any event, you are unlikely to get what you want if you are a pain.
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