Show off what a great tenant you are! The option rent should be regarded as a “cap”, not an agreed upon rent. This came after four years of your standard apartment nightmares: roommate tension, pest infestations, and unwelcome sexual advances from landlords. 3. Start the conversation. Your track record matters. If you get this right you’ll have the upper hand in your negotiation. So far, you’re losing this game. I found an apartment, fell in love, and after some negotiation, agreed to pay $1,325 a month for it. Just because you received a renewal lease for a 10% increase does not mean the landlord won't accept less. Ideally, you should start thinking about a potential rent hike before you receive a notice from your landlord. At this rate, the cost of moving would be significantly lower than staying put. Approach your landlord early to allow more time to discuss the renewal. In reality, it’s a discussion about how to make both you and your landlord happy—they don’t want you to move out, they just want more money and not to have to find a new tenant. As long as you can approach the other side with something in return that they value, your chances of snagging a lower rent are higher. If you are a good tenant then you have a position of strength when negotiating your rent when renewing your lease. Landlords and property managers are people just like you. But for small companies and families, several hundred in the pocket is worth more than a grand spread out over a year. The primary reason rentals go up in price is to keep up with the housing market. This issue has been resolved, and I believe it is noted in your records. Review your state and local housing laws that govern lease renewal processes. How to Negotiate Rent when Renewing Your Lease Be proactive and build your case ahead of time. Since moving into the building last year, I have been a consistent tenant with a great payment record. This requires being handy, as well as having a flexible schedule. Additionally, I have not damaged the unit in any way or required extra maintenance. BRAINSTORM: Become an informal doorman and commit to being around during the work week to sign for everybody’s packages. Whether your lease requires a 30 or 60-day notice, you have to start preparing early to have enough time to negotiate. Sania previously worked in marketing at Habitat for Humanity and Samsung Electronics, Finding an Apartment: 8 Apartment Hunting Tips on a Budget. If you really want to get into it, research your local rent laws and guidelines, and check that the increase is legal. When you love your current place and don’t want to shell out on the expenses involved in moving, it makes sense to negotiate the rent with your landlord. Your landlord might stress that the increase is below what’s legal—that doesn’t mean it’s appropriate, and certainly doesn’t mean you have to feel grateful. Note that you haven’t burned the place down, bounced a check, disturbed the neighbors, snuck a pet in, or broken a window. This gives you time to negotiate a lower rental rate or relocate. Stay … More tenants are likely to lose calm once they receive the notice of increased rent. In California, for example, the time of notice depends on the percentage of the rent increase. Here are some negotiating strategies to lower your commercial rent: Start Early. For instance, demand for apartments is low in December and January. If you’re negotiating price for a new place, it’s … You should always stay calm, polite and professional. Demand for housing is usually affected by crime, infrastructure, and abundance of new construction. Everything you should have learned in school but didn’t. 6. Part of HuffPost Money. Tips for Negotiating Rent as an Existing Tenant Note that you have more leverage when dealing with individual landlords. First year leases are priced low to fill the unit quickly. On a related note, you can also offer to push your payment date to before the 1st of the month. Then landlords assume you’ll be too broke and/or lazy to move, so they increase the price, make their money back, and don’t have to paint the walls again. I have no advice about how long to draw out the negotiation, whether to low-ball, or when you should accept a final offer. Request a rent history for your apartment (in New York City, this is a standard request of the housing authority; I’m not sure about other cities). In return for a lower rent, you might offer to add six months or more to your lease. 2. So if you’re on a month-to-month, you shop around, you give your landlord notice in … If you do your research, are persuasive and open to compromise, you can negotiate the rent price with your landlord for a lower amount. Or the crumbling grout in your bathroom? How about access to the backyard? Ellen Smith still can’t get over the fact that her floors are level. Of course, you could always look for a new, more affordable place to live. Subscribe to HuffPost’s money and living email. Currently, late charges are not applied until the 10th. Pick and choose what makes sense, and work it into a nice little email, letter, or script. We are going to let you in on one secret… Your landlord wants you to renew your lease. When is the Best Time to Rent an Apartment. Carefully read your lease, including the fine print. 8. Ask your landlord what he wants in exchange for a lower rent—a longer lease commitment, higher security deposit, or prepaying a month or two—to make … You’re the best judge of what you can afford, what’s fair, and how much negotiating you are willing to do. The rent in the lease renewal paperwork is a 13.2% increase from what I am paying now, which is quite large and I believe unfair. Upon a renewal the tenant will remain in the space and rent will increase. Luckily, it really is possible to satisfy both parties, as long as you have some room to negotiate. I look forward to continuing the conversation and hearing from you shortly. Talk to other tenants and neighbors and ask how much they pay. If you are trying to negotiate down you rent, it might not be reasonable to bring up all the upgrades you asked for before. Learn how much a landlord can legally increase your rent and how far in advance they have to notify you about it. 5, this usually won’t help you out if your landlord is a large company and/or super rich. You don’t even have to be that great, you just have to point out the bad things you haven’t done. Explain to them why they should: highlight your positive history of making rental payments on time, taking good care of past apartments, and if you’d like to rent the apartment for multiple years, make sure they know that — it’ll save them time and money hunting for new tenants. 8 ways to negotiate your rent when renewing your lease 1. “Start by saying ‘I’d like to renew at the same rent or lower given the current economic conditions,’ and see how the landlord responds,” says Himmelstein. Here’s an example for you: I am writing in regards to the renewal of my lease at XX Xth Street, apartment X. If your landlord is unable to lower the rent, you might consider asking if they would be able to let you … The first way is to simply negotiate... without applying any leverage. Learn about some of the most popular renewal incentives, and decide if any of these incentives suit your situation. If they pay less for the similarly sized apartment and your unit hasn’t seen any upgrades in years, you might be able to negotiate your rent when renewing your lease with your landlord and convince them to lower your rate. I suggest structuring the renewal lease in one of the following ways: 1. When it comes time for negotiations, it’s fairly simple. Competing properties have lower prices. 3. They don’t always raise your rent just because they want to. That’s much more than what I’d normally pay, but for once, I needed real closet space. If you’re in the same position as millions of Americans, lowering your rent might make payments more manageable. 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