Can you negotiate rent?
Anyone can negotiate rent.
Whether a potential renter looking for a new place or trying to maintain a current rent price if a landlord threatens to increase it, negotiating is always in the realm of possibility. Landlords, however, may not always be open to changes.
Renters have more leverage in a renter's market when landlords are trying to fill more vacancies than usual; they have less leverage in a landlord's market when landlords' properties are mostly off the market.
Despite fluctuating markets, some experts say renters should always negotiate.
A storefront displays "For Rent" signs in the window in the Red Hook neighborhood of the Brooklyn borough of New York. AP Photo/Mark Lennihan
"You should always negotiate rent down between 5 to 20 percent below the listed price. You’d be surprised how much people are willing to go down," Andrew Bermudez, co-founder and CEO of commercial real-estate website Digsy, told Entrepreneur Magazine in 2015.
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Negotiating rent by just a few hundred dollars a month can save renters thousands a year without creating a hole in the landlord's pocket. Landlords are more open to lowering costs in exchange for convenience.
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Negotiators can also appeal to landlords by making certain concessions like pre-paying rent every month so the landlord gets the money in advance, agreeing to not have pets or host parties, committing to a longer lease, sending referrals and more. Businesses, too, can negotiate rent in ways that may appeal to a landlord or consulting firm.
Signs that read "No Job No Rent" hang from the windows of an apartment building during the coronavirus pandemic in Northwest Washington. AP Photo/Andrew Harnik
Additionally, if a landlord threatens to increase the cost of a property where a renter already lives, the renter can bring up any issues with the property that they feel may not be worth the increased cost.
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Other tips to note: Negotiating in person during renter's market period with all documents handy will undoubtedly put renters at an advantage.
Some tenants have protested rents in general as the coronavirus pandemic leaves millions out of work due to the uncertain circumstances of the virus and local lockdown. Negotiating rents is another effective way to temporarily reduce living costs during trying times.