Inflation hit renters the hardest.8 tips for negotiating rent that actually work

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Think rent isn’t a negotiable expense? Think again.

Key Point

• The more data you can gather about rents for comparable properties, the more prepared you will be to negotiate costs.
• Prepaying for a few months or suggesting a longer stay may save you money.
• You can also focus on reducing or waiving rent, such as pet fees.

Inflation is making life more expensive for many people, and those of us who rent homes are no exception.According to the U.S. Bureau of Labor Statistics, the latest data in the Consumer Price Index Summary show that housing costs have increased over the past year. It shows an increase of 6.2%. If you’re renting and it’s almost time to renew your lease (or find a new place to live permanently), you may be a little worried about how inflation will affect your situation. Here are some tips to help you negotiate your rent and related costs.

1. Do your research

You may be looking for a new living arrangement or preparing to discuss lease renewal with your current landlord. Either way, it’s a good idea to do some research beforehand to get an idea of ​​the average rent in your area.

You can compare prices and amenities on sites like Zillow and ApartmentFinder. The more data you can collect, the better. If you can show your landlord that comparable apartments or rental homes in your area are cheaper, they may withdraw the proposed rent increase, or at least reduce the increase.

2. Consider the timing

Many people move in the spring and summer, so you can successfully negotiate rent and other housing costs in the fall or winter.For example, you may be the only potential tenant considering moving in in February. I can’t. If the landlord wants someone to move in sooner or later, they may be happy to lower the rent a bit.

3. Give yourself time

The gift of timing can work in your favor in other ways as well. If you’re renewing your lease and you don’t think your landlord will agree to keep your rent at the same rate, ask about possible price increases when your old lease still has a few months left. This way, if you already know you’re going to see a price increase if you stay, you’ll have more time to find another place if you don’t want to pay more.

4. Agree to various lease terms

Another approach when negotiating rent is to adjust the terms of the lease. If he agrees to live in the house for more than a year, maybe 18 months or two years, he can hold off on paying rent.

Conversely, if the home is known to be needed only for six or eight months and the landlord has no other option but to keep it vacant during that time, the landlord may take a break to receive rent payments. They may take it. This tactic works especially well in areas with a lot of student housing (which is often summer to summer) if you’re trying to get into empty rentals at the end of the calendar year.

5. Make concessions

You can also try to make concessions, such as withholding a parking space (if you don’t have a car) or agreeing to pay a certain number of months’ rent in advance. Landlords don’t like rent arrears or worry about not coming home. If you can prevent their headaches, you might save money.

6. Request for Repair

This tactic may only work if you’re renting from an individual rather than a legal entity, which likely has a repairman or property manager responsible for maintenance. But if you’re handy around the house or have construction skills, you can exchange money from the rent to paint, do landscaping, or make other upgrades and modifications to the property. can do.

7. Focus on surcharges and utilities

Landlords may not compromise on rent, but you can ask for a pet fee waiver if you can demonstrate that your pet is well trained and will not damage the property. Similarly, if your landlord requires you to cover your water and internet bills, you can ask that these be included in the rent price.

8. Rely on your worth

If the number is already known to the landlord, pointing out your value as a tenant may help avoid a rent increase. Do you pay your rent early every month? Are you an exemplary tenant (clean, quiet, out of the way)? A smart landlord will want to hang on to tenants like you. They may keep you at the same rent to keep someone reliable and easy to work with.

With the cost of living getting higher, we all have to do what we can to keep our finances in order. please give me. And if you’re financially and mentally ready to become a homeowner, now might be a good time to start making the move. Unaffected by price increases.