Posted in Blog  
  on Feb 09, 2015

Tips for Negotiating a Rent Increase

Many people struggle to find the right apartment. When they do, it is worth fighting for. Just because you have the apartment of your dreams, doesn't mean you can hold onto it forever. You may be forced out if the rent increases and the apartment becomes unaffordable. Every time a lease is renewed, you run the risk of having your rent payments increased. It you are looking for strategies to prevent this from happening, you can follow the below tips on how to effectively negotiate rent increases with your landlord.

1. Engage Your Landlord As Soon As Possible

The sooner you start negotiating with your landlord, the more time you will be given to sway their mindset against increasing your monthly rent. Because of this, start having a conversation now. Engage with your landlord when the topic arises and explain how the potential of an increase in rent will negatively impact your monthly budget. Ask your landlord if they may be willing to work with you. If you are unable to fully sway him away from raising your rent, you may be able to at least decrease the amount he wants to raise it by.

2. Extend Your Lease

Renting a property requires a great deal of work on the part of the landlord. If the potential of a rent increases breaks the bank, make it clear to the owner. Remind your landlord of the amount of time and effort it takes to get a place ready to be shown and offer to extend your lease. If you are guaranteed to stay long term in the eyes of the owner, you will have a better chance of keeping your rent low.

3. Research the Value of Your Property

Before you initiate the negotiation process with your landlord, research what other similar properties in your neighborhood are priced at. Research classified ads, talk to neighbors, and get an idea of how expensive the local rental market really is. Not every rental increase in reasonable for the property you are leasing. The more information you know in this regard, the better armed you are when it comes to negotiations.

4. Search For An Advantage

When sitting down for negotiations with your landlord, any little thing can make the difference in the outcome. For example, check current rental rates in the area and see if there are any excessive vacancies. If you can illustrate the point that a buyers market currently exists, if may help to emphasize the importance of holding onto their current tenants over making a few more bucks in rent. If nothing else, you can also go on to remind them of how fantastic of a tenant you are and how many landlords view this as a special rarity. With this in mind, be sure to emphasize on your reliability and respect for the homeowner.


Related

The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More


How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More


The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More


5 Landlord Forms that Every Landlord Should Have

When it comes to being a landlord, one should know that it is not for the unprepared individual. This should be clear that being a landlord does not simply mean that you will be taking the rent and... More


Landlord Obligations: The Responsibilities of a Landlord

Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More


The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More


The Best Landlord Forums

Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More


The Biggest Landlord Problems and How to Fix Them

Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More


Landlord Tenant Disputes

If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More


Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More