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.
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