How to Negotiate Rent

Some things in life are non-negotiable. How much you pay in monthly rent is not one of those things. Most renters don't realize that you can negotiate your rent. Of course, depending on how tight the rental market is, negotiating rent can be a challenge. But that doesn't mean you shouldn't try. Whether you're negotiating a new lease or renewing an existing lease, here's how to convince your landlord to lower your rent.

The right way to start the conversation about reducing rent is politely and professionally—not aggressively. The first thing you must remember is you're having a conversation—not an argument. That means, when negotiating apartment rent, you must remain calm and keep things unemotional.

Decide how you are most comfortable initiating the conversation, be it putting the request in writing or scheduling an in-person meeting. Ultimately, it's best to meet with your landlord face-to-face. However, that might not always be possible.

Start by letting your landlord know that you don't want to insult them and that you understand they are running a business but that you would like to discuss a reduction in rent. This approach helps avoid putting your landlord on the offensive. The last thing landlords want to hear from anyone is that they're unfair about how much they're charging. It's also best to make sure you're not catching your landlord off-guard. Remember—if your landlord is angry, they're less likely to be agreeable.

If you enter rent negotiations believing you can get rock-bottom prices, that'll decrease your chances for success and increase frustration levels for everyone. A successful negotiation is one in which both parties feel like a winner.

Ensuring that the reduction you're asking for is reasonable involves doing your homework. That starts with researching the market. Before attempting to negotiate rent, spend some time looking at how your apartment compares to other units in your area. You might also hear this research referred to as comps.

"Comps" is a term that real estate investors use when referring to comparable apartment rental listings. They use this information to compare and identify the value of investment properties compared to others in the market. You can make similar comparisons when researching rent.

As rental markets rise and fall, so do prices for apartments and other rental units. Start researching by searching online for apartments similar to yours in your area. If you discover your rent is much higher than comparable units, you have some wiggle room for negotiations with your landlord.

While it's challenging to find rental units that match up to yours exactly, you can still quantify the following:

Instead of making rental negotiations personal, use the apartment rental market as the basis of your conversation. For example, avoid talking about financial troubles that strain what you can afford for rent. Instead, talk to your landlord about your findings so you can back your request with solid research.

There's a right and wrong time to do everything. You may feel strongly about starting these negotiations immediately. However, successful rent negotiations begin with timing. If you don't time the negotiation right, you're reducing your chances for success.

The best times for rent negotiations:

Why is winter the sweet spot when figuring out when and how to negotiate rent? Most people don't like dealing with ice and snow when moving. Instead, they'll wait for pleasant weather to secure a new apartment or other rentals.

Even if your landlord refuses your request for a rent reduction, there's still room for negotiations. If your landlord won't reduce your rent, here are examples of amenities you can ask for instead:

Thinking outside the box doesn't just involve what's in it for you during a rent negotiation. Think about how your landlord could benefit from reducing your rent in exchange for specific services.

Here are some examples:

When you look at rent negotiations as a give-and-take process involving you and your landlord, that opens up more opportunities for success.

Here's where you benefit from describing what makes you a desirable tenant. If you have a track record of being a good tenant, you can offer referrals during negotiations.

Signs you're the kind of tenant a landlord is looking for include:

Another strategy for negotiating your rent is offering to pay more than one month at a time. That puts more money in your landlord's pocket sooner. You might also consider committing to a longer lease, which helps them avoid the costs and headaches associated with finding a new tenant.

Even though it might feel like an uncomfortable conversation, it's worth trying to negotiate your rent. However, before you begin negotiating, check out our Answers to the Top 5 Rent Increase Questions on every renter's mind.