Tips for Negotiating a Rent Decrease With Your Landlord
The recession is affecting everyone it seems, and as many struggle to maintain their mortgages and keep afloat, it becomes more and more difficult to find any means of saving money. When things are uncertain for everyone, then rent decreases need to be discussed with the landlord. But how do you begin the conversation and what should you expect from the negotiations? It may seem obvious, but just like any other lease negotiation, you must be prepared.
It is always best to start your negotiations knowing the ground rules of the situation. Rent has to be at least thirty percent lower than what you were paying before, the landlord will no doubt welcome this since it gives them more security, but ask too little. Renters may have already had difficult negotiations previously, and they will not want to relive those tensions again.
Although you may also feel that the change you will make to your circumstances will be less than that of the previous negotiation, that is unlikely. Remember that your landlord is also in need of a sacrifice, so don’t expect a deep discount. Rent should be lower by about thirty percent then a comparable to that of a similar apartment,Townhomesor condo. If the landlord is short, you may be able to negotiate that you pay the 30% difference Yourself, or if the landlord has used a management company, they may accept a reduced rent upfront as security.
Be prepared to prove to them that your circumstances have changed. It would never do you any good to show up at the negotiation trying to use the same arguments you used previously, and when you have done all you can for the present, they will more than likely ask for more. Some of the things you might use include:
– Simply moving out, giving 30 days notice (3 to 5 days would be reasonable) and paying a fee to vacate.
– Paying a larger down payment then what was originally agreed upon, and reduce the term of the lease, giving you a shorter end date.
– Paying for one or two months of the rent and the security deposit in advance, while you attempt to sell the house.
– Subletting some or all of your space, to a third party, immediately.
– Paying for movers, closing fees, etc.
– Moving to a less expensive area in exchange for a payment break, or reducing the rent amount.
– Changing the location of your household so the landlord doesn’t have to pay for repairs or damages inflicted on the property.
– Provide proof of some flaw in the landlord’s security system or other security features.
The above are just some of the things you can try. If you can’t come up with a dozen of mini excuses you could always work to negotiate the above, as you present them to your landlord.
When the landlord is not giving much or any of this information, you may need to get something else. In fact, this is very likely what will alwaybe useful in negotiating a rent decrease or other such situation. You will never know. If you could get the landlord to accept all of your requests for a reasonable time, you would have already accomplished much. But if you don’t try, you cannot expect to get any of this. Try some of the options above, make some enemies out of the landlord, and you will soon be in a better position.
Many landlords elect to manage their properties themselves for a variety of reasons. If you feel that your manager or the property management company is not doing a good job in regards to the maintenance of the building, then you would have to speak with either the owner or the property manager. Apartment and condo property management can be a nightmare, that is for sure. So do not forget to ask if someone else is managing the complex- and this should be the first pertinent question. If it is not, ask them how they are doing things, or why not. If they are handing out your keys like a husband and wife, something’s not right.
Finding good renters is another story. If you can keep your lines of communication open, you can find people more likely to be respectable and friendly. Sadly, many renters I have met, and I’ve tenant collect information I deem awkward, and I never stop to think if they are. You should ask what their personal preferences are on the type of amenities and amenities that are important to them. Finding out that they prefer not to be screened is a bonus. After all, renting is supposed to provide a relatively safe haven for you and your belongings. If these renters seem uncomfortable with having a search conducted on their current location, or with just looking in a few local newspapers, maybe you should remove them from your consideration list. It could be that nobody is renting in the area, or the people simply prefer not to tell you what they like and don’t like about certain locations.