With the current economic conditions, many people are experiencing difficulty in meeting their monthly expenses. Renters who were subject to pay cuts or have their businesses earning less than usual often look into their rent and see if they can negotiate for a rent decrease.
How to go about in negotiating for a rent decrease depends on the housing market in one's area. It will also depend on the size of the apartment complex one is renting from. Generally speaking, smaller apartments where the landlords run the complex themselves are more flexible than apartments under a management company.
The first thing to do now is to determine who to talk to. You do not want to waste your efforts on someone that is not authorized to legitimately lower the rent.
Once you have figured out how has the power to make or break a deal, you need to complete some research. Figure out what the current rent rates are and compare the apartments around yours to others nearby.
You may find that rents in the area have dropped recently, so that during negotiations, you could tell your landlord that you could easily find a cheaper place now. Though this may be time consuming, having some figures to tell the landlord will give you the upper hand in the negotiating process.
Also, you should tell them that the motivation for you trying to get a lower rent is that your financial position has changed. Emphasize what a good tenant you have been and how well you have maintained your unit.
This simple story will show the landlord that you are a responsible tenant and that lowering your rent is their wisest option. If he or she does not, they will need to spend a significant amount of money and valuable time trying to find a new tenant - something that no landlord likes doing during a recession.
Lowering the rent for a good tenant is usually a preferable option to having a vacant apartment. In the end, it is better for both parties.
How to go about in negotiating for a rent decrease depends on the housing market in one's area. It will also depend on the size of the apartment complex one is renting from. Generally speaking, smaller apartments where the landlords run the complex themselves are more flexible than apartments under a management company.
The first thing to do now is to determine who to talk to. You do not want to waste your efforts on someone that is not authorized to legitimately lower the rent.
Once you have figured out how has the power to make or break a deal, you need to complete some research. Figure out what the current rent rates are and compare the apartments around yours to others nearby.
You may find that rents in the area have dropped recently, so that during negotiations, you could tell your landlord that you could easily find a cheaper place now. Though this may be time consuming, having some figures to tell the landlord will give you the upper hand in the negotiating process.
Also, you should tell them that the motivation for you trying to get a lower rent is that your financial position has changed. Emphasize what a good tenant you have been and how well you have maintained your unit.
This simple story will show the landlord that you are a responsible tenant and that lowering your rent is their wisest option. If he or she does not, they will need to spend a significant amount of money and valuable time trying to find a new tenant - something that no landlord likes doing during a recession.
Lowering the rent for a good tenant is usually a preferable option to having a vacant apartment. In the end, it is better for both parties.
About the Author:
The author has been publishing commentary with respect to apartment rentals for the last four years. Moreover, this individual enjoys providing knowledge about New York neighborhood topics, such as Battery Park City apartments along with Murray Hill apartments.
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