7 ways to negotiate on rent and not lose out on the benefits

In this article

  • To make sure you’re getting a fair price do your research.
  • Your best chance to successfully lower your rent is to pursue an independent landlord.
  • Is bargaining not your thing? Reach out for help! Get a professional to negotiate for you.

Finding the perfect apartment is exciting, but it can also strain on your wallet. Fortunately, with a little negotiation, there’s always a chance you’ll get what you want. But seriously though, have you considered negotiating your rent? If you haven’t then here are some serious benefits to having a lower monthly payment. For starters, you’re saving more and a successful negotiation means more freedom to live within your means!

Channel your inner negotiator and get your rent reduction. How? Here are 6 ways to do so!

Do your research 

To make sure you’re getting a fair price for the unit you’re leasing do your research. Overpaying your rent can break your budget, so be smart about this and compare the prices of similar rentals. This will help you figure out whether the landlord’s asking price is reasonable or not. Analyze all your must-have features like one-bedroom, dishwasher, on-site laundry and more. 

Then, go on your favorite rental listing site and compare the prices of apartments in a specific area that meet your criteria.

Know your opposite party

An independent landlord negotiates differently from property management. Landlords allow you more flexibility in negotiating properties. Your best chance to successfully lower your rent would be to pursue an independent landlord who can be more receptive. Property management companies are tied down by corporate policies that they can’t get around. And negotiation will be less successful in that scenario. A landlord who owns two buildings is more flexible to satisfy both your needs.”

The perks of being a tenant

Low rent is nice and all, but evaluate your situation and be on the lookout for other must-haves—that you can. Instead of negotiating for a lower rent payment, try asking for other perks, like free parking or free storage space that’ll help you live more comfortably at a lower cost to you.

Go for referral credit 

Landlords are always thrilled to get more units rented — wouldn’t you? Luckily, word of mouth is a powerful marketing tool.

It’s more like signing up for a subscription service and getting money off on your next shipment. Ask if you can receive “credit” in the form of a rent discount in exchange for referring a friend.

Get a professional to negotiate for you

Uncomfortable negotiating? Is bargaining not your thing? Reach out for help! Get a professional to negotiate on your behalf. We’re sure you have a college acquaintance or friend who negotiates like a boss! Find out if they would be willing to negotiate on your behalf. You can even hire a consultant who can work with you. Look for a specialist in your network, this might cost you some money upfront, it will be very worth it in the long run—especially if they talk your rent down.

Don’t let “success stories” influence your decisions

Success stories sound very inspirational, but don’t let them solely influence your decision.

Remember that your needs are not the same as everyone else’s. Maybe you don’t want a roommate. Or maybe you have dogs and they have ample space to roam freely. So don’t be quick to follow someone else’s lead without knowing the details of their circumstance.

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This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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