Jonah JacobsFor some reason, people believe that landlords are these unapproachable figures that they should fear. While there may be tough landlords to deal with, you’ll need to approach yours if you want to reduce your monthly rent.
Most people avoid this money-saving opportunity because they feel it’s impossible to negotiate a lower rent once you sign a lease. There are several things you can do to make it possible, however, and here they are:
1. Assess yourself as a tenant.
Have you been the best tenant you can be? In other words, have you:
- Always paid the rent on time.
- Avoided complaints from neighbors.
- Kept the unit in excellent condition.
- Had a respectful relationship with your landlord.
If the answer is yes, then you have plenty of leverage in negotiating cheaper rent. But if you haven’t been a good tenant that the landlord wants to keep, you’ll have a tougher hill to climb.
2. Figure out why you want cheaper rent.
Everyone would love to pay cheaper rent so they could have more room in their budget. Unfortunately, that’s not a convincing argument to make with your landlord.
Before approaching your landlord with a lower rent request, you’ll need to figure out why you are making the move. Is it because you lost your job and won’t be able to afford the entire amount? Have you done research that revealed you’re overpaying when compared to similar units? Is the property lacking amenities that competing communities have?
Whatever the reason(s) for your request, write them all down with details. You’ll be referencing them later on to make your argument as strong as possible.
3. Figure out how much you want to pay.
The best way to figure out your new and reduced rent payment is to research similar properties. You can do this with real estate websites. Better yet, ask your neighbors what their rent is.
Either you’ll find out you’re overpaying, or they might, so don’t be afraid to ask.
4. Time your request correctly.
Ideally, you want to request cheaper rent before renewing your lease. It’s when you have the most leverage, and when your landlord will be most willing to hear your argument.
Landlords know all of the costs, work, and risks involved with finding new tenants. If you’ve been a solid renter, they’ll want to keep you, even if it’s at a lower monthly payment.
On the other hand, if you’re experiencing financial hardship, do not wait. Ask for cheaper rent immediately. And if you’re worried about getting rejected, ask for a temporary reduction in rent until you get your finances in order.
5. Make it official with a lower rent letter.
Look for a rent reduction letter template online. Fill it with your information and all of the details why you want to pay less each month. Then email or mail it to the landlord. Not only does this put everything in writing, but it’s the most formal and accepted format for requesting cheaper rent.
