4 Tips to Try When Negotiating Rent
If you’re not happy with your current renting situation—whether it’s the price you’re paying for off-campus student housing or the amenities and benefits that come with the property—you don’t have to simply tough it out until your lease expires. Instead, try putting your negotiation skills to the test and start negotiating rent.
If you don’t know how to negotiate your rent, don’t stress just yet. Here are the four things you need to know when negotiating rent for student housing:
1) Pay attention to the timing
When negotiating a lease for student housing, it’s imperative to pay attention to the timing and situation, as these are some of the most important factors in a successful negotiation. The best time to negotiate your rent is at the end of the month. This is when landlords are stressing to find tenants if you’re looking to move out.
When negotiating rent, also plan to put your negotiation skills to test a few months before your lease expires and also when you know you can stay in your current place longer. Most landlords are reasonable and willing to negotiate your rent if they know they won’t have to find a new tenant in the upcoming months.
Lastly, winter is the most difficult season for landlords to find renters. For you, this means it’s the best time to negotiate your rent, as you’ll hold more bargaining power.
2) Know what to ask for
When it comes to negotiating rent for off-campus student housing, there’s more to know about and bargain for than just the amount of money you’re paying to rent the property. It’s also smart to consider negotiating for amenities and benefits as well.
Aside from negotiating rent to get your rate lowered, you can also include other factors in your rent negotiation such as:
- New apartment upgrades, perhaps even a paint job.
- A free parking space.
- More or free storage.
- Waived gym membership fees (if you’re on a larger property with a gym, of course.)
3) Do your research
Look into other buildings in your neighborhood and what other landlords are charging for properties and situations like yours.
Researching and knowing the facts will give you concrete numbers or approximations to deal with, and it will also give you the confidence knowing that what you’re asking for is within reason. When the time comes to talk to your landlord about your lease or rate, bring your resources and research with you. Have the prices that you found for similar buildings printed out.
4) Make a strong offer
After building a strong case, present your negotiation in the ways it will benefit your landlord, not only yourself. First, contact your landlord ahead of time to set up a time to talk, rather than ambushing them. Then, go in with your resources and confidence and knowledge of precisely what you want regarding price or amenities and benefits.
Make sure you’re clear on exactly what you want from your landlord. This will make the whole process of negotiation much more smooth. If you can find reasoning why a new situation will be beneficial to both you and your landlord, lead with that logic. This will lessen possible tension and most likely be more successful in the end.
After using a student-housing app2 to find the perfect place, you may discover there’s more you want from a landlord or less you want to pay. Even if an off-campus living situation seems ideal when you first move in, that doesn’t mean you’ll always feel that way. Before deciding it’s time to move out, try negotiating your rent with your landlord first.