How to Negotiate Rent Reductions in New York: Tips and Tricks

Renting is another bill you have to pay to keep a roof over your head, right. This is a regular fee that we accept as needed, depending on the size, location and condition of the place we live in. But many renters fail to realize that you can pay less for rent. Company Brixbid has compiled a few top tips to help you save money easily.

Can you negotiate the rent

The short answer is yes. You can negotiate a rental. When you rent an apartment, the price you pay is not constant.

But before you even think about negotiating, you need to make sure you know why you are asking for a discount. Plus, you need to know how to approach the conversation in order to emerge victorious from it.

Why you should negotiate rent

A successful rental negotiation means more than just small monthly payments. There are several major benefits of lower rents for the same space and quality.

Lower rent means more money for you

More money in your pocket means more financial freedom. If you can negotiate a $ 100 monthly discount on your rent, you will have an additional $ 1 left each year. This is money you can save, invest, or use to pamper yourself.

Negotiated leases add value to your place

When you negotiate rent, you get a better deal. As a result, you will rate this place more if it loads your wallet less.

Everyone agrees on the rent

Each tenant wants him to pay less rent. In fact, many of them manage to negotiate a lower rent with their landlord before they sign the lease.

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This means that if you sign a lease without trying to negotiate a rent, you may be paying more than the fair market price for your home.

When to negotiate rent

Timing is critical to achieving the most successful lease negotiations. Make sure you reach out to the landlord with your request at the right time. But what is the best time?

• Before signing the lease: it is possible to negotiate the rent before you even get a place. Rent negotiation should be one of the first things you discuss with your new landlord before diving into the finer details of the lease.
• A few months before the lease expires: If you are unhappy with the rent you are paying but it will expire in a couple of months, ask the landlord if they will renew your lease at a lower price. They'll likely prefer to keep you and get a little less than wasting time looking for a new tenant.
• In winter: winter is a tough time for homeowners. Most people move during the warmer months. Landlords are more lenient when finding new tenants is problematic for them.

What to ask for when negotiating a lease

The rent price is not the only thing that can be negotiated. You can also ask for new items, perks, and amenities.

Here are some examples of what you might ask for during these negotiations:

• New amenities: you can ask for a new TV, fridge or microwave when you check in. If the old one is in poor condition or of poor quality, the landlord will gladly replace it for you.
• Free parking space: even if it's not part of your apartment, you can probably negotiate free parking for your car. This will help you save a significant amount.
• Additional storage facilities: many apartment buildings have basements or garages. But your landlord may not immediately give you access to them. Feel free to ask what additional storage options you have.

How can you negotiate rent

Now that you know when is the best time to negotiate rent and what to ask for, you need to turn to tactics. Negotiating is not easy for everyone. And if you're going to get an edge and save money, you need to prepare. Here are some tips to help you get the best results.

1. Do your research

Before doing anything else, check the prices for apartments in your area. Look for apartments of similar size and quality. And compare the prices with what you pay. If the housing market values ​​your area more than you pay or will pay, you will likely have a hard time negotiating a lower rent.

It's also worth considering how much you are willing to pay. Always approach price cap negotiations.

2. Prepare your trump cards

While you may be lucky, it is doubtful that your landlord will simply lower the price out of the goodness of his heart. As a renter, you have a negotiating position when it comes to rent.

3 things you can offer a landlord to convince them to lower their rent:

• An offer to stay longer. Landlords like a reliable tenant who stays in place for a long time. If you can imagine yourself living in the same apartment for 2-3 years, be sure to mention it.
• Offer to make a prepayment. If you have the financial position to pay rent months in advance, you can negotiate discounted rent payments.
• Offer to buy / make something that will add value to the property. Whether it's painting the walls or buying a new TV, landlords value a tenant taking care of their property. Offer this service to lower your rent.

3. Contact the landlord or property manager

When you're ready, contact your landlord or property manager. Don't attack them with demands to lower your rent immediately. Instead, send them an email or text message asking them to discuss anything regarding your rental.

It is very important. The way you approach and talk to your landlord can easily solve your problem.

4. Be clear, respectful and patient

Your success depends on clear communication. Remain respectful, calm, and professional when talking to the homeowner. This can help you negotiate your rent better and strengthen the relationship between you and your landlord.

5. State your case

First, explain why you want to lower your rent. Perhaps the housing market has changed. Or you find flaws in the apartment that reduce its cost. If you can back up your claim with evidence, your landlord will be more accommodating.

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6. Explain how your landlord will benefit

You cannot expect a landlord to give up making money easily. Be sure to include why you think the lower fee is beneficial for more than just you. It's time to take out your trump cards. Stay longer, pay in advance, or offer to do something in exchange for their goodwill.

7. Put everything on paper

This is perhaps the most important step in the negotiations. After you've convinced the landlord to lower the rent, make sure you have a written agreement. Whether it's a new lease, an extended contract, or additional paperwork, make sure you both legally sign it.

If the landlord changes his mind later, you need to get his consent in writing. The last thing you want is to get into trouble with the law after you've spent time negotiating rent.

8. Use a rental auction site

Agreeing on rent is not easy. You need to research, bargain, and bargain for this to happen. If you succeed, the reward will be great, but there is a risk that the landlord will not budge, despite your best efforts.

You can skip all seven steps simply by using the rental auction site. There you can easily arrange a rental.

The best thing about rental auctions is that you know the price in advance and you can tell how much you are willing to pay. You don't need to negotiate with the landlord.