How to Renegotiate Your Rent

Yes you can! In the down economy you can get your rent down and save a lot of money while still living in a great place.

Here are some pointers for lowering your rent:

  • It is much easier to do this if you have an individual landlord rather than one of those huge companies.  (It is not impossible, but a bit harder with a company because they do not mind having an empty place).
  • Do your research first of comparable places in surround areas.  Take notes and addresses of apartments in your area, like yours that are charging less. Get the prices, addresses and details.
  • Find out who to write to.  Find out who dictates the rent—the building manager, the landlord out of state, the management company?  It is important your letter sees the right person.
  • Know your limits.  If you are going to ask to move, make sure you ask for a reasonable reduction and you know what you will and will not take.  Our building offered us lower rent if we signed a new 12-month contract.  Know if you are willing to do this before going into negotiations.
  • Write a letter.  You want to write a letter that states:
    • 1- Why you are unhappy.
    • 2- Why you have been a great tenant.
    • 3- Research that backs up why you should be paying less.
    • 4- How everyone would win if you stayed (do not have to go searching, no costs, etc)
    • 5- How they should contact you to proceed.

Remember, it never hurts to ask.  Worse comes to worse they say no and you stay or you move. In this economy, every penny counts, so ask!

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