Housing ReliefAre you happy with where you’re living, but unhappy with how much you’re paying? An easy fix for this problem would be to negotiate a lower rent payment with your landlord.
If you’ve never thought of this, you’re not alone, as many people avoid asking for rent reductions because they feel their landlords will never say yes. But even if they say no, you have nothing to lose, other than a little bit of your time.
You can keep living where you are and enjoy cheaper rent. Here are some tips that can make it happen.
1. Do your research before asking.
The rebate you request will play a huge role in determining whether your landlord accepts your offer. That’s why it’s best to do your research beforehand so you can pick the correct dollar amount.
You can do this by searching rental properties near you online. Or you could simply ask neighbors what they’re paying.
2. Know when to ask.
The best time to ask for a rent reduction is when you are renewing your lease. It gives you more leverage, especially if you’ve been a good tenant who’s always paid on time and has kept the property in tip-top shape. Since your landlord will likely want to keep you as a tenant, they may be willing to accept a rent reduction to do so.
Of course, you may not have the luxury of waiting until your lease renews if you’ve been hit with financial hardship. If that’s the case, ask for the rent reduction as soon as possible. It will show that you’re planning ahead and are concerned about your status as a tenant, which will make you look responsible in the landlord’s eyes.
3. Try asking for a temporary rent reduction.
If you have little leverage in asking for cheaper rent, request a temporary reduction. This may work if you’re paying rent in line with the market, but lost your job or income.
Let the landlord know that you’re doing everything possible to fix your finances, and cheaper rent will only be for a few months until you get back on your feet. They may easily accept such an offer.
4. List your reasons for requesting a rent reduction.
Asking for cheaper rent simply because you “feel like it” won’t make a compelling argument.
Listing reasons why the rent should be lower, however, can help your case. Financial trouble is one of the top reasons for requesting lower rent and at least a temporary reduction.
Competing properties where rent is cheaper can help as well. Don’t forget amenities, though. If your property lacks a gym, laundry, or other amenities that nearby properties offer, mention this to your landlord. They may lower the rent in response or offer those amenities, which is also a win.
5. Write a rent reduction letter.
While talking to your landlord face-to-face is fine, writing a rent reduction letter is more professional and could help you land the result you desire. You can find rent reduction letter templates online.
Fill in your information and include all of the reasons why your rent should be lower. Then mail or email it to the landlord.
