Lowered Rents? Where’s Mine?

Times are rough and we’re all trying to cut back in some capacity. You buy a few less drinks at your favorite Happy Hour, and skip dessert at dinner. But sometimes you can’t control the costs of your more basic necessities — like your rent.  Or can you?

Landlords don’t live in a giant bubble, oblivious to the crashing economy around them. They know now that it’s even harder than ever to make ends meet, and many of them are willing to work with good tenants in order to keep them.

William Turbert, 21, knows the hardship of writing out that monthly check. Like every other college student, he struggles to save every dollar he can.  However, with a little persistence, fact checking, and a respectful attitude, he was able to have his rent lowered by $100 a month.  So if your budget is getting tighter and you find yourself in a more serious financial pinch, here are some ways to convince your landlord to work out a better deal for the both of you.

Figure Out What You’re Looking For

You need to have an idea of what you want to pay and evidence to support your reasoning. First, decide what you can afford to pay each month. Then, figure out if it’s asking too much from your landlord. Remember, you’re not going to lower your rent by half.  Be realistic about your expectations. “Many landlords depend on this [income] for their livelihood”, Turbert stated, so it’s important that you are aware of the costs that they incur and make an offer that isn’t lowballing them.

Do Your Research

You should know what others are paying for a similar apartment in the same location. Check out sites like Craigslist, Rent.com and ApartmentFinder to see what comparable apartments in your neighborhood are leasing for. If a similar studio apartment is going for $200 less per month just a few blocks away, keep that in mind when speaking to your landlord. Are utilities included in another apartment, whereas yours are not? That’s another working point.

If you can’t get your rent lowered, you can always aim for getting better amenities or paid utilities. “I went into the situation with an idea of what I wanted to pay and what I truly thought was fair considering the market value of the property,” Turbert said. “Understanding [that] allowed me to bring a stronger argument to the table.”

Have a Game Plan

Have your arguing points laid out in advance. List the reasons why you need your rent lowered. Maybe you just lost your job, you aren’t working as much overtime, or your student loan payments have reached their maximum deferred status. Many landlords are reasonable and will at least try to come to some agreement, considering you’ve been a tenant in good standing.

And on that note, don’t forget to mention that you’ve been a good tenant for “x” number of years, have always paid your rent on time, and have never given them a problem. Finding a responsible tenant — especially in the midst of a stagnant job market is a costly and time consuming process.  Turbert had been a tenant for two years when he approached his landlord to lower his rent. “He understood that he would lose me,” he said, if they couldn’t come to an agreement.

Keep Your Cool

You can hint that you may need to look for a more affordable place to live if your rent isn’t lowered. This is a more effective move if you find a similar apartment nearby for a lower price. But, just hint. Never threaten to move out, otherwise the argument could escalate and possibly leave you out of a place to live. “Although it doesn’t hurt to have a strong personality in situations like this,” Turbert suggested, “I wouldn’t go about it in hard-headed manner.”

If your landlord is willing to compromise, then you’re in luck.  Even $50 less each month can add up to big annual savings. But if  your landlord doesn’t budget, it’s important to have a backup plan — whether that means staying put and dealing with the situation at hand or finding a new pad.  Either way, “stay positive,” Turbert suggests. If you’re a good tenant, your landlord won’t be so quick to lose you.

Photo credit:  Mattox

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