10 Ways to Negotiate Lower Apartment Rent

Summer is a popular time to move and with the economy significantly shifting, it can be an excellent time to re-negotiate your current lease or move into a better deal.  According to the Bureau of Labor, the average American family spends 33% of their income on housing.

Reducing the amount spent on rent can have a significant effect on the household budget.

Demand for apartments is falling in many regions throughout the United States, which means rent is increasingly negotiable.  Remember, it never hurts to ask.

Here are ten ways to get a good rate in this ‘renter’s market’:

1. Sell yourself to the landlord.  The primary factor landlords may screen tenants by is their financial ability to pay rent.  A well dressed renter that clearly demonstrates their financial means and solid rental history will be perceived as a better deal for the landlord.
2. Come prepared with job references.  A stable employee is a stable renter.  Other signs of financial responsibility, such as owning a home or having managed property can also work in your favor.
3. Take advantage of your credit score.  Many landlords will accept a printout from CreditKarma as a (free) means of demonstrating a solid score.  This may even allow you to negotiate down your security deposit or application fee.
4. Do research.  Always find comparable properties on Craigslist, or any other rental listing service.  If you’re able to demonstrate that the market rate is declining, you may be able to negotiate a lease BELOW market.
5. Be willing to budge.  The art of negotiation is a balance of give and take.  Your landlord may offer to slash rent $50 a month in return for mowing the lawn or performing other maintenance.
6. Consider multiple locations.  Some landlords may not negotiate, but looking at multiple properties will allow you to locate those with motivation to lease the property.  Landlords trying to rent older homes will be more willing to work with a good tenant than a large apartment complex or management company.
7. Watch out for foreclosures.  If you know the property is facing foreclosure, you may be able to negotiate a month-to-month lease at an amazing rate. This strategy can be risky so be extra wary of giving security deposits or making long term leases on pre-foreclosed properties.
8. Offer to manage.  Managing an apartment complex can be a headache, but it brings with it a heavy reduction in the amount of rent paid.
9. Everything is negotiable.  If the landlord refuses to budge on the monthly rent amount, try to negotiate for the first month’s rent free. Often landlords are willing to negotiate on the amount of utilities paid, the appliances or other furnishings, or a free month’s rent after the first year.
10. Look during an off-season.  Demand for rentals tends to be high during the fall, particularly in areas with universities.  Try to look when vacancy is high, such as during the summer when most students head home.

Some landlord’s may try to discourage you from negotiation by insisting that doing so is illegal discrimination.  While it is illegal for a landlord to discriminate against a protected class in selecting a tenant,  it is not illegal for a landlord to lower rent, offer incentives, or give discounts.  Most landlords will be willing to negotiate with a financially responsible tenant.