Unless you’ve been featured in Forbes, you probably have rent or mortgage payments that have become a bit harder to handle since the recession hit. Thousands of renters out there continue to pay more every year because the landlord wants to account for “inflation.”
Wages Down, Rents Up? Take a Stand
Income has dropped nearly five percent, yet rent has risen. Income across the country dropped between 2008 and 2009; many people lost their jobs altogether. With so many people being unable to afford rent year after year landlords have to come to terms with the fact that some money is better than no money at all. Sure it is arguable that the economy is picking itself up, but it still hasn’t even recovered to what it was which means landlords and realtors alike are in bad shape. With the housing market in the tank, this is the perfect time to start paying less.
How to Bring It Up
You have to approach the topic tactfully. Simply demanding lower rent isn’t going to lower your rent and hostile communications won’t solve anything; you still need a roof over your head. The first step is to open the lines of communications. Don’t wait until the last couple weeks of the year to start renegotiating rent; if your landlord hasn’t contacted you about resigning the upcoming lease, then take the initiative; call your building manager’s office and tell your landlord you are interested in resigning. Chances are he or she will give you a good deal simply because you took the initiative, just remember to be polite and matter-of-fact.
Dealing with the Numbers
Should your landlord low-ball you with something like a hundred dollars off the first month or fifty dollars off what you already pay, then begin to present the facts. Use figures from sites like hotpads.com. They will show you the median income for your town, the median rents and even trends so you can see what direction those figures have been moving. In most areas, average rents are down, so if your rent hasn’t gone down, you have an excellent argument.
It’s also good to check out apartment vacancies, which have probably risen significantly in your area over the last couple of years, and to have a few potential comparison rentals to show. Finally, if you have a good rapport with a neighbor who recently moved into the building, find out the kind of deal they got. If the new people are paying a few hundred dollars less then, why should someone that has paid their rent on time for years pay more?
All your evidence should be from reliable sources and footnoted or cited in some way so that your landlord can look at the figures for him or herself. You will more than likely be told to submit your argument in the form of a letter and will receive a response in the next week or so.
What to Expect
Chances are that you will end up with around ten percent off what you currently pay. If you get a reasonable offer, you can take it, or decide if moving is worth the hassle of the lower rents you can get elsewhere. Most landlords are reasonable enough to take some money rather than no money. Many are in need of residents just as bad as potential residents are in need of homes. Make a logical argument, and there is no reason you shouldn’t end up paying less for your rent next when the lease renews.
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