U.S. renters may be gradually gaining an advantage over landlords in the housing market.
The national average rent fell to $1,708 in October, down 0.3% from September’s figure, according to real estate data firm Coster. This was the largest decline in October in over 15 years, and the third consecutive month of negative monthly rent changes.
Part of the economic slowdown may be due to an oversupply of available housing, with builders completing more apartment complexes in 2024 than in any year in the past half-century, according to Zillow.
As a result, some landlords are willing to make concessions to get rental agreements signed, Zillow said. Zillow reports that landlords are offering perks like a few months of free rent or free parking in 37% of rental properties, up from 14.4% in 2019.
Justin Pogue, a property manager for more than 20 years and author of “Rental Secrets,” says there is power in this market to negotiate rent payments.
“When you become a landlord, you basically become a small business owner and take on all the problems that come with that,” he says. “If you can help your landlord resolve some of those issues, you can use that to negotiate the rent you’ll pay each month.”
Here are some key points Pogue says you can raise in your next negotiation with a landlord.
you are a model tenant
Basically, the best thing you can do to solve your landlord’s problems, or at least avoid causing them, is to become a model tenant, Pogue says. He says that means paying your rent on time, getting along with your neighbors, and not causing a nuisance.
“I’ve had situations where long-term residents wanted to leave because of disagreements, problems, noise complaints from other tenants, etc.,” he says. “Those who don’t behave appropriately will drive out quality tenants and create more work for property managers and landlords.”
Pogue says if you’re willing to do light work on the property, such as contracting for parcels, maintaining curb appeal and acting as a liaison between the landlord and other tenants, you may be able to get a discount on your rent from the landlord.
you are a known entity
Pogue says you don’t have to work very hard to feel comfortable negotiating rent. Even if the price you’re offered appears to be final, the ball is actually in your court, he says.
This is because, instead of letting you live in the apartment, you have the option of leaving it vacant for a certain period of time. This is expensive and creates some variation in the landlord’s expectations, especially if you are already living there without any problems.
“This unit will be empty for at least two weeks and probably a full month,” Pogue said. “That means cleaning costs, repair costs, all of that.”
Basically, Pogue says, if you move out, it could cost your landlord some money. Perhaps you can recoup those costs by charging someone else a higher rent, but that’s no guarantee. If you are willing to sign a new lease, it may be worth it to the landlord to keep the rent as is rather than miss out on the chance to get a new tenant.
“That’s part of the basis of negotiation,” Pogue said.
Do you know the prices for comparable locations?
Pogue also recommends researching rental rates for similar properties. He says they have an advantage here over property managers. Landlords may base their prices on properties within a certain radius of where they live, but they have more flexibility in their search.
“You chose this location because it’s 30 minutes west of work. There are plenty of other options 30 minutes east of work, and you’d think otherwise,” Pogue says. “Where they compare themselves has nothing to do with you. You are marketable.”
Before you sign a lease on a new property or renew your lease on your current property, Pogue suggests providing your property manager with the data you’ve gathered: where you want to go if you don’t want to lower your rent.
He suggests a script. “These are the rents I found where I’m going to live. Your asking price is not competitive because I have X, Y, and Z.”
“That way you get a clear picture in your mind of what they’re actually fighting against,” Pogue said.
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