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ASKING FOR A LOWER MONTHLY RENT UPON RENEWAL

When your lease is up you and your landlord have a number of options. You can decide to move out and move on without having to break the lease or you can choose to stay and renew the lease with your landlord or you may even consider changing property management companies. There is no right or wrong thing to do- it all depends on your personal situation. If you have decided to stay on and want to renew the lease then you can expect a whole new contact to be signed with different terms and conditions. While most of the rules will most likely stay the same (no smoking, no pets, no visitor, no parties, etc), one thing that might change slightly is the monthly rent amount.

After a year or more, there is a good chance that your landlord may ask for a little extra each month. For example, if you were paying $400 per month for the last two years in a lease, he may ask you to now pay $405 in the new lease to make up for the rising costs of living. However, in some instances the rental market will go down and, if this is the case, you may be looking into asking for a lower monthly rental upon renewal. This is a tricky thing to ask for and should only be done in certain circumstances. Tread with caution when asking for a lower monthly rent upon renewal with these helpful hints.

Asking For a Rent Reduction

The first thing you need to have in place when asking for this deal is a solid relationship with your landlord. Essentially you are asking for a big favor and if you and your landlord are not on that great of terms, then he is most likely going to tell you to take a hike. However, if you and your landlord do get along well and there have been no problems or conflicts in the past, then this may not be a problem. Your landlord may even be impressed with your gutsy attitude and reward you with a yes or even a compromise.

The second thing you need to have is a solid tenant past. If you have been living in the same place for a number of years and you are a good tenant, then your landlord may consider it. After all, losing $25 per month on a lower rental lease may be worth his while if he knows you are going to stick around for a number of years and he knows that the apartment is in good hands with you renting it. You need to prove to your landlord that this is a good investment by being the best tenant possible.

The third thing you need is the right rental market and the research to back it up. Have a look at the trends in the real estate market in your specific area and in your specific type of rental property. Have one bedroom units in your neighborhood gone up or down? If they have decreased considerably, then you have the ammunition to request a down grade in your rental cost. However, even this is not a guarantee.

Asking for a lower monthly rent upon renewal is a risky thing to do but it may pay off if you do have the above three things. If you are feeling up to the task of asking, then make sure you ask your landlord when he is not busy and seems to be in a good mood. Furthermore, if he says no, then accept it. At the end of the day it is his property.

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