RENEGOTIATING YOUR LEASE
There comes a time when you are renting that you will get to renegotiate your lease. This happens after the lease has been signed and after you have been living in the house for almost the duration of the lease. When the lease is up you have three main options. You and your landlord can renegotiate the lease and sign another one if you would like something like an extension on the lease. You can live on a month to month basis or, you can move out and start again.
If you are happy to stay where you are and want some sort of security that you won't be kicked out in a month or two, then renegotiating your lease is a good option to consider. What this means is that you and your landlord can look back on the terms and conditions of the lease, change the things that need to be changed, and then sign it all over again, either for the same duration of time or less in some instances.
You may have signed a 12 month lease for $800 per month. However, with the rising market prices in real estate, you may now have to pay $810 per month on a six month lease contract. This is one of the many different negotiations you and your landlord will need to make. When you have lived in an apartment for a year, you can expect your landlord to up the price by a little bit at the end of the lease to stay with the rising trends. However, do a little bit of research to see what other property managers are charging for similar homes for rent in your area to see if you are getting a fair deal or not.
Bargaining on the Lease Agreement
If you are not happy with the price increase you can tell him so. He may be happy to only up the price by $5 per month if you agree to stay for another 12 months. Or he may need to up the costs to pay for the other rising expenses such as the rates or the building association costs. This is all part of rental and lease negotiations.
The thing about renegotiating your lease is, while you don't have much say, you do have a little bit of say. And it doesn't hurt to ask. If there are things that are bothering you about the apartment, such as a dishwasher that is too old or an ugly color choice for the spare bedroom, then bring it up when you are negotiating the lease. Ask him to change the color of the bedroom or ask him to replace the dishwasher in exchange for the $10 increase in rent. Use your bargaining and persuasive powers here to get what you want.
In some instances your landlord will not budge. It will be his way or no way at all and if you are unhappy with how the negotiations are going, then you might have no other choice but to leave. However, if you are a good tenant then your landlord will probably prefer that you stay put and continue to pay the rent and live there without the hassles that come with some other poor tenants that he could replace you with.
After all, it is a lot of effort on his part filling up the apartment when you go. It is often easier for everyone to renegotiate a lease and come to an agreement that everyone is happy with. That way, no one has to move, no one has to interview potential renters and, best of all, no one has to do a major clean of the apartment.