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More Renters Are Successfully Negotiating Reduced Rent

The beginning of each month can be bittersweet: Most of us are paid on the first of each month, and for those of us who rent, it's also the day we write a big check to our landlords. Every year, I hold my breath and wait for my landlord to raise my rent, but it still hasn't happened and it probably won't anytime soon. It's the sweet side of a renter's market.

The Wall Street Journal reports that renters now have leverage to renegotiate leases midlease, and landlords are more often willing to agree to a discount if the tenants have been reliable. Building landlords have vacancy worries because many new condos are being converted into rental units, and because so many Americans are seeing their incomes drop. Real estate professionals recommend presenting your landlord with examples of similar apartments for lease that are charging less rent, and offering to extend your lease if you're granted a reduced rent.

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Modus-Vivendi Modus-Vivendi 7 years
This is so good to know! Our lease is up at the end of March, and we are trying to decide whether to renew for a year or go month to month. If the landlord is willing to reduce the rent, I'd be happy to sign another year lease.
sweetpeabrina sweetpeabrina 7 years
I negotiated mine from 750 to 710 per month with no security deposit or application fee. I pulled the single teacher card though. When I renewed, it went up to 735 but I still have the apartment for much less than the current rate (in the 800s).
Lavinie Lavinie 7 years
on my way to work - i saw this sign for rent of an apartment. 2bedroom 1 bath and they were originally asking for aout $3000 for a two bedroom - and earlier this week - after their open house - i noticed the sign has a reduced amount - they're now asking for around $2400.. so there is hope for the renters world.. i don't want to jinx myself.. but so far the landlord hasn't increased our rent. fingers crossed!
Spiderlove Spiderlove 7 years
Yeah, I doubt I could get mine to go for that... I pay A LOT for the house I rent, but I've been there 3 years (almost 4 now, wow) and my lease expired after the first one... he's never raised the rent and is frighteningly lenient when it comes to me paying on time... (I'm usually a bit late...lol) I just found out he's a major television producer, so he probably doesn't need the $$. Lol.
Lovely_1 Lovely_1 7 years
Yea my lease is up end of march too and I don't think our landlords will be willing to negoiate either. They payed A LOT for that place a year ago, and I know they can't really afford anything less. I just don't think it's worht it right now to bring it up to them. Plus, they are the landlords who leave you alone and only bug you for rent (which we LOVE) so I don't want to burn any bridges.
aimeeb aimeeb 7 years
ilanac13 I'm with you. Right now my lease is up month to month and I don't see my landlord being willing to negotiate. It would be nice since the woman below me pays next to nothing and the government pays her rent...why I don't know...ugh.
syako syako 7 years
We negotiated our rent down before we signed a lease. And with the ease of the owner's acceptance, we figured we probably could have negotiated it down a lot farther. Oh well you live and learn, right?
ilanac13 ilanac13 7 years
my fiance and i just renewd our lease in November and when we asked the landlord about reducing our rent given the current economy or at least not increasing it, he was NOT open to it at all. it's hard since we're in a great place for the money, but that doesn't that we're as easily affording it since my man isn't working right now. he's one of the MANY that got hit by the layoff thing :(
shydcgirl28 shydcgirl28 7 years
Funny thing is I live in MD, which has one of the highest foreclosure rates, and the home sellers are not even trying to budge on prices, and my leasing office basically told me hell no regarding reducing the rent for staying longer, also they have increased the amount of the late fee and are becoming more strict. I live in a pretty nice area and people are being evicted at an alarming rate. I'm really concerned that my complex which is small, will go out of business before I find a house.
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