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.