Is your rent going up? Don't move out! Savvy Sugar explains how to negotiate your lease for a more reasonable price.
As a renter, it's important to realize that your landlord will probably raise your rent year-to-year due to inflation, rising market value or higher demand. However, you can always try to negotiate your lease, especially after you've received notice that your landlord plans to raise prices. No need to panic or immediately make plans to move out. There are a lot of factors in your favor to help persuade your landlord. Try out these tips.
Be a Trustworthy Tenant
If you've paid your rent on time, have had no bounced checks and haven't caused any damage or trouble during your lease, your landlord will probably be more willing to keep you around than take a gamble on a new tenant. Plus, it's an expense for him to repaint, clean and repair the apartment for a new tenant.
Check Out the Supply and Demand
Chances are if there are several empty apartments in your complex or around your neighborhood, you'll have more authority to veto the rent increase. Look around to see how many apartments are empty in the complex or in your area. Take note of it, and mention this to your landlord.
For more tips on how to renegotiate your lease, continue reading at Savvy Sugar.