Renter’s Market: How to Negotiate a Better Deal
As the rental market shifts in favor of renters, now is the perfect time to negotiate a better deal on your lease. According to recent data, the median asking rent price in the US has decreased by 0.5% from November to December, and 1.1% from last year.
Construction Boom Leads to Increased Supply
The pandemic has led to a surge in new apartment building constructions, resulting in a higher supply of available units. This increase in supply has given renters more negotiating power when it comes to lease terms. Property managers are now considering lowering asking prices to attract tenants, making it a renter’s market.
Regional Variations
While the national trend is towards decreasing rent prices, some areas are experiencing faster declines than others. Cities like Austin, Texas, which has seen a high volume of multifamily housing construction, are likely to see continued rent price drops as supply grows and demand balances out.
Three Key Steps to Negotiate a Better Deal
- Know Your Market: Research what similar units in your neighborhood are renting for to arm yourself with information in negotiations with your landlord or property manager.
- Leverage Your History: If you’ve been a consistent, on-time payer, use your history to negotiate for a lower monthly rent.
- Look Beyond Rent: Consider negotiating concessions on additional costs like parking fees or access to amenities. If you see other properties offering similar deals, ask your landlord to match them.
Splitting Costs with Roommates
If you’re living in an area with high rent prices, consider splitting a larger unit with roommates or housemates. This tried-and-true method can help lower housing costs, especially since the cost of larger units is not growing as fast as rents for smaller units.
By following these tips, you can take advantage of the current renter’s market and negotiate a better deal on your lease.
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