Paying Less For Rent Is Easier Than You Think

Some say that if you’re paying too much for rent, you should simply downgrade your home and move somewhere cheaper. While this may work for some, moving in itself is costly. And what if you don’t want to relocate due to your kids’ schools, work, etc.?

That’s why it’s better to pay less rent where you currently are, as it eliminates moving expenses and having to adjust to a new location. And even though you think paying less rent is impossible, it’s a lot easier than you think.

Why do most people continue paying the same rent or even higher for several years? Because they think they’re locked into that monthly payment, and their landlord would never consider a negotiation. But there are certain cases where a landlord would certainly say yes to lower rent, which is why you should make that request.

Reasons for Negotiating Lower Rent

Nearby Properties Are Cheaper

Before you ask for cheaper rent from your landlord, you’ll need to do some research. Ask neighbors what they’re paying each month and do some online searching to see the market rate. If you find that you’re overpaying, you have a solid negotiating tool in your favor.

When making this comparison, don’t forget to include amenities. Is your property lacking when it comes to laundry services, gyms, playgrounds, etc.? All of those amenities can be factored into the rent you pay. And even if your landlord refuses cheaper rent, they may be willing to add some amenities to satisfy you.

Financial Hardship

You just lost your job, causing a massive void in your income. You’re doing everything in your power to fix your situation, but you may not be able to afford the current rent amount.

Financial hardship is an excellent reason to negotiate a lower rent, especially if your landlord likes you as a tenant. Even if you can’t get a long-term rent reduction, ask for a temporary rebate until you start replacing that lost income.

Tips for Negotiating Lower Rent

Ask Before a Lease Renewal

You can significantly increase your chances of the landlord accepting your lower rent offer if you do so right before a lease renewal. Make a strong case for paying cheaper rent, and your landlord could accept to avoid having to replace you with a lesser tenant.

Here are some factors that could make your case for reduced rent:

• You always pay on time.
• You keep the property in good shape.
• There have been no complaints from neighbors.
• The landlord won’t have to risk having an empty apartment with no monthly income by keeping you.
• The next tenant may not be as good as you.
• You really enjoy the property and want to do everything possible to stay.

Mail or Email a Rent Reduction Letter

It’s best to make your request in writing with a rent reduction letter. In it, you will explain how much rent you’d like to pay, as well as your reasons for requesting a lower payment.

You can find templates online for such a letter that are easy to complete. Just be sure to send it as soon as possible, especially if the next rent payment is approaching soon.