How To Negotiate Lesser Rent With Your Management Company Because Of The Economic Crisis
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The recession has hit many people hard and one of the toughest areas for people nowadays is rent. Frequently, people who have been laid off or have taken a pay cut will look to negotiate lower rent so they can survive.
When deciding to negotiate your rent, you need to assess what is happening in the local housing market. Usually, you will need to consider the size of the building you are in as well. Most of the time, the less apartments managed by the same person or company, the more amenable to negotiation they are, and vice versa.
Thus, the first thing one should do when planning to negotiate for a rent decrease is to find out if the person one is talking to can actually make the decision or is authorized to lower the rent.
Next, it is time to do some comparison shopping. Doing the research on the current rental rates is essential so you can negotiate better.
For example if rental rates have decreased, you can mention to the landlord or management company that you can easily find a new apartment at lesser rates than your current one. Even if it will take up some of your time, doing comparison shopping in other apartment complexes will give you the exact numbers that you can show on the negotiating table.
During negotiations, mention that your current economic status is the main reason why you are asking for a rent decrease. Highlight how you have been a good tenant who has always paid rent on time and kept the apartment in good condition.
This simple story will show the landlord that you are a responsible tenant and that lowering your rent is their wisest option. If he or she does not, they will need to spend a significant amount of money and valuable time trying to find a new tenant – something that no landlord likes doing during a recession.
Negotiating with a current tenant that is responsible and always pays on time is a much more appealing option than trying to get a new one.
The individual has been providing advice about negotiation for the past three years. In addition, the author loves writing about NYC neighborhood subjects, like Battery Park City real estate and Murray Hill condos.
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