According to Zillow, the average rent has actually fallen over the last 12 months. Many rental markets around the country remain soft, with landlords open to negotiation.
So how can you capitalize on the situation? Below, several top experts gave their advice on the many ways to optimize your rental costs according to your budget.
1. Highlight Your Upsides
Landlords rent based on minimizing risk. That’s why real estate expert Ben Mizes of Clever Offers recommended emphasizing your positives.
“Landlords prefer tenants with a clean rental history, strong credit and consistent high earnings,” he said. “Often, landlords can value reliability as much as the dollar amount of rent, especially during slower markets.”
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2. Offer a Longer Lease Term
Landlords also reduce risk by keeping their units occupied for longer periods. Ask them point-blank: Would you accept $2,000 a month instead of $2,200 if I commit to a longer-term lease?
This tactic doesn’t necessarily have to require years of commitment, either. Some landlords simply want to schedule the lease to end at an easier time of year for filling vacancies.
“Landlords will sometimes negotiate if they can avoid that rent cycle with a longer 15-to-18-month lease,” added Mizes.
3. Offer To Prepay
Like everyone else, landlords prefer to get paid up front. Consider dangling some cash in front of them. Offer to prepay three-to-six months of rent up front in exchange for lower rent.
4. Offer To Improve the House
Could the property use a little TLC? Offer to make some improvements in exchange for discounted rent. That could include anything from repainting to refinishing the floors to building a new shed out back. You could even simply ask if there are any improvements needed around the property.
5. Look for Desperate Landlords
Landlords only offer incentives when they have to — especially when they’re struggling to fill vacancies.
“As you scout rental listings, look for advertised incentives like a free month of rent, waived parking fees or free upgrades,” urged Caleb Reits, real estate investor with City Lights Home Buyers. These landlords have already signaled a weak negotiating position, so press your advantage in asking for lower rents.
6. Ask for Other Savings
Often, property owners won’t negotiate on rent, but they can negotiate elsewhere. Start with those same incentives that some landlords in the neighborhood are offering. Instead of one month of free rent, will they accept two (or even three)? Could they include the water or electricity with the rent? Will they waive the parking fees for the first year?
Get creative, and find a way to reduce your total housing costs in a way that the landlord can accept.
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This article originally appeared on GOBankingRates.com: 6 Smart Ways To Successfully Negotiate Rent That Most People Don’t Even Try
