Tips For Negotiating Rent

By Ashley Paskill on February 28, 2021

This article is brought to you by GradGuard. We protect college students and their families from the financial risks of college life, like providing a refund for tuition or replacing a stolen backpack when your school may not. When the unexpected happens, GradGuard’s tuition insurance and renters insurance can help you get back on track.

As a student, you likely have a limited budget, and rent is a big chunk of what your money goes towards. However, when students are looking for an apartment, they may not know that they can negotiate, and if they do know, they may not know how to approach it. It can seem nerve-wracking, but with the right skills, you can negotiate your rent so that you do not have to potentially miss out on your perfect apartment due to cost.

Do your research

When you are getting started in your search, you will likely be looking at how the apartments around your school are priced. Make a list, either on paper or digitally, so that you can get a sense of what the average rent prices are in the area. This will also help you be sure that you are not going to be paying above the average price. You will be able to see how low you will be able to negotiate.

Also, be sure to do some research into how long the apartment you want to negotiate for has been empty and how many empty apartments the landlord has. If it is the end of the month, the apartment will likely have been empty for longer, which would make the landlord more willing to negotiate.

Timing is everything

As mentioned above, the timing of negotiating is crucial. It is likely that an apartment has been empty for a longer period of time at the end of the month. Landlords are more likely to negotiate rent to a lower price than have the apartment be empty.

It is also recommended that if you have a lease and want to lower your rent, you should start negotiations early so you can leave or show what others near you. However, you should not start too early as your landlord will have time to look for a new tenant.

Be aware of seasonal trends that property managers may follow. For example, winter is a great time to negotiate rent as it is more difficult for landlords to find new tenants during these months. If you are trying to negotiate rent over the summer, you will need to be more persuasive since this is the peak rental season.

Image: Rodolfo Barreto via https://unsplash.com/photos/ACB5nvhnm6c

Be confident

You have done your research and are sure of what you are trying to achieve. Let yourself exude the confidence so that you can get what you want. Avoid hesitant language like “umm” or “I mean” as much as possible so that you do not appear unsure. When presenting the first rent price, aim lower than you think will be accepted to be able to negotiate and haggle more easily. If you are negotiating for lower rent in the apartment you are in now, think of specific things you have brought to the apartment complex, such as your friendliness towards your neighbors and your ability to pay rent on time.

Also, sell yourself as a good tenant. If you have rented before, be sure you have references that will be able to show that you are a good tenant, even at a lower rent rate. Get letters of recommendation from previous landlords that can speak of your ability to pay rent on time and say that you do not cause issues. Get recommendations from professors, bosses, or other people in your network who can speak to why you would be a great tenant based on personal attributes. Having these will help sell you, but will also give you the confidence you need to stand firm in what you are asking for.

Think beyond the price

When you think of rent, you may think of the monthly payment you make for the space. However, when negotiating, you may also want to negotiate what is included in rent. You may be paying extra for utilities, a parking space, or other amenities that others do not have to pay for. Look for these things when you are researching apartments where you want to live so you have a basis for what you may be able to get.

Know it may not work

No matter how confident you are or how much research you present, the landlord may not want to negotiate at all. Try to not take this personally. Be confident that you have done your part and are the one who will decide whether or not you choose to live somewhere. It ultimately depends on what is already included in rent, the number of rooms, and other factors. It is a good idea to have a couple of places in mind in case one does not fit your budget.

As scary as it might seem to negotiate rent, having the right mindset and resources will help give you the confidence you need to get a lower rent. The landlord may ultimately not lower the rent price, but they also might so it is worth a shot.

It’s no secret that college costs a lot of money. Make sure your investment in higher education is protected with GradGuard. Our affordable tuition insurance and renters insurance plans are specifically designed for college students. Customizable plans make it easy to protect your tuition, room and board, laptop, bike, and so much more.

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