You Can (And Should) Negotiate Your Rent — Here’s How

It might be hard to believe — especially given today’s cost of living — but just about everywhere you look, rents are dropping. How much depends on where you live, but benchmarks from Zumper, Rent.com, and Realtor.com all show national rents are flat or falling — with Realtor.com noting 24 straight months of drops.

That might surprise tenants when renewal notices show up. Landlords generally try to raise rents at rates exceeding housing inflation, hoping you’ll simply accept the increase. But you don’t have to — even if you plan to renew.

Here’s the reality: Unless you’re in a hot market like New York City, your landlord doesn’t want to lose you. With more units than renters in many areas, competition is high. And while moving costs you, turnover costs them too — cleaning, prepping, and vacant time all add up.

• Before signing your lease renewal, check average rents and year-over-year changes with tools like Zillow and Zumper.
• Shop around for similar listings nearby to get a window of comparison, so if your landlord says no, you’re already one step ahead.

Let’s Make a Deal

Once you’ve got the facts, take them to your landlord. Whether they’re a small, scrappy shop or a large, publicly traded REIT will influence your negotiation process.

• If it’s a small landlord: You might be able to call or stop by the leasing office and make your case. They may even ask, “What are you willing to pay?”
• If it’s a larger landlord: Ask your on-site staff about the best practice for a “rent reconsideration,” as some companies call it. Some landlords use a national retention center you can call, while others handle reconsiderations over email.

What’s the risk? Best case, your rent doesn’t go up (very seldom do landlords agree to voluntarily make less money). In the worst case, your landlord doesn’t budge — at least you tried. You may still decide to stay, but remember — depending on where you live, your next best option might be right next door, where you could save thousands on a new lease with better terms or concessions.