“The boom times for renters are nearing an end,” according to the National Multi Housing Council. The apartment market is tighter than it has been in the last four years according to the NMHC.
What does that mean for renters?
Fewer vacancies, higher rent cost and a need to sharpen their lease negotiation skills.
Many renters don’t know that there are a handful of suggestions that may keep your landlord from increasing your rent too much, or even altogether. Chris Thorman, who blogs about rental property software at Software Advice, has a few tips for negotiation rent for tenants in the year 2010:
- Find out what other residents and comparable properties are paying in rent
- Take note of vacancies throughout your complex
- Check out to what extent your landlord is advertising their properties
- Make sure you mention your positive tenant attributes
- Ask for a longer lease term
- Ask for a trade off of some sort, such as a free parking spot
Chris goes into more details in his full post: How To Negotiate Rent in 2010 | A 10-Step Guide.”
This article was written by Chris Thorman and edited by FinanceDad