Renters in the U.S. may be slowly gaining the upper hand over landlords in the housing market.
National average rent fell to $1,708 in October, a 0.3% decrease from September’s figure, according to real estate data firm CoStar. It was the largest October drop in more than 15 years and marked the third consecutive month of negative change in monthly rent.
Part of the slowdown can be chalked up to a glut of available housing, with builders finishing more multiunit homes in 2024 than any year in the last half century, according to Zillow.
As a result, some landlords are willing to make concessions to get a signature on a lease, according to Zillow. Landlords are offering freebies, such as free months of rent or complimentary parking, on 37% of rentals, Zillow reports, up from 14.4% in 2019.
In this market, you have the power to negotiate what you pay in rent, says Justin Pogue, a property manager of more than 20 years and author of “Rental Secrets.”
“When someone becomes a landlord, they basically become a small business owner and take on all the problems that come with that,” he says. “If the renter can help them solve some of those problems, then they can use that in negotiating the rent amount that they pay each month.”
Here are a few key points Pogue says you can bring up in your next negotiation with your landlord.
You’re a model tenant
As a baseline, the best thing you can do to solve problems for your landlord — or at least not create them — is to be a model tenant, says Pogue. That means paying your rent on time, getting along with your neighbors and not causing neighborhood disturbances, he says.
“I have had situations where I’ve had long-term residents who want to move out because of disagreements, issues, noise complaints from other tenants,” he says. “The people who don’t act properly will drive out quality tenants, making more work for the property manager and/or landlord.”
You may even be able to score discounted rent from your landlord if you’re willing to do some light work on the property, such as signing for packages, maintaining curb appeal or acting as a liaison between the landlord and other tenants, Pogue says.
You’re a known quantity
You don’t need to go to great lengths to feel comfortable negotiating your rent, Pogue says. Even if it may seem like a price you’re quoted is final, the ball is actually in your court, he says.
That’s because the alternative to having you in that apartment is some period of vacancy, which costs money and introduces a level of variability into what the landlord can expect — especially if you’ve already been living there without issue.
“This unit is going to be empty for at least two weeks, possibly an entire month,” Pogue says. “That means cleaning costs, repairs, all of those things.”
Essentially, if you move out, it may cost your landlord some amount of money, Pogue says. Maybe they’ll be able to recoup those costs by charging higher rent to someone else, but that’s not a guarantee. If you’re willing to sign a new lease, it may be worth it to your landlord to keep your rent where it is, rather than taking their chances on a new tenant.
“That’s part of the basis for your negotiation,” Pogue says.
You know what comparable places cost
Pogue also recommends researching rental costs for comparable properties. Here you have an advantage over property managers, too, he says. While landlords likely set prices based on properties within a certain radius of theirs, you can be much more flexible in your search.
“You chose this place because it’s half an hour west of your job. There’s a bunch of other options that are half an hour east of your job that you would consider that they are not,” Pogue says. “The places they compare themselves to have nothing to do with you. You’re marketable.”
Before you sign a lease at a new property or renew your agreement at your current one, Pogue suggests providing your property manager with the data you’ve collected — the places you’re willing to go if they’re not willing to come down on rent.
He offers a script: “These are the rents that I found in places where I would live. Your offering price is not competitive because of X, Y and Z.”
“When you do that, it crystallizes in their mind what they’re actually really competing against,” Pogue says.
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