How to negotiate your rent when renewing your lease
Your lease is up for renewal and you have been thinking if you should renew it or move to a new place. Renewing your lease means you’ll avoid the costly hassle of switching apartments, paying movers, a security deposit, and possibly a broker fee — but you have seen prices all over the city fallen and you’d like to negotiate the price with your landlord.
So how can you get a better deal?
Renewing your lease is virtually the only real opportunity to renegotiate the terms of your contract. The first step is to do your research: Take a close look at units similar to yours on the market. For instance, if you live in a one-bedroom, look for another one-bedroom listed in the same building. If your building doesn’t have many comparable units, look at what’s currently listed in your neighborhood and in the same type of building (Does that building also have a doorman and a gym? Is it also a walk-up?)
The second step is to either email or call your landlord and bring up those similar apartments you’ve found to make your case. Keeping it polite and pointing out your track record are among the important considerations to help you get the best deal on your lease renewal. A good way to end the email or conversation with your landlord or property manager is saying that you really enjoy living where you live but your research indicates that the value of the apartment has changed- and that you’d love to agree upon a price that reflects a fair market value for the apartment.
If your landlord is refusing to negotiate, there’s not much else you can do. But given it’s currently a renter’s market with increased supply and more rent concessions, it’s not the worst time to try to find a better deal on a new apartment. In fact, a lot of my clients have upgraded for bigger and better places during the pandemic.
Beatriz Moitinho is a Real Estate Salesperson, specialized in Luxury Real Estate and a Productivity Coach at Keller Williams New York.