If You Want to Negotiate Your Rent, Try This Housing Hack

While inflation is still up, thankfully, rent costs have stopped skyrocketing in many places. According to Redfin's Rental Market Tracker report from March 2023, February 2023 saw the smallest gain in asking rent cost (just 1.7%) since May 2021. Just the same, you might be struggling with your monthly rent already, and perhaps facing a rent hike from your landlord. What can you do if your checking account just won't bear the new monthly rate? You may be able to negotiate.

Yes, like many expenses, rent can be negotiable. To succeed, you'll need to approach the conversation with your landlord in the right way. Here's how.

Ask for a few months of free rent

If you're already stretched thin and your landlord is raising your rent by $50 or $100 on your next lease renewal, you might be tempted to just move in hopes of finding cheaper rent. Depending on your circumstances, or your willingness to move away from an expensive city, you certainly might save money this way. (Keep in mind that moving also costs money, though.) But what if you could absorb the rent increase another way?

If you've been a reliable tenant (meaning, you pay on time every month, keep the place clean, and never have noise or guest complaints made against you), you're in a great position to ask for a few months of free rent. Even getting your landlord to agree to just one month free can be a boon to your personal finances.

Let's say your rent is going from $1,500 per month to $1,600. Over 12 months of your lease, that rent hike of $100 will cost you an extra $1,200 per year. If you can get your landlord to agree to even one month of free rent (get this in writing!), you'll come out ahead by saving $1,600, which is $400 more than the extra $1,200 you'd shell out on rent this year. As you can see, it's worth asking for!

Other tips to negotiate your rent

You have options beyond just absorbing the extra cost or getting your landlord to agree to throw in a few free months, though. Consider these tips.

• Offer to do some work around the property: You might avoid a rent increase (or get a smaller one) if you're handy and can do some painting, landscaping work, or make minor repairs to your home or others owned by your landlord.
• Consider different lease terms: Offer to sign a longer lease (perhaps two years instead of one) in exchange for keeping your rent the same. Your landlord will likely appreciate not having to find a new tenant for a while.
• Make some concessions: If you don't have a car, offer to give up your parking space. And if you're not living paycheck to paycheck, see if you can prepay rent for a few months in exchange for keeping your rate the same.

Life is expensive these days, and if you have a good relationship with your landlord, it's certainly worth approaching them to negotiate, rather than just accepting a rent hike. If you're a good tenant, you're worth your weight in gold, so don't be afraid to lean on your value when opening up a discussion about rent increases.