4 Tips for Negotiating Your Rent in New Jersey
What’s your biggest monthly expense? It should be the rent for most of you. And with every passing year, landlords tend to increase the rent which means greater expenses for you. Is there any way that you can bring down the rent? Move to a different neighborhood, choose a smaller apartment or negotiate a more favorable deal with your landlord. Negotiating better rent is your best choice.
Yes, the advertised rent isn’t fixed, and there is always some room for negotiation. It may not always be easy, but if you have the skills and approach it the right way, you may be able to save a couple of dollars every month.
Here are our favorite tips for negotiating a better rent.
1. Approach it correctly
Like we said, our most effective tip for negotiating better rent is to approach the matter correctly. Prepare yourself, do some research and find out average rents in the area. Inspect the rental unit thoroughly and see if there are any kinds of defects, which you can use as a basis for lowering the rent.
Try to gauge the amount of leverage you have, and use that to an advantage. For instance, your position is stronger if the market is a bit low or the rental unit is in an unpopular neighborhood. Once you have all relevant data and are confident, you can set up a meeting with your potential landlord.
During the discussion, be professional and polite. Don’t sound defensive, and don’t let your emotions come in the way.
2. Utilize your strengths
Negotiation is an art, and some of you may excel at it. Now is the time to use those skills to the utmost so that you can convince the landlord to lower the rent. Even if the landlord decreases the rent by a small amount, the savings can still add up over time. So you should definitely try negotiating a better rent.
If you lack the skills, then you’d be better off working with a real estate agent. They can show you affordable rental units and negotiate a good deal with landlords.
3. Understand the importance of timing
You can negotiate the rent any time, but obviously, chances of success are greater when the timing is on the mark. For instance, it makes more sense to negotiate the rent when you have yet to sign the lease. This also allows you to discuss key points related to maintenance, repairs, bills, pets and other concerns.
You can also negotiate when you’re already living in the unit, but your landlord is demanding an increase.
4. Explore areas where you can comprise
Negotiation involves give and take. Landlords are more likely to agree to your proposed amounts if you can make some kind of deal or comprise on other tenancy terms. For instance, you can increase the tenure or move out at a time when finding tenants would be easier.
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