As occupancy rates at apartments and other rental properties take a hit, landlords are increasingly willing to bargain. If your lease is coming up, consider angling for a better deal.
Here are some tips:
Know what average rents are in your area, and have an idea of the volume of vacancies in the complex and neighborhood.
If you’re renegotiating, remind the landlord that by renewing your lease they won’t need to find another tenant — saving them in marketing costs, possible missed rent they’d suffer and any costs of painting and making other improvements required to turn over the property.
Consider a one-bedroom apartment, if that suits your needs. As many renters double up in two- and three-bedroom apartments, the market might have an extra inventory of one-bedroom units — allowing for a better bargain, experts say.
