The Best Way To Negotiate A Rent Reduction

There are many reasons to ask for a rent reduction. Perhaps your landlord is increasing rent and you'd like it to remain the same, or maybe you've been an excellent tenant and feel you deserve a discount. Either way, you need to develop a strategy to increase your chances of success. Because asking for a rent reduction in person can be intimidating (not to mention, you're putting your landlord on the spot), tenants often write letters to the owner, Rent explains.

Whether you write a letter or sit down with your landlord face-to-face, you should prepare to negotiate to show your landlord you've done your research. This will give you a leg up, SmartAsset states. They'll notice you took the time to understand what you're talking about, making them more open to having the conversation or thinking it over. Here are two of the best ways to negotiate to increase your chances for a rent reduction.

The key to negotiating a rent reduction is proving you're a good candidate for receiving one. If you're having trouble with finances, now would be the time to discuss your options openly with your landlord.

It's better to have the conversation ahead of time than fight with them when rent is due and you can't pay (per Landing). Should you write a letter, keep it short and positive (for example, compliment the unit and explain how much you love living there). 

It's also crucial to point out how you've always stayed on top of monthly payments (if it's the truth, of course). This shows your landlord that you're trustworthy, which will heavily influence their decision. They'll be more open-minded to a rent reduction if they know you've been a good tenant. On the other hand, if you've missed rent in the past or are not in good standing with your landlord, you might have trouble getting what you want.

A typical landlord isn't going to grant you a rent reduction simply because you asked for one; they'll often want some sort of incentive to accept your proposal, SmartAsset explains. For instance, in exchange for reduced rent, you may be willing to up the cost of your security deposit, or you can chip in money for repairs or landscaping. Also, let your landlord know you're planning on staying at least another year, proving you'll stick around so they can still make a profit.

Another way to potentially sway the property owner to lower the cost of your rent is promising rent sooner than everyone else (say, the last week of the month). This method frequently works, as landlords are typically eager to collect your money as quickly as possible. However, no matter which negotiating strategy you choose, make sure you're prepared to keep up your end of the bargain until your lease has ended. Remember, obtaining a rent reduction is a two-way street.