I can name hundreds of new yorkers who have been struggling with rent increases every year. But on the flip side, their boss doesn’t give a raise on their paycheck.
You keep paying rent to your landlord without any delay and have been living on his property for years. But all he has to give you on new year’s Eve is a 10% raise on the house rent.
I think it is about time your landlord found out how fortunate they are to have you as their tenant. You can use your negotiation skills to fight this situation and stand against unnecessary rent increases.
Go through this article to learn different tricks and tips on how to negotiate with your landlord to stop increasing rent every year.
Is A Yearly Rent Increase Mandatory?
No, there is no mandatory rule as to when a landlord must increase the rent of their property. The US federal government does not set any rule on whether or not a landlord should increase rent.
There is also no rule on how much rent they can increase when they increase. The federal government mentions no percentage. Also, the landlords can name any price they want to set the rent of their rental properties.
There is also no rule on changing the rent on the property a tenant has been living in for years. The landlords can change the rent of their house from any amount to any amount they want. But, according to federal law, they must notify the tenants of the raise 30 days prior to the change.
How To Deal With Rent Increase Every Year?
Say you are a student or living on a low income; a gradual change of room rent will affect your finances. Yes, it might seem a little difficult. But you can deal with it if you up your negotiation skills.
The problem occurs when a tenant takes the rent quote mentioned by the landlord for granted. They do not really negotiate the rent with the landlord and end up paying more rent than they can afford.
But a tenant can definitely change the landlord’s mind with negotiation skills. But they should know which negotiation skill is worth using and with whom. Although the market condition might not be on your side, you can definitely try some negotiation skills to stop the increase in rent. Here are some skills that I have listed for you to try out.
Refer To Your Payment History
Yes, your landlord does prioritize the money they will hopefully earn from their rental property. However, they also keep in mind what kind of tenant you are. Aside from good rent, a landlord also looks for a compatible tenant.
So, this is the time to use your negotiation skills. Try telling them about your previous rental experience and rental history. Tell them that you have always paid your rent on time. Also, you can also remind them that you have never asked for maintenance from the landlords and maintained it on your own. If your landlord values the type of tenant you are, they will listen to you and accept your bargain.
Prove That You Are Worthy
Landlord loves to make money off of the rental property they own. So, if you are the kind of tenant who keeps the rented property clean and beautiful, you can take advantage of it. When you have been staying in that apartment for a year and kept it clean and beautiful, you can rightfully ask them not to increase the rent.
When you take care of the rented property, it saves the landlord the cost of renovation. This way, you can also ask them to stop increasing rent.
Take The Extra Burden Off From Them
If your landlord has been spending some money on the property’s maintenance, you can take it off from their shoulder. This is also a good way to negotiate rent increases. We suggest going to your landlord and talking to them in person instead of taking help from the broker.
You can ask to pay for the maintenance of the rental property and thereby ask them to stop the rent increase. All you have to do is meet them, sit with them, and talk while making sense. This way, you can save a good amount of monthly and yearly expenditure from rent.
Extend The Lease
So you know you will stay on that property for more than a year. Then it is time to spill the beans and take advantage of your stay. You can ask your landlord to increase the lease on the property, saying you will live there for more than 2 to 3 years. When you get the lease extended, you will be able to reduce a considerable amount of rent as a discount from your landlord.
Compare The Rental Value In The Market
If you think that you are being ripped off with a high amount in rent, then you know where you are coming from. You must have compared the rent in the local market and found out that the landlord is charging you more than what is accepted in the market. If this is the case, then bring this up to them and ask for a discount.
Alternatively, you can reference your friend’s apartment and showcase their better living conditions for a lesser amount in rent. However, you should try to be humble and polite while negotiating. Otherwise, no matter how clear or realistic, the point you are trying to make will not work out. Clear and polite communication can help you come to terms with your landlord.
Bottom Line
If you are living in congested towns or cities, there might be so many rental properties you can rent. However, despite how difficult this rental market might seem, your negotiation skills can take you a long way. In so many places, the rental demand is huge compared to the number of vacant properties. In such cases, your negotiation skill might not be fruitful. But you should try to negotiate anyway. With great negotiation skills, you will definitely work something out.
I hope you are learning something from this article. In case you want us to answer any queries, you can let us know through the comment section.
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