Love yourself, negotiate your rent
It's Valentine's Day. Or Galentine's Day. Whatever you are celebrating, this weekend has a definite theme—love.
I think you can show yourself some love by knowing how to negotiate your rent (or anything for that matter).
Recently, our two-lease was coming up for renewal, and the anxiety set in a good six months before it needed to.
Because living in New York, you know a couple of things are going to happen to your rent via a lease renewal:
1) They will raise it. No ifs, ands, buts about it. More dinero for nothing. Pony up!
2) If you decide to move, it will be expensive, last minute, and the most stressful experience of your life—up until you land the place, and then it's the "best" ever. Don't fool yourself, it's the shittiest experience.
3) If you don't move you are going to be poorer. Womp, womp.
So as you can see, all signs point to extreme stress.
There's a fourth option that honestly I didn't even feel comfortable seeing myself trying until now.
It makes my palms sweaty. My heart race. My cheeks turn red.
How would you even go about doing that? Well, I think it's easier when you aren't homeless (aka looking for a place to live). So having something to leverage is key.
Because we've been at our current place for two years, and we've helped the property management company, I felt like we had a leg to stand on.
Get the confidence to negotiate from something tangible. Have you been an awesome tenant? Well, you should be, because otherwise why are you even considering asking for them to accommodate your request?
Write down the things that give you an unfair advantage. Are you reliable with your payments? Cooperative? Those are things you should note.
Press and press. I will share with you what we actually wrote the landlord, but seriously it wasn't until the day our lease was due that he finally got us an answer. We had to push hard during the final hours, and it paid off.
Imagine the most inadequate, incompetent person negotiating something, and then getting it. Well, guess what, that happens all of the time. So why shouldn't you? You are awesome, get that break for yourself!
This month I negotiated our lease renewal increase from $100/month to $75/month. It may seem arbitrary, but don't be fooled, that's $300 in savings a year! I'll take it.
So what did I actually say to get a deal on our lease renewal?
Hopefully these tips will help you land the deal. Or even something close to the deal is a win in my book!
Hi Adam,
Thank you for taking the time to address our concerns.
Although there have definitely been bumps along the way, David and I have enjoyed working with you and ---- Realty Services over the past two years.
We would like to continue to work together, in hopes of signing an agreeable lease. We would like to discuss negotiating our lease renewal at the same rate of $---- for the following reasons:
Combined, we both have 20 years of impeccable rental history
We have proved over the past two years, 24 rent checks, that we are responsible with our monthly payments
We work diligently to maintain repairs and the apartment's integrity
We are mindful of our environment and are great neighbors to have—raising the value and quality of living for everyone in the building
We have worked together with you and your team to provide requested information about neighbor tenant issues
Our quality of life has been affected by the neighbor issues and many times have had to sleep in the living room due to noise issues
Please let us know if it is more helpful for us to set up a meeting with you, or the appropriate person for this conversation if that is not you.
Warm regards,