The Wall Street Journal published an interesting article today, which pointed out that there has been a nationwide decline in rents this past quarter. What this means is some of the balance of power between a landlord and tenant is shifting back to the tenant. In many cases tenants are able to renegotiate their rent. Here are a few suggestions to keep in mind when trying to renegotiate for lower rent:
1. Remember that the Landlord wants to prevent a vacancy.
2. Explain any personal hardship you are experiencing to the landlord and your desire to avoid defaulting on the lease.
3. Do your research to see if there are other vacancies in your apartment complex or in nearby buildings.
4. Be creative, see if there are other aspects of your lease you can negotiate, like a long term lease extension, this may give the landlord more incentive to negotiate with you.
Posted by Zachary D. Schorr of Schorr Law, APC