How to negotiate rent with your landlord

For renters who feel like they’re pinching pennies amid still-high inflation, here’s some good news: Rent affordability is improving, according to new data from Zillow. 

The real estate platform reported that multi-family rents are expected to remain mostly flat by the end of the year while single-family ones are projected to rise just 1.1% — a sharp decline from the rapid increases we’ve gotten used to in recent years. The typical household spends 26.4% of income on rent, which is the lowest share since August 2021. 

And yet, many renters are still feeling squeezed. While substituting a few meals out with cooking at home, opting for less expensive vacations or cutting back on shopping will help bring down your overall costs, housing tends to be people’s largest expenditure. If you’re looking to bring down your housing costs as a renter, moving isn’t your only option. Read on for when it’s possible to negotiate rent with your landlord, and how to do so successfully. 

Is it possible to negotiate rent? 

In short, yes: it’s possible to negotiate rent. But it’s important to consider your history as a tenant in the building and what’s happening in the broader rental market of your city when you’re asking to negotiate, says Emily Smith, rental trends expert at Zillow. 

“If the rental market in your city is really competitive, meaning there are a lot of renters looking for homes but not a lot of apartments available, then your landlord may be less willing to negotiate,” Smith says. “Likewise, if you’ve been a great tenant who has always paid rent on time and has a great relationship with your landlord, they may be more inclined to meet you halfway if it means keeping you as a tenant.” 

When should you start negotiating? 

While there isn’t one “best” time of the year to negotiate rent, Smith says landlords may be more willing to negotiate when the market isn’t as competitive. She recommends looking for times of the year when there are fewer renters trying to move, more apartments available and a higher share of apartments are already offering concessions.

You’ll want to start any lease negotiation conversations with enough time to decide whether to stay or find a new apartment if it turns out you can’t negotiate, Smith says. In its guide to negotiating rent, real estate and rental listings platform Redfin says to give yourself a few months before your lease is up since, if a landlord feels that you’re rushed with no other options, they may be less willing to negotiate. 

Smith also says to keep in mind that different states may have different regulations around how far out your landlord has to offer you a lease renewal and how much notice you have to give your landlord if you’re not renewing. Familiarizing yourself with these laws can help you put your best foot forward. 

It’s also important to stay on top of your credit so that if you do have to look for another apartment, you’ll have more options. Landlords tend to check your credit to get a sense of whether you’ll pay your rent on time. There are several ways to boost your score, including using a secured credit builder card, which allows you to only spend the amount of money you have in your account, to minimize risks of debt. With the Current Build Card, funds are held in reserve as you spend, which are used to pay your bill each month, and there is no required security deposit. Members have increased their credit scores by an average of 81 points after six months of using the Build Card.

What information should you have on hand? 

Do your research before you reach out to your landlord. If you’re trying to figure out if you can negotiate or how much you can negotiate, you’ll want to look at the data, says Amanda Shur, housing trends expert at StreetEasy, a real estate listing database for New York City. 

“Look at apartments in your area that are similar in terms of size and amenities and see how much they’re renting for,” Shur says. “Looking at the share of concessions in your market can also be a helpful indicator of how willing your landlord may be to negotiate.” 

You can find this information via platforms like Zillow.

You also want to know what exactly you’re asking for. Lower rent payments are the obvious goal, but there are plenty of other aspects of your rent that you can negotiate that may not be top of mind — those “concessions” Shur mentioned above. 

“Rather than lowering the listed monthly rent price, some landlords may be more willing to negotiate a ‘rental concession,’ which is weeks or months of free rent that your landlord may even allow you to amortize over the course of your lease,” Shur says. “You can also negotiate concessions for other fees that may apply in your building, like parking fees, pet rent or amenity fees.” 

Other tips for approaching the negotiation 

Get everything in writing. Shur says that while a phone call may be a good place to start to see if your landlord is even willing to negotiate, you'll want to have them confirm the details of your conversation via email. You should also double check that the details of your negotiation are reflected in your lease and — if they aren’t — follow up with your landlord and ask them to amend it. 

Plus, don’t let a failed negotiation impact your relationship with your landlord. Approach the conversations with a positive outlook, Shur says. 

“Remember, at the end of the day, it never hurts to ask,” she adds.