Asking your property manager for a rent reduction might seem intimidating. They’ve bills to pay, and your rent may be part of their income. What most renters don’t consider is that property managers are people, too. A quality renter who doesn’t give them trouble and treats the rental as if it were their own is usually worth more to property managers than a few extra dollars every month. So, how can you negotiate a lower rent? Negotiating lower rent might be easier than you think, especially when you’re a good renter.
You’re conducting a business deal to reach a mutually beneficial arrangement with your property manager. State that a rent increase is beyond your means, but you can offer them an incentive to lower it or not increase it in exchange for something you can do for the property.
The property manager is taking a gamble that they’ll be able to quickly find another renter if you leave. If they’ve been dealing with too many empty apartments, they may decide to take less for it rather than nothing at all.
People enter into negotiations because one or both feel they have something to offer each other. As a good renter, you’re offering your property manager your steady occupancy and rent, as well as properly maintaining the unit. If there’s something else you can offer the property manager, be sure to mention it in your letter. It can help you negotiate a lower monthly rent.
Negotiating rent is as simple as asking the property manager if they’re open to negotiating a lower monthly sum. If they say they are, you can write a rent reduction letter using the above sample as an outline. You can also have verbal or written negotiations over the phone or email, then write an agreement with the negotiated terms. You may wish to record the conversation with your property manager’s knowledge or have them review an email to make sure everyone’s in agreement.
Here’s a step-by-step guide and a sample letter to help you draft your letter to the property manager when negotiating a lower rent.
Name
Current address (with unit number if applicable)
City, State, Zip Code
Date
Name of the property manager or apartment company
City, State, Zip Code
Re: Request to lower monthly rent payment
Dear [Property manager’s name]:
I’m contacting you to ask whether we could discuss lowering my rent. Since I moved in [month and year your lease started], I have loved everything about living here. Unfortunately, finances have been difficult lately, and I would greatly appreciate a reduction in rent.
I believe I’ve been a considerate resident throughout my tenancy. I have always paid my rent on time and in full. I have kept the apartment in good condition and have been kind and respectful to my neighbors.
After researching rents in the area and comparing the sum paid by other renters, I think a slight rent reduction is reasonable. I’m realistic and not looking for any drastic reduction. However, I would like to request a [insert amount here] reduction in my monthly payment, which I believe is fair and aligns with rent for comparable units in the neighborhood.
Maintaining my residency here is important to me, but it may also benefit you. You’ll avoid the expense of listing the vacancy and preparing the unit for a new renter, and you’ll save time by avoiding the application process. Additionally, you might lose rental income while you search for a new renter.
In exchange for a rent reduction, I’d be happy to pre-pay, sign a longer lease commitment, or extend the termination notice time by an extra month or two. If none of these proposals interests you, I’m open to other ideas that might work for you.
Unfortunately, as much as I enjoy living here, my financial situation demands less expensive rent. I can save money by moving elsewhere, but I’m hoping we can agree on new terms so that I can remain a resident here. Please let me know your thoughts at your convenience. If you wish to discuss this further, do not hesitate to contact me.
Name
Your apartment address and unit number
Phone number
Email address
Use your letter negotiating lower rent to leverage your top qualities as a renter. Property managers want to keep units occupied with responsible renters. You may also consider proposing a longer lease term in exchange for a lower monthly rent or offering to pay the first few months in advance. Remember that negotiation is about give and take, and you’ll need to express your willingness to come to an arrangement that’s agreeable to both parties.
Consider using this sample as a template for your letter, which you can send in the mail or as an email. Whatever you decide, ensure to save a copy of it. When your property manager responds, get everything in writing. If they’re willing to reduce your rent, have them draft a simple addendum stating the new rent price. After both parties sign the addendum, your lower rent price will take effect.
The optimal time to negotiate rent is when your lease is due for renewal. You will likely receive renewal options and pricing for your new lease term, and this is the perfect opportunity to negotiate any changes to your terms.
What factors should I consider before negotiating rent?Before negotiating rent, research the current rental market in your area to understand the average rents for similar properties. Consider factors such as the property’s condition, location, amenities, and any changes in your financial circumstances. Having a clear understanding of your desired rental rate and providing supporting information will strengthen your negotiation position.
What happens if they deny your request?In this case, you could continue paying the current rent price or start looking for an apartment that suits your budget. Don’t let a denial discourage you. There are many options for renting, and you should find an alternative unit.
How much of a rent reduction can you negotiate?The rent reduction you can negotiate will depend largely on your situation and the condition of the unit. When you’re negotiating monthly rent rates, it’s best to stay within $50 to $200 of the asking price.
What are valid reasons for requesting a rent reduction?Valid reasons for requesting a rent reduction can include a significant decrease in income, changes in the local rental market, increased maintenance issues or lack of repairs, or the property not meeting certain expectations outlined in the lease agreement. It’s essential to provide specific and factual reasons to support your request.
Do I have to submit my request for lower rent in writing?You can speak directly with your property manager to negotiate your rent in person. Submitting your request in writing, though, ensures you have documented proof of your request, and it gives your property manager more time to consider and respond to your proposal.
What supporting documents should I provide when negotiating rent?To support your rent negotiation, provide relevant documentation, including recent rental listings of similar properties with lower rental rates, information on current market trends, and anything that demonstrates your value as a responsible renter, such as a good rental history or improvements you’ve made to the property.
Can negotiating rent negatively impact my relationship with my property manager?Rent negotiations, when approached professionally and respectfully, should not negatively impact your relationship with your property manager. Maintain open lines of communication, and approach the negotiation process with a willingness to find a mutually beneficial solution.
Still looking for your perfect place? Check out thousands of apartments for rent on Zumper and make sure to negotiate your rent before move-in day!
Julie is an avid sports enthusiast, beer drinker, city runner, and non-fiction reader. She's been a renter for 10 years, and has learned a thing or two in the process.
