Julia Anderson
What’s your biggest monthly expense? If you’re like most people, it’s your rent. And unlike other expenses, rent isn’t something you can get rid of, as you need a roof over your head.
While you can’t eliminate your rent payment altogether, you can certainly lower it. You don’t need to move to a cheaper city or a smaller home either, as simply asking your landlord for reduced rent can help you achieve this money-saving goal.
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Reasons to Ask Your Landlord to Lower the Rent
Getting a rent reduction is a big deal for both you and your landlord. It can lower your monthly expenses, while lowering your landlord’s income. As such, you’ll need to create a compelling argument as to why you should get to pay less rent each month.
There are three standard reasons for requesting a rent reduction:
1. Similar properties are cheaper.
You may be overpaying for rent. Unless you do some research, however, you’ll never know. A quick trip to online real estate sites can help you see what similar properties are charging for rent. But the best way to find out if you’re overpaying is to talk with your neighbors.
2. Your unit lacks amenities.
Have you noticed that where you’re living is severely lacking when it comes to amenities? If so, don’t forget to factor that into your rent.
If nearby properties are cheaper or the same price and offer more amenities, you can use this as leverage. Tell your landlord that a lack of amenities should result in cheaper rent. If they say no, they may negotiate by improving the amenities so your place is finally up to snuff.
3. You’re having financial issues.
Losing your job or income could at least result in a temporary rent reduction. Provide proof of your loss of income. More importantly, show what you’re doing to fix the situation so you can continue to pay the rent on time, even if it’s a lesser amount for a few months.
How to Approach Your Landlord About Cheaper Rent
Now that you have a good reason for requesting lower rent, it’s time to formulate a plan.
When to Approach
Your best bet for getting a yes is right before a lease renewal. But if you’re experiencing financial hardship, do not delay and ask for the rent reduction ASAP.
What to Say
You want to relay why you are seeking the rent reduction. If it’s because you’re overpaying, offer proof of competing units with cheaper rent or better amenities.
Beyond stating why you want a rent reduction, discuss why allowing it is in your landlord’s best interest. List all of the ways in which you’ve been a solid tenant, such as paying on time, never having complaints from neighbors, keeping the property in good condition, etc. Then discuss the negatives of letting you go, such as costs of finding a new tenant, risks that they won’t pay on time, etc.
How to Say It
Your best bet is to write a rent reduction letter, which you can do in a matter of minutes with a template found online. Mail or email the letter to your landlord, and follow up. As long as you follow the tips in this guide, you have a good chance of them accepting your offer.
