Negotiating Lower Rent in a Shifting Rental Market
In a welcome change of pace for cash-strapped renters, falling rental prices in certain parts of Southern California may present a golden opportunity to negotiate a more affordable lease, according to LA News Center.
A Market-Driven Approach
“Landlords are unlikely to offer a rent reduction upfront, that’s just not common practice,” explains Jonas Bordo, a rental expert and author of “Everything You Need to Know About Renting But Didn’t Know to Ask.” However, he emphasizes that rent is not set in stone but rather dictated by market forces.
Breaking the Negotiation Barrier
Negotiating a lower rent may seem daunting, but Bordo stresses the importance of approaching it as a common occurrence, similar to buying a car. “Consider what the landlord wants,” he advises. “They want to keep a reliable tenant while maximizing their income.”
Strategies for Success
1. Maintenance Responsibilities:
For tenants renting from homeowners, taking on minor maintenance tasks can add significant value. Susan Postnikoff, a Hawthorne resident, has kept her rent steady for seven years by handling repairs herself. She estimates that by covering the cost of a 0 repair, she saved the same amount on monthly rent increases.
2. Market Intelligence:
Christopher Salviati from Apartmentlist.com notes the recent cooldown in the rental market. “Rents are down 1.5% year over year,” he says. “This softening gives tenants more leverage in negotiations.”
3. Negotiation Tactics:
Bordo encourages renters to be proactive. “First of all, if you don’t ask, you’re never going to get it. If you’re a good tenant, there’s no reason they wouldn’t want to keep you,” adds Postnikoff.
Timing is Everything
The current rental market conditions favor tenants, providing a window of opportunity for those seeking relief from rising housing costs. By adopting the right strategies and approaching negotiations with confidence, renters can explore the possibility of reducing their monthly rental expenses in Southern California.
Data sourced from: ktla.com
