For the first time in awhile, the DC rental market is soft. This is a great opportunity to start negotiating your rent. Right now, renters have the upper hand because vacancy rates are high and landlords are trying to win your business. It is easier to negotiate when signing a new lease with a new landlord. If you are in the middle of your lease, it is much more difficult. Any reductions you are able to get will likely result in you signing a new lease and locking into at least another 12 month agreement. No matter where you are in your lease, here are some ideas to try:
Sign a longer lease
Many large apartment buildings are offering up to three months free if you sign a lease over 12 month. This approach is a win-win because it guarantees you a low rate for an extended period and gives your landlord peace of mind that they have a long term tenant.
Offer to make repairs/improvements
Especially if you are working with an individual owner rather than a large corporation, offering to make repairs or improvements is a great way to get a break in the rent. Landlords don’t want their investments to fall into a state of disrepair or become so dated that they are no longer marketable. By offering to fix up a few things on your dime, your landlord will likely be happy to offer concessions.
Know the market
Create a comparable report and show your landlord. If you are able to show similar properties at lower price points, you can make the argument that you are paying above market rent. Give your landlord the opportunity to match some of these prices. If they are unwilling, you have already done the legwork of figuring out where to move next.
Check vacancies in your building
If you live in a large building with multiple units, keep tabs on vacancies and pricing. Your landlord may not be willing to reduce your rent but you can ask to move into a more desirable unit at your current rate. If you are able to get more space or a better view for the same price, you may find yourself suddenly paying below market value for your unit.
Be nice
This is a simple one. Having an open and honest conversation with your landlord is a good place to start. Understand that they may be struggling. This is especially true for landlords who own just one or a handful of properties. These investments may be their lifeline and maintaining positive cashflow is crucial. If you are respectful and polite, you may be able to come up with a solution that works for everyone.
