Tips for Renegotiating Rent

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The time to ask for a reduction in your rental payments might be now.

If you've always paid your rent on time and have not caused your landlord expense or trouble it is a great time to renegotiate your rental rate. (In New York City, some landlords have even been voluntarily reducing rent for good tenants to get those tenants to stay).

Here are some tips:

Gather Data
Collect advertising that shows apartments similar to yours renting for a lower rate. If you know of a unit in your building exactly like yours and rented for less your case will be even stronger.

Advance Notice Preferred
The sooner you can get the conversation started, the better. Make an appointment with your landlord but be prepared to present your case immediately. Explain that you enjoy living at your current apartment and would like to continue to do so at a lower rate based on market changes.

Assure Your Landlord You Can Still Pay
A paranoid landlord might assume you've just lost your job. Show him or her proof that you're still employed and can still afford your rent.

Offer to Extend Your Lease in Exchange for Reduced Payment
You might be able to convince a landlord to reduce your rate if you extend your lease. If you have long-term plans to stay in your apartment you've got nothing to lose by asking.
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