How to Negotiate Your Rent: 4 Key Steps

By Vera Gibbons

As many potential buyers continue to shelve their purchase plans and opt to rent instead, vacancies are low, and rents, which take a big bite out of your household income, are high -- up 5.8 percent in the Chicago metropolitan area, for example; up 8.3 percent in Philadelphia. This makes finding a place -- at a price you can afford -- nothing short of challenging. Here's how to negotiate your rent:

1. Research rental prices.

Zillow's recent survey indicates that a whopping two-thirds of renters skip this step, and simply sign the lease, no questions asked. That's because information about fair prices on rental homes has been hard to come by. Enter Zillow's Rent Zestimates. Make this your starting point to determine the fair rental price of a home or apartment, and use this as a tool to negotiate your rent, too. In addition, look at similar rental listings on Zillow, check out the classifieds, talk to local real estate agents or property manager who specializes in rentals. And research the demand for rentals in your area. Knowledge is power!