Have you found your dream apartment only to discover that it’s slightly out of your budget?  Is your landlord about to raise your rent? No matter the situation, there is hope. Because, yes, you can negotiate your rent with your landlord.

While that’s easier said than done, especially if you’re negotiating for the first time, there are tips and tactics to make sure you can get the most out of your apartment in Park City, Utah.

Research the local rental market and the property’s value

If you’re going to negotiate your rent, it’s important to understand the local real estate market. Find out the rental rates for similarly-sized apartments in the  s neighborhood you’re eyeing. It’s also important to also compare amenities, such as parking and gym access. When you finally talk with your landlord, make sure to present the competing rates in writing.

Knowing the area’s average property prices, frequency of rent hikes, and average rent prices can give you good leverage for negotiations.

Think about timing

When it comes to negotiations, you can use timing to your advantage. It’s wise to negotiate your rent price before your current lease expires. It’s also a good idea to pick a slow time of the year, particularly winter. Summer is the peak season for moving into new apartments, so you may not be able to get a good deal (or any deal at all) if the landlord can tell that you’re pressed for time or if you’re desperate to keep your current apartment.

Have documents on hand and show your strengths as a tenant

You can also show your landlord proof of your good standing as a tenant by showing him documents such as your previous rent payment records, references from previous landlords, or your credit score. These will help back you up during negotiations.

Negotiate in person

If circumstances allow, it’s much better to negotiate in person. This shows that you’re committed to seeing this through. Set aside some time so you can talk with your landlord about lowering or maintaining your rent.

Offer to pay your rent in advance

Many landlords would give anything not to worry about chasing late payments. If you can afford it, offer to pay your rent in advance in exchange for a monthly discount or similar benefits.

Barter your perks

You can also ask your landlord to lower your rent by bartering perks or services. For example, if you don’t have a car, you can give up your parking slot for a discount. If the unit you’re moving into was previously rented by a pet owner, you can offer to clean the unit in exchange for other benefits.

Consider other lease terms

If you like the place you’re moving into and you plan on staying for an extended period of time, sign an 18-month or two-year lease in exchange for lower rent. A long-term lease saves your landlord the trouble (and the cost) of looking for a new tenant every so often. Think carefully before committing yourself to this offer because long-term contracts usually impose penalties on early terminations.

Aim high and meet somewhere in the middle

One of the most important tips when it comes to negotiating your lease is to ask for more than what you expect to receive and meet the other party in the middle. This ensures that you and your landlord both get what you want from the deal.

Want to know more tips about rent negotiations and properties for rent in Park City, Utah?  Contact Team Schlopy for a real estate consultation. Get in touch with our team today by calling (435) 640-5660 or sending an email to info@teamschlopy.com.