6 Reasons January Is the Best Month for Negotiating With Your Landlord

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It’s a fact: When the temperature drops, so does your competition for available rental units. No one wants to leave the warmth of their cozy dwelling to look for a new apartment. This makes January — and the whole winter season — a renter’s market.

So if you’re a current or potential renter this month, why not attempt to cash in by trying to negotiate a better deal on that apartment for rent in Boston, MA? Here are six strategies to help you win a negotiation with a landlord.

1. Use the cold weather to get a hot deal

When the weather outside is frightful, people don’t want to go outdoors, let alone traipse around to view apartments. Fewer people looking can mean it’s a renter’s market for you — and make it that much easier to negotiate details of your lease with that potential new landlord.

“Most landlords lower their price after three months of having a property vacant,” says Geoffrey Jones, CEO of InvestorWize. So if a unit was vacant through the holiday season (which is likely, because people avoid moving then too), January is the perfect time to flex your bargaining muscle.

2. Snag a temporary discount

No matter how hot or cold the rental market is where you live, there’s one thing that rings true: Renters always want to pay less, and landlords always want to collect more. So if you’re looking to reduce housing costs, merely asking the landlord, “Can you negotiate rent?” probably won’t work.

“Most landlords do not like to reduce rent because it devalues their investment,” says Todd Hutcheson, owner of IBuyHomes.com in Orlando, FL. But you can negotiate other terms and will probably have better luck by doing so. “You could get a discount for early payment,” says Hutcheson. “Landlords want stability.”

Another tactic is asking for a temporary rent decrease. For example, a landlord might consider a three-month lease at a discount, knowing they might be able to renegotiate the lease at a higher price.

3. Get a longer lease period

If you know you’ll stay put for longer than a year, it’s advantageous to you if the lease period runs longer than the standard 12 months. A longer lease allows you to lock in your monthly rent without having to worry about an increase.

If your lease ends on December 31, for example, and your landlord gives you the option to renew, tell them you’d like to stay, but you want a 16- or an 18-month lease instead of a 12-month lease. If you have a track record of paying on time, your landlord is likely to agree.

“Someone did that at one of our properties, and we took $20 per month off of their rent,” says Holly Johnson, a longtime landlord and contributing editor for The Simple Dollar. “I was willing to lose some cash flow on the property in order to have their lease end in June instead of December.”

For many landlords, an ideal lease end date falls between April 30 and May 31. Not only does an apartment look its best in springtime (sunlight! Blooming flowers!), but also many prospective tenants start to look in May, when the school year is ending and colleges let out. If you can extend your lease into May, it could be advantageous for your landlord when it comes time to relist.

4. Let your perfect record get you what you want

If you have a great rental track record with your landlord (you pay the rent on time, let them know when something needs repairing, and are always pleasant to communicate with), your landlord will want you to stay … especially if the lease is up in January. Before the crocuses pop up, you’ll be ready with a laundry list of reasons why you’re an excellent tenant when you negotiate a lease renewal.

5. Propose to pay the entire lease upfront

Or at least a few months’ worth — put that holiday cash you received to good use by getting a discount on your rent. This doesn’t work with all landlords, but some believe in the bird-in-the-hand philosophy.

Try this: Tell your landlord that you can pay in advance if they’ll give you a discount. Some landlords will even lower rent when a tenant offers to pay the amount of the full initial lease upfront.

Offering a lump sum upfront can work whether it’s a renter’s market or not. If there’s competition for a rental property in January because of the low supply, offering “three to six months upfront allows you to stand out from other potential tenants,” says Andrew Fortune, a Colorado broker. But if it’s a renter’s market and you offer money upfront, stand firm and ask for a rent decrease. “This takes the risk of vacancy out of the equation,” he says.

6. Offer to improve the unit

If you’re looking to move into a new place that needs work, or the place you’re already renting needs repairs, offer up your handyman services — for a rent decrease.

If the place needs improvements, someone’s got to do it. Unless the landlord likes to fix things, they’ll need to hire someone, and that someone might as well be you. “Offer to do minor repairs, such as carpet cleaning or painting, or accept a unit in ‘as-is’ condition,” says Melanie McShane, a California real estate agent. Just be sure to get it all in writing so that you’re protected against losing that security deposit for making changes to the unit.

Are you an expert rent negotiator? If so, tell us what worked for you in the comments below!

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