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How To Bargain A Rent Reduction With Your Management Company

In today’s recessed economy, many people find themselves unable to pay their bills. Paying the rent can be a challenge. Negotiating a rent decrease may be your next step.

Considering asking for a rent decrease is not the same as asking for or getting a rent decrease. It takes a combination of honesty, planning, courage and desperation to be able to successfully negotiate a rent reduction. If you need to reduce your rent, there are some essential tips on how to approach your landlord with your request.

Landlords and management companies always know it is better to lower the rent of an old tenant rather than to spend more money on tenant screening. You might also find it much more useful, practical and safe to negotiate a smaller rent rather than starting to look for other rentals you cannot probably afford given the circumstances.

While no landlord wants to hear a tenant say that they are unable to pay the rent as previously negotiated, during extended economic recessions, landlords often are willing to be flexible for existing tenants. If you are unable to pay your rent, it is preferable to be upfront with your landlord, so be prepared to approach them as soon as you are aware of your situation.

When meeting with your landlord, explain why your income has dropped. Your employer may have cut your hours down, reduced your wages, or both. Avoid being emotional about the situation; discuss this in a logical manner with your landlord. Experienced landlords will have weathered economic downturns before. The chances are good that they will understand and perhaps even appreciate you coming to them as soon as you are aware of your decreased income.

Of course it would be helpful to take some time and inquire about the price of rentals in the neighborhood you are currently living in. being able to so some comparisons you can then present to the management company’s representative can always be of great help.

Proving other tenants pay lower rents in your areas is a strong argument that might smooth your way towards getting a lower rent. The management company isn’t willing to lose any tenants, so they will be more flexible.

Just remember, when speaking with your landlord, be honest. Remind them that you have been a good tenant and explain that your current financial situation is the only reason you are asking for a lower rent payment. You may be pleasantly surprised how well your negotiations will go.

This individual has been contributing articles about negotiation for the past two years. Moreover, this author is fond of writing about NYC neighborhood subjects, including Prospect Heights apartments for sale along with Prospect Heights apartments for sale.

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