Renting & Real Estate
Discussing a Rent Decrease With Your Management Company
By Nate Oster
The recession has made it difficult for many people to pay their bills, including their rent bill. If you’ve recently taken a pay cut or lost your job, it’s worth it to try to negotiate a lower rent amount, at least on a temporary basis.
Although it might sound unreasonable that management companies would be open to negotiating a lower rate, it’s important to remember that the recession has been hard on almost everyone. Management companies would usually rather get a reduced rent amount than deal with the expenses of an empty apartment.
Determining who you need to speak with is the first step. In order for negotiations to be effective, you’ll need to speak with somebody who would actually be authorized to approve a rent reduction.
You should do your homework before attempting to negotiate a recent decrease. Find what the average rent amounts are in your neighborhood, and see how yours compares. If your rent is higher than the norm, you might be more successful in getting a lower rate.
Make an appointment to speak with your contact at the management company. Approach the negotiations with a purely professional attitude.
During the negotiations, point out that you have been a good tenant. You should also be sure to point out that you are asking for a rent reduction due to your current economic difficulties.
If you make your case convincingly, the management company will come to the conclusion that it is better to lower the rent for you, as compared to having an empty apartment. After all, it can often take a considerable amount of time and resources to rent an apartment to a new tenant.
If you are able to negotiate a lower rent, be sure to get your new agreement documented and signed. If by chance you are not successful, you should still be gracious and thank the management for their time and consideration.
Nate Oster has been writing articles about negotiation for the past four years. He also likes to write about NYC real estate topics, such as information regarding SoHo apartments and Chelsea apartments.
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