If you're on a fixed-term lease rather than month-to-month, start the negotiation talks at least two or three months before your lease term expires.
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Tactics for Negotiating a Lease
Here are some ways you can go about negotiating your rent price:
There are a number of things that you can try to do in order to negotiate this lease term, including: Offering to pay a larger deposit to cover potential damages if they occur. Showing the landlord a letter from the vet certifying that the pet is healthy. ... An interview with your pet to prove that it won't be a problem.
Once the lease is signed, you're bargaining power is a lot lower. However, you can still try to negotiate with your landlord. ... If you can find a compromise that helps both you and your landlord financially, he might agree to lower your monthly rent even after a lease was signed.
Most articles and financial experts recommend the “30% rule,” spending 30% of your gross monthly income (before taxes) on your monthly rent. That means, if your income is $4,000 per month (or a $48,000 annual salary), then you should be paying $4,000 x 0.3, or about $1,200, on rent monthly.
Try these negotiating tips instead.
Even if your lease-breaking decision isn't covered by state renter protection laws, these strategies may blunt its financial impact.
The “best” months to rent are between December and March (during the winter). Conversely, the “worst” months are between May and October (during the summer). This relationship held for all cities that we looked at (and for both 1 and 2-bedroom apartment units), regardless of region.
If you pay all outstanding charges before moving, including any back rent and fees, breaking a lease won't hurt your credit score. However, breaking a lease can damage your credit if it results in unpaid debt. ... Landlords generally don't report unpaid rent to credit bureaus.
Here are six strategies that will help you make your case:
Simply take your gross income and multiply it by 2.5 or 3, to get the maximum value of the home you can afford. For somebody making $100,000 a year, the maximum purchase price on a new home should be somewhere between $250,000 and $300,000.
The general rule is that your monthly apartment rent (excluding utilities) should not exceed 30% of your gross monthly income.
One suggestion, provided by Metropolitan Life Insurance Company, is to spend no more than 25 percent of your monthly gross income on your rent. For example, if your annual salary is $30,000 per year, or $2,500 per month, you shouldn't plan to spend more than $625 per month on rent.
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