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Rents are going up, but brokers insist that negotiations are still possible, even in a competitive market.
Call your landlord at least three months before the lease expires and ask whether the rent will be going up. This will give you time to negotiate and consider your options.
Here are some tips from the experts.
Vacancies cost landlords money — they lose rent while they clean, paint, repair and show the apartment. And they may have to pay the broker’s fee, too. A new tenant might be noisy or not pay on time. Point out these risks, and ask for a compromise.
Perhaps you could shave $100 a month off the increase. Or, find other ways to save. Ask for an 18-month or 24-month lease to lock in the terms for longer. If you pay a pet or amenity fee, perhaps the landlord might waive one.
Do your research on rentals in the building, on the block and in the neighborhood to make sure the renewal price your landlord is offering is fair and in line with the current market. Leverage that data in conversations with your landlord.
Moving is not cheap. Calculate how much it will cost you to move, factoring in a moving van, a broker fee and other associated costs. Then calculate the increase over the course of the year and decide whether or not you’ll come out ahead if you stay or if you go.
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