In the months before your lease is up, you have to make a critical decision: stay or go? Since most landlords perform a rent hike if you decide to renew your lease, leaving can look very appealing. Then again, do you really want to move?
While you’re mulling that over, you have to factor in how much the cost-of-living increase will be. Though $50 more per month wouldn’t put a huge dent in your current finances, $150 could seriously affect your decision. If you would like to stay, don’t just allow your landlord to charge you a huge percentage more. Use this opportunity to negotiate the terms of your lease.
Determining Your Bargaining Power
Though many property management companies will not back down or compromise on rent increases, private landlords may be willing to work with you until you meet in the middle with a fair and reasonable rent hike.
And, even if the property manager won’t budge on the rent, you could ask for other amenities or services that would help compensate you for the extra amount you are paying. Consider asking for one of the following:
- Quarterly pest control
- More gym equipment (if your complex has a gym)
- Improved or added laundry facilities
- More neighborhood events
If you’re persuading enough, even a property manager couldn’t turn down your case.
When All Else Fails, You Can Always Find another Place to Rent
Don’t forget that the end of your lease is the perfect time to find a better apartment to live in or even to consider purchasing a home. Some rent hikes are completely unreasonable, so don’t be afraid to put your foot down and commit to leaving.
If you are looking for a better rental property, find it with Keyrenter Provo by calling (801) 614-2000!