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Consumer
Negotiate a lower rent payment
NEW YORK (6/21/10)--When you think of reducing expenses, the monthly rent doesn’t usually come to mind. Snacks and entertainment are typically first to go. While a dollar or two a day can add up, rethinking your housing situation can yield much larger savings. AOL.com blogger Amy Pyle suggests ways to negotiate your way to a lower rent payment (Walletpop June 15):
* Pay more upfront. Offer, say, six months in advance in exchange for lower rent. * Leverage the competition. If a similar two-bedroom down the road is at the same rate, but offers a pool and covered parking, let your landlord know. * Make your good standing work for you. If you have good credit and are willing to move, let landlords make you an offer. Approach several, and let them come back to you with pricing. * Work for rent. What can you offer? Maybe you like gardening or painting or wouldn’t mind vacuuming the hallways. Trade your time or talent for a cut in your rent. If you’re really handy and have the time, volunteer to be the building superintendent for a steeper cut in rent. * Sign up for two years or more. Landlords dread hunting for new tenants. Lock in this year’s rate for two years or more by signing a longer lease. * Offer to pay a deductible on repairs. Consider paying the first $150 on any needed repairs. This may reassure the landowner that you won’t be pestering about every little hiccup and reduce your monthly rate.
For more thoughts about renting, see the Housing section of Home & Family Finance Resource Center, especially the article on Renter’s Rights.
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