It's no secret that our economy has been on a downhill slant this year. Thousands of Americans are out of work - or have been forced into pay cuts, part time positions, etc. Well my mama always said "When life gives you lemons - make some lemonade."
Are Landlords exempt from this recession? Of course not - in fact landlords everywhere are coming to terms with their tenants' reduced income situations. If you find yourself cutting corners just to survive - then here are three routes to lowering your monthly rent.
Make Your Pay Cut An Advantage
People's situations have changed. If you're making less money, but still paying your rent on time - you may find your landlord agreeable to lowering your rent. I think you'll find that the prospect of losing a good tenant in this market might be worth a $100 or so less a month to your landlord. Though be careful with this approach (especially in a Condo/Co-Op situation), since your pay decrease might also make you ineligible to live in the building due to board regulations.
Extend Your Lease Early
If you are about two months away from your lease being up, call your landlord and see if you can schmooze a lower rate for a year or two extension. Longer leases make your landlord happy because they know that they are holding onto tenants they have a good relationship with already. Don't wait til the last minute though - you don't want to give the impression of "pulling the wool over their eyes."
Use The Economy Card
Remember, a BUYERS market is also a TENANTS market. Rental rates are decreasing rapidly. Do your research and find out what similar apartments in your neighborhood are going for nowadays. 10 to 1, your landlord will accept a competitive offer in place of taking a gamble on finding a new tenant. A local Realtor might be willing to assist you here - or you can try sites like PadMapper or MyApartmentMap to check out your neighbors' monthlies
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