Two ways to lower your rent payment by hundreds – here’s how

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As high inflation affects rent prices, many people are beginning to feel the pressure on their wallets.

According to the March data posted by the search engine rentPrices for one- and two-bedroom apartments have increased by 24% and 22% year-on-year.

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These Negotiation Tactics Can Help You Save Money on Rentcredit: getty

However, there are ways you can possibly negotiate a lower rent payment.

In particular, there are two negotiating strategies that can help save money on rent and give you the ability to put money toward other financial goals, including buying a home.

1. Proposal to sign long lease

The first strategy is to consider signing a longer lease because landlords have to clean the apartment and repair any damages each time a new tenant arrives.

So, if you offer to sign a lease of 18 months or 24 months, it will save the landlord money and give them stability for some time.

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Robert Carrillo, property manager at Century 21 Haggerty in El Paso, Texas, also pointed out US Money News: “Some landlords want the security of a long-term tenant, and offering a longer-term lease can give you some negotiating room.”

Rainy Burstein, founder of rental search and roommate app Diggz.co, said she saved $3,000, or about $214 a month, by renewing a one-time 12-month lease for 14 months.

Another important note: Locking in the lease can prevent your rent from rising for a period of time.

Generally, landlords cannot increase prices until the lease expires – but there are some exceptions in which a pet or another person joins the home.

On the other hand, homeowners can raise prices at any time during month-to-month leases.

2. Advance payment of rent

The next strategy is to pay a large portion of the rent upfront.

Landlords are constantly struggling with late arrival of rent or non-payment of rent at all.

Hence, advance payment of rent for six months to one year will provide them financial security on the property.

Mr Carrillo agreed to “provide”.[ing] Knowing the landlord that the rent is guaranteed for one year will often be successful in reducing that rent rate. ,

While these negotiations can be successful, it is always important to know who you are dealing with.

If you are looking at locations operated by property management companies, the rent may be more expensive.

This is because most charge a monthly fee that ranges from 8% to 12% of the monthly rent.

Thus, you may be able to get a better deal with an independent landlord.

When you’re negotiating, you’ll want to bring in important qualities like a good credit score, a stable job, cleaning, and other things that emphasize your value as a responsible tenant.

In the end, these are strategies to lower your rent and will not guarantee you a lower monthly payment.

Also, if you have pets – be aware that many homeowners charge a fee to cover potential wear and tear on their property.

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For more real estate-related news, The Sun reveals realtor Secret to sell your house.

Also, we discuss Four Garden Additions That Could Add Thousands To break down the value of your home and the states Where home prices have risen the most,

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