Gephardt Busts Inflation: How to persuade your landlord to lower your rent

SALT LAKE CITY — It is a familiar refrain heard in Utah: The cost of renting a place to live is going through the roof. It is certainly something you do not have to tell renters. They are very aware of that fact.

There are options to help fight back rising rents.

According to the most recent data from real estate brokerage, RedFin, rent prices climbed 17% nationally since this time last year. The average now stands at $1,940 a month – a new record high.

So, how can you pay less?

“Everything’s appropriate to negotiate,” said Jeff Cochran, a partner at Shapiro Negotiations Institute. “I’m a firm believer that it’s always appropriate to ask for a deal.”

Cochran said the trick to getting any bargain is to figure out what it is that the seller wants. So, what does a landlord want besides rent?

Late payments are a major problem for landlords. Paying early, or even paying for several months up to a whole year upfront is often worth a discount to a property owner.

Landlords also want to avoid the hassle of finding new tenants – especially on short notice. Promise to give longer notice in exchange for a discount, or sign a longer lease than the typical 12-month contract.

Whatever you do, Cochran said make sure your landlord understands how this is a win-win deal for them too.

Rent prices are up. I found some ways to get them down. Let’s bust some inflation, tonight on KSL News at 6PM. @KSL5TV @KSLInvestigates pic.twitter.com/yD6UfKVBGF

— Matt Gephardt KSL-TV (@KSLGephardt) April 27, 2022

“Negotiate a deal in which both sides walk away feeling good about the deal,” he said.

If your landlord will not work with you, it may be time to downsize to a smaller unit or move to a cheaper locale.

According to Rent.com, rental prices can vary a lot within the same city.

For example, in Salt Lake City the most affordable neighborhood is The Avenues where the average one-bedroom apartment goes for $1,049. Compare that to a downtown location where renters pay $1,875 on average.

And on negotiating for lower rent: Even though there is no shortage of Utahns willing to rent right now, if you have been a reliable, trouble-free renter, remind your landlord of that. Especially if the lease renewal bumps rent past the point of affordability for you – you can always point out to the landlord that the next tenant taking over your apartment might not have your solid track record.