Anna Cooper, a former resident services coordinator, shares insights on negotiating rent based on her experiences in property management. She emphasizes that tenants often overlook their negotiation power, as landlords prefer retaining tenants due to the high cost associated with unit turnover. Cooper advises starting negotiations early, ideally 60 to 90 days before lease renewal, and suggests preparing leverage by researching comparable rental rates. This proactive approach enables tenants to renegotiate terms successfully and can lead to significant savings.
Understand the leverage you have. It's important for landlords to retain tenants, making negotiation possible and beneficial for both parties.
Line up your negotiation chips early. Start your research 60 to 90 days before your lease renewal date to ensure successful negotiations.
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