Renegotiate Your Rent: Tip-of-the-Day #190


I have now heard of two different stories from people who have bravely phoned their respective landlords and asked that rent be lowered to better align with the current recessionary environment. Both got what they wanted!

Seems no one thinks to do this, but ironically we're willing to ask for better deals on hotel rooms, monthly parking, and more. So why not ask for a break on the biggest expense of all, rent?

In San Francisco, rent is NOT cheap. A studio in the Marina district for instance still hovers around $2,000/mo. and at one point went for as much as twice that!

People are moving out of the city because they can't afford to live here anymore...the only good thing that's come out of this is that landlords are becoming far more receptive to negotiating rent rate.

A friend of a friend just knocked $300 off her monthly rent just by asking - that's a 20% savings on what she WAS paying. I also overhead a woman at the gym saying that her neighbors have been able to save $350 every month by volunteering to maintain their building's yard. People are getting creative right now and landlords (believe it or not) are willing to meet certain requests - even barter!

If you hadn't thought about it - now's the time to ask. And, for all you homeowners out there, I've heard people have been calling their lenders directly asking for better term rates. Hey, worst case is you hear the word "no" - best case, you're saving real money every month!

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