One of the most challenging aspects that renters must deal with during the COVID-19 pandemic is renewing their lease and negotiating with their landlord. Due to the uncertainty of the pandemic, many renters are hoping to negotiate for a lower monthly rent. If you have been renting your place and your existing lease agreement is about to lapse, successfully negotiating for renewal can save you from the hassle of finding a new apartment in the midst of a pandemic.
In San Francisco, a rent increase moratorium is currently in effect. Meant to protect you – the tenant – from being evicted despite delays or defaults in your rental payments, this moratorium gives you more time to pay your dues. You can take this as an opportunity to talk to your landlord to possibly decrease your rent or keep it at the same price as you strive to recoup from pandemic-driven challenges like unemployment.
Here’s how to renegotiate your rent:
Have a plan
The first step to renegotiating your lease is to have a plan. How much do you intend to ask? Will you be able to commit to the amount? What’s the best case scenario? Knowing these factors are a huge help when talking to your landlord.
Anticipate your landlord’s objections, as well. Make sure to back up your request with comparable listings and similar rentals in your area. You can also point out your proven track record, which includes how well you took care of the property and how you paid your rent on time. Highlight your strengths as a renter and the qualities that make you a good tenant.
Renegotiate your lease around 30 to 45 days before it lapses. This gives your landlord enough time to consider your request.
Know what you want
Before talking to your landlord, figure out what you want. Are you planning to stay in the area longer or do you plan to move in the short term? If you don’t plan on staying long, ask for a month-to-month rental arrangement instead. If you have a compassionate landlord, they will try to accommodate tenants as best as they can.
Communicate with your landlord
Constant communication is the key to successfully renegotiating your lease with your landlord. Having open and direct communication with your landlord allows both parties to establish trust and easily reach an agreement.
Be transparent
Being honest and open with your landlord can help them understand your situation better. Since these are financially challenging times, it helps to have an honest conversation with them about your finances.
Be flexible
Being open to compromise with your landlord can help both parties come to an agreement faster.
Be polite and respectful
Most importantly, continue to maintain a good landlord-tenant relationship. Stay calm and talk to your landlord politely. Understand where your landlord is coming from and also try to see things from their perspective. It could help to learn more about your landlord. Small building owners are more likely to agree to a rent renegotiation than those with larger properties.
When it comes to San Francisco real estate, there’s no better agent to guide you than Amir Hardy. My years of experience in dealing with residential and commercial investments have made me the top expert to call. Get in touch with me today at 415.602.0570 or at amir(dotted)hardy(at)compass(dotted)com.