Rents across the country dropped during the pandemic but they’re on the rise again. There are a few things you can do to get ahead of this come renewal time. PennyGem’s Johana Restrepo has more.
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00:00Rents across the country dropped during the pandemic, but they're on the rise again.
00:08Here are a few things you can do to get ahead of this come renewal time.
00:13The New York Times recommends you start by doing your research.
00:17Check if your area is regulating rent increases.
00:20Compare your renewal rate with rents in your area.
00:24Find out if your building is offering concessions on other units.
00:28See how long vacant units have been available.
00:32Learn as much as you can about the landlord so you know what to ask for,
00:37because their willingness to negotiate will depend on the bottom line.
00:41If you're a good, quiet tenant, you can highlight the benefits of having you as a neighbor and tenant.
00:47If your landlord has vacancies, CNBC recommends you ask them for a concession or discount
00:53in exchange for spreading the word and getting people to rent their units.
00:57You can also offer to sign a two-year lease in exchange for a discount.