GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Below are five signs youre paying more rent than you should and what to do about it.
Also here are signs you are paying too much on household expenses.
Units with similar layouts, floor levels and features can reveal whether youre paying above market rate.
Zillow, Rent.com and Diggz are great for researching comparable listings in your area, Burstein added.
For renters living with roommates, Diggz offers insights into what room rentals are going for in your neighborhood.
Based on that, you’re free to roughly estimate what their mortgage cost is.
Burstein explained that doing this can give you insight into your landlords margins and whether theres room to negotiate.
I did this during the pandemic when my landlord refused to lower my rent, he said.
I figured out their monthly cost and offered to at least cover that.
Review your lease carefully to understand what additional charges may be contributing to high rent.
Compare your current propertys value to others in your neighborhood, he said.
Services like Rhino allow renters to pay asmall monthly feeinstead of a large deposit, he added.
This doesnt reduce your overall rent but can improve your cash flow.
Offering to sign a longer lease during the landlords slow season can increase your leverage.
Time Your Negotiation Wisely
Dont reveal your intentions too early, Burstein said.
Landlords may pressure you to confirm your renewal plans months in advance.
I bluffed that I wont renew thinking theyd cave, he said.
Ultimately, they rented my apartment without even showing it.
It was definitely a lot of stress and hassle, but I saved a lot.
But the moral is, dont get too attached to a place you rent.
Renting allows you to be flexible and adaptable to market changes and personal needs.
Seeking expert advicemay help you make informed decisions that align with your budget and lifestyle, he added.
More From GOBankingRates
Share This Article:
