Landlords always have to balance the need to raise rent (to keep up with the rising costs of owning a building), with the need to keep apartments rented and vacancy rates down. This usually means that, whenever possible, they love keeping good tenants from year to year, and avoiding the time, hassle, uncertainty, and expense of finding new ones. Here's what you can do to tip the scales in your favor, avoid a rental increase, and happily sign your lease for another year.
1. Negotiate a Multi-year Lease: If you know you want to stay put for a couple of years, talk to your landlord about one long lease for the duration of your time there. A two-year lease, for example, will lock in a price you know you are comfortable with, with no large surprise after twelve months.
2. Know the Market: If your landlord tries to raise your rent, do some research, and (kindly) let them know where your apartment stands in relation to others in the area. If it's way out of line, chances are good your landlord will reconsider before you head off to find another place for less money.
Jul 13, 2016