As promised, here's part II of the article. Part III will be published on Wednesday.
3. Don’t renew your lease without considering if the terms still make sense
Most leases contain an option to renew.
But you don’t have to exercise this right if you don’t want
to. If you do, this rolls over all your existing lease conditions into the new lease.
But if these conditions are no longer in your best interests, you should try
restructuring your lease.
Nothing is etched in stone.
Your lease renewal option is exactly what its name implies:
a choice. If the terms of your lease no longer serve your needs, you have a
right to renegotiate.
Even if the landlord tells you otherwise.
If your lease is expiring, ask yourself what incentives a landlord
might offer to a new tenant. These might be generous improvement allowances and
If these are being offered to a newbie, why shouldn’t you
get the same perks? After all, you’re a known entity with a proven track
If new tenants are paying less than you are, you can and
should negotiate a lower rate.
What should you do if your landlord is
pushing you to accept the terms of your current lease?
Step back and take a
deep breath. And then hire representation.
4. Negotiate with more than one landlord.
Negotiate with more than one landlord at a time.
Do this even if you’re only renewing your lease. If you have
no intention of relocating, it still behooves you to explore all your options. Tenants
who negotiate with more than one landlord get better rental rates.
Effective negotiation happens when you have more than one
option. And when you’re prepared to pursue these options in a heartbeat.
Strong posturing has nothing to do with puffing your chest
up and making threats.
It’s all about the quiet strength that wells up inside when
you have a multitude of options. Then, you’ll be empowered to make the choice
that makes sense for you.
Even if it's not what your landlord is offering.