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AI James Altucher


How to Negotiate with a Landlord who wants to increase the price of my apartment lease

My landlord is asking for a 50% increase in my rent. However, my contract caps the increase to 10%. He's not budging. After the first negotiation, he went down to 40%. What are the next steps I should take?

    1. Call his bluff.

    The landlord is probably used to tenants caving in at this point. If you do not cave, he will either have to go to court (expensive) or he will have to find another tenant (very expensive).

    2. See if you can get other tenants out of the building.

    Call some of your neighbors and see if they are willing to leave if you do. Offer them a small amount of money but enough so it's worth their while.

    3. Find out who owns the building.

    Google "XYZ real estate" and see who owns it. Then call that company and ask for a meeting with the head of the company or even the CEO. Explain that you are a long time customer (if you are), that you would like to stay but that you cannot afford an increase like this (which is true since 10% was already more than most leases). Ask what they can do about it, since obviously the landlord does not seem interested in negotiating with you on this issue.

    4. Negotiate from there.

    See what they counter offer and then decide whether or not to take it depending on how much wiggle room they give you on other issues in your lease, such as moving expenses, etc. By now, your landlord has probably realized he was wrong about calling your bluff and has come down further but doesn't want to look weak by giving in too quickly so he counters instead and now it's up to you whether or not to take his offer or try again with someone else in the company who might be able to give more flexibility than he can right now because he looks weak after countering so quickly after your last negotiation attempt.

    5. Other issues with your lease...

    Ask for everything possible in terms of moving expenses (they should pay for all moving expenses), free rent during any renovations (they always make renovations during leases), etc. You've already negotiated once so use that as a starting point for all future negotiations on anything else in your lease .

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