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9 ways to renegotiate your rent to a lower price, according to experts
9 ways to renegotiate your rent to a lower price, according to experts
Erin McDowellMay 11, 2020, 22:12 IST
"With so much of the workforce out of employment right now, landlords need to be flexible," Zillow economist Joshua Clark told Business Insider.Ryan DeBerardinis/Shutterstock
Tenants who are currently unemployed or underemployed may find themselves increasingly anxious about being able to pay their rent in the coming months, or even years.
According to a recent poll by Business Insider, 23% of Americans who owed a rent or a mortgage payment on May 1 were unsure if they would have the money for it.
Experts argue that while the economic impact of the coronavirus pandemic may be bleak — more than 30 million Americans have filed for unemployment benefits in the last six weeks — there may be hope for tenants.
They recommend that tenants looking to renegotiate their rents be polite, be prepared with a plan of what they want to pay, and that they stay in constant communication with their landlords.
As discussions of rent strikes, rent freezes, and rent renegotiations as a result of the coronavirus pandemic become even more prevalent, many Americans have been left wondering exactly how to go about asking their landlord or rental company for a decrease in rent.
There's currently a 90-day moratorium on evictions in New York City, meaning tenants cannot be kicked out of their apartments. However, landlords in New York and across the country may opt to sue tenants who do not pay their rent for several months, resulting in an eviction court case.
Some tenants are choosing to rent strike or to not pay their rent until they are in a position to do so or the government has passed more advanced rent forgiveness programs. However, others are choosing to negotiate directly with their landlords in order to come to a mutual agreement about their monthly rent.
Business Insider consulted expert advice to determine the most effective ways to go about renegotiating your rent.