As the pandemic stretches on—and lawmakers continue negotiations for the latest stimulus package—experts have warned there may be a looming eviction crisis. Whether your family is suffering from a job loss or a pay cut, now may be the time to start negotiating with your landlord. As CNBC reports, you may have more options than you expect—if you start preparing for the conversation now.
Review your budget
Take some time to understand the specifics of your financial situation. You should know exactly how much income your family expects to receive in the coming months, along with exactly how much money you need to cover the basics.
Be realistic about how much your family can afford to pay every month. If your landlord is willing to lower your rent, can you afford the reduced amount through the remainder of your lease? If that commitment doesn’t feel possible, see if your landlord is willing to accept a month-to-month agreement until your situation changes.
Do your research
Before speaking with your landlord, take some time to research the price for similar listings in your neighborhood. If you’re already paying above average on rent, you may have better luck asking for a reasonable discount.
Depending on where you live, you may find local rentals on Zillow, Craigslist, or HotPads. RentJungle also offers a free rent comparison tool, which shows you the average rent for homes in your area. See if you can find a few similar listings with a lower price tag than what you’re currently paying.
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Consider the timing
After you find some similar listings, make note of how long they have been on the market. You may have more leverage if you live in a less popular neighborhood—and it will take your landlord a while to find someone else. Also, summer is a more popular time to move. Your landlord may prefer to avoid finding a new tenant in the slow fall and winter months, particularly during the current coronavirus outbreak.
