Negotiate With Your Landlord During COVID-19
As the pandemic looms and lawmakers continue to negotiate the latest stimulus package, experts warn that an eviction crisis could be looming. Whether your family is suffering from job loss or wage cuts, it might be time to start negotiating with the homeowner. As CNBC reports , you may have more options than you expect if you start preparing for the conversation now.
Check your budget
Take time to understand the specifics of your financial situation. You need to know exactly how much income your family expects to receive in the coming months, as well as exactly how much money you will need to cover basic expenses.
Be realistic about how much your family can afford to pay each month. If your landlord wants to lower your rent, can you afford the lower amount for the rest of your lease? If such a commitment seems impossible, see if your landlord is willing to accept a monthly agreement until your situation changes.
Do your research
Before talking to a homeowner, take a moment to find out prices for similar properties in your area. If you are already paying above average rent, you might be lucky to ask for a reasonable discount. Depending on where you live, you can find local rentals on Zillow, Craigslist, or HotPads. RentJungle also offers a free rent comparison tool that shows the average rent for homes in your area. See if you can find several similar offers at a lower price than what you are paying now.
Consider the time
After you find several similar listings, notice how long they have been on the market. You may have more options if you live in a less popular area and it takes time for your landlord to find someone else. Plus, summer is a more popular travel time. Your landlord may choose to avoid looking for a new tenant during the slow fall and winter months, especially during the current coronavirus outbreak.