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Is your lease up this summer? More than 31% of leases start in June, July or August, making it the peak season for both renewals and rent increases. And rents are already pretty darn high — even if they’re not rising like they were back in 2021 and 2022. The typical (aka median) asking rent nationwide — $2,049 as of May — is up 36% since the COVID-19 pandemic and requires a household income of nearly $82,000 annually to comfortably afford, according to Zillow data. That's over $20,000 more than you would have needed before the pandemic and about $2,500 more than just one year ago. So what? If you’re facing a rent increase, don't assume you're stuck with it. You can try to negotiate a better deal with your landlord and/or explore the tradeoffs of moving. Even just a different renewal timeline can help you down the road. Here’s a quick guide:• Start by researching the going rate on similar rentals. This will help you determine whether your rent increase is fair and help you evaluate whether to move. If a move would save you $100 a month, is it worth the upfront costs of a security deposit and hiring movers?
• Come up with a compromise number. Ask your landlord to renew at a rent that’s higher than what you’re paying but lower than what they’re asking. If you have a record of being a good tenant, the landlord is more likely to come to the table with an open mind, according to Danielle Arlotta, CERTIFIED FINANCIAL PLANNER® at Brooklyn Plans, a New York-based financial planning firm.
• Ask for a month-to-month or 18-month lease. Asking rents tend to be higher this time of year because of the higher rate of turnover in summer (think of all the families, college students, and teachers dependent on a school-year timeline.) So even if you’re not able to negotiate a lower rent, try to set yourself up to renew in the colder months next time. “It’s so competitive when everyone is looking in the summer,” Arlotta said. “If you’re moving in November or December or January, it’s a little bit less. Not thousands less, but maybe a couple hundred less per month.”
• Get creative when you’re negotiating. Is there something you could offer your landlord in exchange for a lower rent? For instance, could you help with building maintenance or other small tasks like cutting the grass or changing the hallway light bulbs? Negotiating with your landlord can feel intimidating, and may be the last thing you want to do when the rest of the world is taking time off work and enjoying summer. But being proactive about your lease renewal is a worthwhile endeavor — even if it doesn’t get you immediate results. And in the long run, moving your lease renewal to a less competitive time of year could make other things easier too, like finding movers and scheduling utility hookups.
Related Reading
Renew a Lease Agreement in 2025: Everything Tenants Need to Know (LeaseRunner) When Is the Best Time to Rent an Apartment? (Investopedia) Can You Negotiate Rent? (SoFi)Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®
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