“`html
Breaking: Renters in Major US Cities See Increased Negotiation Power as Market Shifts – Savings Potential in the Thousands
As of August 5, 2025, a growing trend indicates a meaningful shift in the rental market, favoring tenants. Experts are advising renters to proactively leverage this change to secure lower rates and better lease terms. This comes as vacancy rates in cities like Austin, Texas; Phoenix, Arizona; and New York city have risen by an average of 2.5% in the last quarter, according to data from Apartment List.
The key to capitalizing on this “renter’s market,” according to financial analysts, is to arm yourself with research.this includes comparing listing prices of comparable units in your immediate neighborhood. Websites like Zillow, Apartments.com, and Rent.com provide readily available data for such comparisons. such as, a two-bedroom apartment in the South Lamar neighborhood of Austin, currently listed at $2,200, might be comparable to a similar unit listed for $2,050 just a few blocks away.
Beyond price comparisons, renters should also attempt to negotiate additional fees, such as submission fees or pet rent.Requesting that the unit be furnished,particularly if it’s a longer-term lease,is another often-overlooked negotiation tactic. Crucially, renters aren’t limited to negotiating only upon initial lease signing; they can also successfully negotiate monthly rent even after residing in the apartment for an extended period.
Ramit Sethi, author and host of the CNBC Make It video series, emphasizes a data-driven approach to rent negotiation. In a 2019 video, Sethi suggested a specific script renters can adapt when approaching their landlords:
“Based on the data, it seems apartments in this neighborhood are trending down by X%… I’ve been a good tenant,I’ve been here for X years. I plan to be here for many years more. I never cause unnecessary problems or damage. I’d like to negotiate for a lower rent, here’s what I propose.”
Sethi notes that even if a landlord initially declines, renters who present a well-researched case can perhaps save thousands of dollars annually. A accomplished negotiation of just $100 per month translates to $1,200 in annual savings.
Long-Term Strategy: Building a Strong Tenant Profile
While market conditions play a role, consistently demonstrating responsible tenancy is paramount. This includes timely rent payments, maintaining the property in good condition, and respectful communication with the landlord. Landlords are more likely to negotiate with tenants who have a proven track record of reliability.
Resources for Renters:
Renters can access additional resources and support through organizations like the National Low Income Housing Coalition (https://nlihc.org/) and local tenant rights groups. These organizations provide information on fair housing laws and can offer guidance on navigating lease agreements.
Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It’s new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Learn from three expert instructors how to showcase your skills, build a stellar reputation, and create a digital presence that AI can’t replicate. Sign up today with coupon code EARLYBIRD for an introductory discount of 30% off the regular course price of $67 (plus tax). Offer valid July 22,2025,through September 2,2025.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work,with money and in life,and request to