The rental market is finally softening, with average rents at professionally managed properties declining by 0.5% year-over-year, according to new data from Harvard’s Joint Center on Housing Studies. This trend is giving renters more leverage when it comes to price, negotiations about terms or upgrades, and whether or not their application is likely to get accepted.

Navigating Peak Rental Season

To navigate peak rental season, renters should do their due diligence in researching the trends of their local market, comparable rents for the apartments they’re targeting, and how long listings have been sitting on the market. National figures aren’t really helpful, since all real estate is inherently local. Renters should also make themselves an attractive candidate by getting their finances in order, documenting income, and having references, pay stubs, and ID documents ready.

Renters have the most power before they’ve actually signed on the dotted line, but even if they’re already in an apartment, they could negotiate a discounted renewal, especially if rents in the community are falling. Landlords might be more flexible when offered longer terms, or they could be open to temporary price cuts, such as during non-peak months.

Original reporting: El Paso News (HLL/CB) — read the source article.