Consuming Interests: How to negotiate leases and lower your rent - News and tips for consumers on shopping, saving money, deals and credit

Jamie the Real Estate Wonk mentions ~~this morning~~ that average rents in the Baltimore metro region have dropped this summer, compared to last year.

This is good news if you're a tenant looking to cut costs, and if rent is one of your major expenses. And, if you plead your case correctly, you can make cutting your rent sound like a good deal for your landlord as well.

Basically, if you're willing to move, you could consider shopping around for a cheaper apartment. Perhaps you could find a place that offers a shorter commute, more space or better amenities.

But don't forget that moving costs money, even if you rely on the kindness of friends and family to do the heavy lifting (literally). You'll need the cash for deposits as well as all the incidentals that crop up when outfitting a new (or new-to-you) home.

So before you give notice, tell your current landlord about your plans, and see if s/he can work with you to come up with a monthly rent that works for both of you.

After all, your landlord may lose a month's rent or more while preparing the place and advertising for a new tenant --- and with the average leases going for less in this region, there's no guarantee that a new renter will bring in the same or more money as you.

So how to do it?

First, do your research. Find out what's being charged for comparable units in your building/complex, or at least in your neighborhood. Are there tons of vacancies? If anyone is offering a move-in special such as free rent for a month, take note of that too.

Then, approach your landlord. Depending on your relationship, this might require a formal letter. Here's an example of a letter that a Wall Street Journal blogger sent her management company to negotiate her rent. Play up your ability to pay, both by citing your history of paying regularly paying rent on time, as well as your credit score if you have that handy.

Finally, consider other ways you can sweeten the pot. Over at Geezeo, they suggest offering to sign a longer lease at the lower rate. Or, perhaps you could get a discount on other expenses, such as free or cheaper parking.

One last thought: be reasonable, as the bloggers at Wise Bread point out. Your landlord may be getting a big check from you, but also has expenses. You might not get a 50 percent discount, but knocking even $50 or $100 off your monthly bill adds up over the life of a lease.

Any other tips or ideas? Have you had success re-negotiating a lease? Please share below!