A lesser-known housing statistic may aid you in bargaining for your rental rate.

While comparing listed rents for similar buildings in your area is wise when searching for an apartment, it's also essential to consider fair market rents as a lesser-used metric in your research.

According to Jacob Channel, a senior economist at LendingTree, FMRs are a metric used by the Department of Housing and Urban Development to determine how much money to allocate toward housing assistance in a given area, such as vouchers and other programs.

According to HUD, FMRs are estimates of the 40th percentile gross rent for standard quality units in a metropolitan area or nonmetropolitan county. These estimates are based on the rent paid by "recent movers" who have relocated within the past 15 to 22 months.

According to Frank Muraca, the assistant director of data and analytics at the Development Finance Initiative at the University of North Carolina at Chapel Hill's School of Government, the recency of the data might better reflect the current state of the housing market, but it could also reduce the sample size in less densely populated areas.

"According to Muraca, the accuracy of fair market rent as a metric is contingent on the accuracy of Census data. In rural areas with limited renter samples, the community may not have reliable information about the average rent, in contrast to major metro areas with more comprehensive data."

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It may be beneficial to casually monitor FMRs, even if you are not part of a housing assistance program, according to Channel.

Understanding FMRs can provide insight into how your market is evolving. If your rent rises significantly more than the FMR in your area, it could be a useful argument to discuss with your landlord.

If FMRs are increasing in your market, you can avoid being caught off guard by a potential rent increase, according to Channel. You can find FMRs in your area on the HUD website.

Muraca states that FMRs may increase even if rents do not increase in general due to the shifting methodology.

Your willingness to pay rent is determined by your housing requirements, he advises. He recommends that renters conduct their own research, either through online listings or in-person visits to units.

To get a more complete picture of your market, it's recommended to investigate average and median rent prices in your area, in addition to FMRs, advises Channel.

"Renting an apartment in a major metropolitan area can be a daunting and confusing process, but the best way to familiarize yourself with the market and determine if you're getting a good deal is to look holistically at the market."

How you can negotiate your rent

Negotiating rent involves both numbers and relationship-building, according to John Bartlett, executive director of the Chicago-based Metropolitan Tenants Organization.

In a rental market with high scarcity, landlords have typically held the power, making negotiations challenging, he says. However, it's not impossible to negotiate.

When discussing the price of rent with your potential landlord, it's beneficial to start by identifying commonalities, as this can help establish a friendly basis for negotiations, according to Bartlett.

If you know someone who resides in the same building, they may be able to attest to your character, potentially lowering your rent, he suggests.

"Bartlett emphasizes that negotiating rent is all about relationships and what you know."

Rewritten sentence: As you prepare to move out of your current apartment, it's important to consider your connections to your past landlords, especially if you're leaving on good terms, and if you have a steady income.

Bartlett advises being truthful about your financial situation if the rent cannot be reduced, but not to abandon the relationship with the landlord.

He suggests that if it's too much or something, it would be better to take a little time to review your budget to ensure you can do it, so you don't shut the door.

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