Finance

I Saved $1,200 on NYC Rent by Negotiating With My Landlord

Published

2 years ago

June 16, 2024

I Saved ,200 on NYC Rent by Negotiating With My Landlord

Though I write about the housing market and mortgages for a living, I’m a Gen Zer renting my first New York City apartment. I’m also new to the workforce and living in a Brooklyn neighborhood where the median rent is above $4,000.

Housing is unaffordable right now, for both renters and buyers. Personal finance experts often recommend that you avoid spending more than 30% of your pretax income on housing. But that’s usually out of our control. And when you don’t live in a rent-stabilized property in NYC, your housing expenses could increase hundreds of dollars with each lease renewal.

I learned that the hard way.

When our lease was up in April, my roommate and I saw that our landlord was proposing a 4.5% annual increase, raising our rent by $200 a month, and costing us each an additional $1,200 over the next year.

We could’ve easily accepted the increase, but all it took was a bit of research, a well-written email and a quick phone call to get our landlord to budge.

My easy strategy for negotiating rent

Since our apartment doesn’t have rent-stabilized protections, there’s no legal limit on how much our landlord can increase our rent. Still, the proposed 4.5% bump was much higher than we expected.

I knew we’d be leaving money on the table if we didn’t at least try to negotiate. Landlords can often appear superhuman, impervious to normal business haggling. But that’s not always true. Here’s what we did to negotiate our rent.

I did research on average rent increases

I started by researching how much average rents had increased in our Brooklyn neighborhood over the last year. I found that average rental prices went up by less than 3% during that time, giving us pretty good leverage to negotiate. I also noted in my email that a 4.5% increase was above the current pace of inflation, which was at 3.4%.

I built my case as a responsible tenant

In many cases, it’s more convenient for a landlord to renew a lease with a responsible tenant than to deal with a vacancy. My roommate and I always pay our rent on time and in full. We alert management to any issues, like a leaking faucet, to prevent further damage or costs to the building. So we had that going for us.

I figured it was also worth noting recent issues with the apartment. For instance, last fall, there was some pretty major flooding in our bathroom. We’d been disappointed by how long it took the building super to reply to our requests and follow through on the repairs.

I was prepared to make concessions

I knew we wouldn’t be able to avoid a rent increase entirely. So I suggested an increase that I felt was in line with the local rental market, the pace of inflation and our reliable rental history.

Instead of 4.5%, I proposed a 2% increase as our starting point. That left us with some wiggle room in our budgets in case our landlord came back with a higher number.

I wrote a professional email

After we sent the email, the building’s management took about a week to respond. They asked if we could hop on a brief phone call to discuss the terms of our renewal. Our landlord offered an increase of just above 2%, meaning our rent would be going up only $100 a month as opposed to $200.

AI can help you negotiate with your landlord

We didn’t use AI to draft the email to our landlord, but in hindsight, we definitely could have.

When putting together this article, I decided to give Gemini, Google’s AI service, a prompt to see if it could help someone write an email to negotiate rent. The result wasn’t too different from the actual email my roommate and I sent.

Here’s something you can use as a template to negotiate with your landlord if you’re in a similar situation.

Dear [landlord name],

I hope this email finds you well.

I am writing to you regarding the upcoming lease renewal for my apartment [your apartment number]. I have been a resident here for [number] years and have always enjoyed living in the building.

I received the notice of the proposed rent increase to [new rent amount]. Though I understand that rent increases are sometimes necessary, I was hoping we could discuss the possibility of a lower adjustment.

Here are a few reasons for my request:

[State your reason(s) for the negotiation. Here are some options:]

Market research: I have researched comparable apartments in the area and found that the average rent for similar units is [average rent amount].
Good tenant history: Throughout my tenancy, I have consistently paid rent on time and in full, taken good care of the apartment, and maintained a positive relationship with you and other residents.
Financial hardship: [optional — if applicable, you can briefly explain any financial hardship that makes the increase difficult]
Alternative: [optional] I would be happy to sign a longer lease term of [number] years in exchange for a smaller rent increase.

I am committed to staying here at [apartment complex name] and believe that a mutually beneficial agreement can be reached. I am open to discussing different options. Thank you for your time and consideration. Please let me know your availability to discuss this further.

Sincerely,

[name]

You’ll still need to fill in some details, like information about your specific rental market as well as your experience as a tenant. But it’s a great starting point, especially if writing and sending emails gives you anxiety.

A little self-advocacy can go a long way

The rising cost of living — for housing, medical expenses and other essentials — isn’t something we can control. But there are small measures we can take to save money and make informed financial decisions that benefit us in the long run.

You’re allowed to ask questions about the bills you receive and advocate for yourself. It won’t eliminate high costs altogether, but it could help you keep more money in your pocket.

Here are some other costs that are worth negotiating:

Medical bills and health care costs

You can contact your health care provider, insurer or hospital to negotiate medical costs. Your provider may lower your bill, offer a payment plan or provide financial assistance if you’re a low-income patient or uninsured. Always carefully review your medical bills and look for mistakes, and if you have any questions about the charges, ask your provider.

Credit card fees and interest

You may be able to get a better interest rate or reduced fees by simply calling your credit card issuer. Before you hop on the phone, though, be sure to research your account’s history and terms, in addition to competing credit card offers, so you can make a strong argument.

Cable, internet and phone

Cable, internet and phone providers often lure you in with a low introductory rate. But after a year, your price goes up. You can either contact your provider to see if it has any deals available, or mention you’re considering canceling your service. Your provider would rather keep you as a customer for a lower price than lose your business altogether.

In my opinion, self-advocacy is an underrated personal finance tool. By speaking up for myself, I avoided spending an extra $1,200 this year. And I won’t be afraid to do it again when my internet provider’s promotional offer expires this summer.

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Finance

How Applied Materials Is Driving Transformation of the Finance Function with SAP Taulia

Published

13 hours ago

June 4, 2026

Press Room

How Applied Materials Is Driving Transformation of the Finance Function with SAP Taulia

Within the global manufacturing industry, maintaining a competitive edge requires a delicate balance between driving internal efficiency and fostering strong external relationships. For Applied Materials, a leader in materials engineering solutions for the semiconductor industry, this challenge became the foundation for a strategic finance transformation program, with an SAP Taulia solution emerging as a key enabler.

The journey began in early 2019 with the launch of Agile Finance, an end-to-end transformation initiative designed to support the company’s aggressive growth trajectory, which included a goal to double in size. The initiative was built around three strategic pillars: enhancing the efficiency and effectiveness of the finance organization, promoting career fulfillment, and establishing a robust digital operating model. The impact was significant, with the finance function achieving approximately 35% productivity gains in its labor force.

The third pillar—the move to a digital operating model—is where the partnership with SAP Taulia began.

“The SAP Taulia Dynamic Discounting solution was introduced not merely as a cost-cutting measure, but as a strategic tool to transform and digitize the interaction with Applied’s extensive, global supplier base,” Junaid Ahmed, corporate VP, Finance at Applied Materials, says. “We understood that to reap the benefits of digitization, we had to ensure the suppliers were on board. It needed to be a win-win outcome.”

Unprecedented flexibility for suppliers

The program empowers suppliers—thousands of them worldwide—to self-select which approved invoices they wish to discount for early payment. This is not a continuous, all-or-nothing commitment but rather a decision made on an invoice-by-invoice basis. This flexibility allows suppliers to manage their working capital needs with greater precision, taking advantage of early payment during their own critical periods, such as quarter-end or year-end, to help meet their own financial targets.

The system also drastically improves transactional efficiency. Suppliers no longer have to call Applied to track invoice status, approval, or payment date. All this information is available 24/7 in the SAP Taulia solution, reducing resource allocation on both sides and ensuring both reap the benefits of moving to an integrated, digital system.

Strategic benefits for Applied Materials

For Applied, the program is a testament to its focus on balancing efficiency with strong supplier relationships. The philosophy is a “win-win” built on a crucial spread: Applied Materials, as a Fortune 500 company with strong cash flow, has a significantly lower cost of capital than many of its suppliers. By funding the discounts, Applied captures a return—the discount income—while offering its suppliers funding at a rate close to their cost of capital, but with greater convenience.

This relationship-focused approach is critical. Applied’s supplier account managers actively support the program because they recognize its mutual benefit, not viewing it as a finance mandate to push costs onto the supply base.

Furthermore, the “dynamic” nature of the discount rates is a powerful risk mitigation tool. Unlike fixed contractual discounts, the rates can be adjusted in response to global economic changes, such as shifts in interest rates. When interest rates rose after the pandemic, Applied was able to adjust the discount rates accordingly with minimal pushback, as the core proposition remains the valuable spread between the parties’ cost of capital.

The SAP Taulia Dynamic Discounting solution has been rolled out globally, giving all suppliers the opportunity to use it. This has been critical over the last 12 months as many businesses around the globe have been subject to new and often unexpected tariff costs impacting their margin and their liquidity.

“The flexibility of the solution means suppliers can access funds when they need them, which helps them navigate some of the economic uncertainty that many businesses are facing,” Dirk Holoubek, managing director, Finance Shared Services, explains. “2025 saw a 23% increase in usage of the discounts, reflecting the pressures that suppliers are feeling right now on their cash flow.”

The solution’s capability to drive sophisticated analytics is also a major strategic asset. It helps provide insights into the different costs of capital between Applied and its supplier base. This data allows for targeted outreach and communication, ensuring that the offer of capital support is proactively extended to the suppliers that need it most.

The strategic value of the solution is further cemented by its ownership. The acquisition of Taulia by SAP brings several advantages.

“Trust is really important to both us and our suppliers,” Ahmed says. “For our suppliers to adopt a new solution, they need to know its technology they can rely on in the long term. Being part of SAP creates that assurance in the long-term future of the program.”

Looking forward, Applied Materials is already focused on the next stage of the transformation project: Agile Finance 3.0, which is focused on enabling the organization to become AI-first. The company is deploying a global, organization-wide AI assistant to drive personal productivity, but the strategic application of AI in the supplier management space is even more profound.

AI is expected to transform decision-making enablement by analyzing critical information and communicating effective options. In the future, AI will be able to proactively assess the specific needs and attributes of the supplier base, enabling Applied to address issues more quickly and resolve them earlier. The benefits are already tangible in e-invoicing: AI has made the solution more flexible and “human-like,” capable of reading minor changes in invoice format that would have previously caused electronic errors. This reduced rigidity and increased flexibility are directly contributing to the overall efficiency of the digital operating model.

By leveraging the SAP Taulia Dynamic Discounting solution, Applied Materials has not only digitized a process but also strategically transformed its financial operations, creating a system that is agile, resilient, and focused on maintaining mutually beneficial relationships with its global supplier ecosystem.

Cedric Bru is CEO of SAP Taulia.

Finance

Houston budget amendment would give financial assistance to help those impacted by a trash fee

Published

24 hours ago

June 3, 2026

Press Room

Houston budget amendment would give financial assistance to help those impacted by a trash fee

HOUSTON, Texas (KTRK) — Houston City Council could soon consider whether to offer financial assistance to help those who may struggle to afford a proposed trash fee.

This month, council will approve a budget. In it, Mayor John Whitmire doesn’t increase taxes.

However, he does want to charge a $5 monthly fee to cover trash services. A plan to help close the city’s nearly $200 million deficit that doesn’t add up to some.

Speaking in front of council on Wednesday, Super Neighborhood 64 president Lindsay Williams brought more than concerns, she had numbers surrounding the mayor’s proposed $5 monthly trash fee.

A plan his team says could climb to $25 a month by 2032. If it does, Williams told council that $300 annual cost would be just .15% of a $200,000 income.

For someone making $15,000, it’s two percent. “More than 13 times the burden for the same trash, same truck and same fee, but not the same pay,” Williams explained.

However, Controller Chris Hollins said the mayor’s not being truthful about the real cost.

“Houstonians are not stupid,” Hollins said. “We should not treat Houstonians like they’re stupid.”

Hollins said the cost may need to be $40 a month. Whitmire didn’t respond to Hollins during the meeting when he asked if he plans to increase the fee.

No matter the cost, some council members want to offer financial relief. Right now, there are no exceptions.

However, an amendment council will consider from Council Member Alejandra Salinas next week would change that.

“If they for whatever reason met the threshold and need an additional need because of the administrative fee, our amendment would allow them to apply for funds through the water fund,” Salinas said.

The trash fee wasn’t the only item from the mayor’s seven and a half billion dollar budget proposal that sparked debate. Hollins said a plan to divert money away from water utilities could drain a billion over the next five years from infrastructure money.

Whitmire disagrees saying there’s more than enough funds to handle the change, and continue with projects.

“We’ve all admitted the budget’s not perfect, but certainly it’s a first start that Houstonians understand and it’s a shame it’s being so politicized because it’s literally people’s lives and death,” Whitmire said.

Council will vote on amendments next week. It has to have a new budget in place by the end of the month.

Finance

How can I illustrate our financial position to a spouse who shows little interest?

Published

1 day ago

June 3, 2026

Press Room

How can I illustrate our financial position to a spouse who shows little interest?

Reader question: My spouse has little interest in our financial position. As we age, this concerns me. I try to share some basic information (income, spending, account balances, debt, and so on) each month but rarely get a response. I think graphs or charts might be of more interest to her than a bunch of numbers. What recommendations would you have for illustrating our financial position so that I am not the only person aware of how we are situated? Thanks!

Answer: Your situation is pretty common. Most couples I know develop a division of labor over time, where one person is in charge of financial matters and the other person is less involved. That’s definitely the case for my husband and me. He’s in charge of paying all the monthly bills and preparing our tax returns, but the financial planning and investment decisions are up to me. This type of arrangement might work well for a long time, but can become less sustainable with age, particularly if the “finance person” in the relationship dies or develops a major health issue.

Online tools and mind maps

Illustrating your financial situation with charts and graphs is a great idea that might help your spouse become a little more involved. Morningstar’s  Portfolio X-Ray  tool includes a variety of images that help illustrate your financial situation. Websites for most major brokerage firms also include some visual tools. Schwab, for example, offers a Portfolio Checkup and a bar graph illustrating your account’s monthly income from dividends and interest income. Vanguard has a Portfolio Watch tool and a variety of performance illustrations, tools, and calculators.

A  mind map, which we used with clients when I worked for a financial advisory firm, can be another way to picture your entire financial situation on one page. There are various  softwaretemplates  for drawing a mind map, or you can simply sketch it out with a large sheet of paper and a pencil. Start with your names at the center of the page. Then draw spokes connecting to various categories, such as names of other family members; investment accounts; real estate and other assets, insurance policies, estate plans, key goals and values, and contact information for accountants, estate planners, and other professionals. It can be helpful to go through the mind map together and make any updates needed at least once a year.

Other ways to communicate about money

A few other ideas—though not related to charts and graphs—might also be useful.

I like the idea of putting together a  net worth statement  that itemizes cash, taxable accounts, real estate, retirement accounts, and debt for each member of the couple as well as items owned jointly. It’s a good idea to update this document at least once a year and  discuss it as a couple. If you set up the document as a spreadsheet, you can include columns with additional information such as account numbers, what each account is used for, which accounts are subject to required minimum distributions, or tax issues like potential capital gains.

Many couples also put together a  binder  (sometimes humorously called a “Doomsday Book”) that contains information about where to find important paperwork, insurance policies, how bills are paid, what each account is for, steps the surviving spouse will need to take, final wishes, and any other critical information.

A well-qualified financial adviser can bridge the information gap

Finally, you could consider working with a good  financial adviser,  who can help involve your spouse in financial matters while you’re still living and step in to fully manage investments and personal finance decisions if you pass away before your spouse. Make sure the adviser holds the Certified Financial Planner designation and charges fees that are reasonable. Although a 1% fee is still the industry standard for accounts of $1 million or less, it’s possible to find advisers who charge significantly less, including a few who price their services based on hours worked instead of a percentage of assets under management.

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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.

Amy C. Arnott, CFA, is a portfolio strategist for Morningstar and co-host of The Long View podcast.