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Although many people believe that the negotiation process ends once they have accepted a job offer, that’s often not the case. One of the most critical aspects of the negotiation process is negotiating your signing bonus. A signing bonus is a monetary incentive that an employer agrees to pay you. This bonus is meant to entice you to accept the job offer, and is typically negotiable.

It can be beneficial to know the nuances of negotiating a signing bonus to get the most out of your job hunt. If you are offered a signing bonus, be sure to negotiate it to get the most money possible. And even if your initial job offer doesn’t include a signing bonus, it might be worth asking for one.

Understanding Why Companies Offer a Hiring Bonus

Employers aren’t obligated to offer job candidates a hiring bonus, which is sometimes called a signing bonus or sign-on bonus. However, companies may choose to extend this one-time financial benefit to attract new talent, especially in a competitive hiring landscape.

This one-time signing bonus can help an employer close the gap between a candidate’s desired pay and what the company can offer. Additionally, the hiring bonus may compensate a new hire for any benefits the candidate might otherwise miss out on by changing jobs or forgoing other job offers.

Companies may also use a sign-on bonus to incentivize an employee to stay with a company for a certain period of time. If an employee quits within an agreed-upon time after accepting the position, they may be required to pay back the bonus.

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How Signing Bonuses Work

If you’re being considered for a job, the hiring company can include a signing bonus as part of the job offer. You can then decide whether to accept the bonus and the position, attempt to negotiate for a larger sign-on bonus, or walk away from the offer altogether.

Should you accept the offer, the hiring bonus can be paid out to you as a lump sum or as employee stock options. If the company pays the bonus as a lump cash sum, they may pay it out with a first paycheck, or after a specified period, like 90 days.

Like any other bonuses, salary, or wages you receive, a signing bonus is taxable. So you’ll have to report that money on your tax return when you file. If the signing bonus is paid with regular pay, it’s taxed as ordinary income. If it isn’t, then the sign-on bonus is taxed as supplemental wages. For 2024, the supplemental wage tax rate is 22%, which increases to 37% if your bonus exceeds $1 million.

Additionally, bonuses, whether they’re paid when starting a new job or as a year-end bonus, may also be subject to Social Security and Medicare tax as well as state income tax. Employers withhold these taxes and pay them to the IRS for you. So when you get your bonus, you’re getting the net amount, less taxes withheld.

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Average Signing Bonus

The average signing bonus can vary greatly depending on the company, position, and location. In general, signing bonuses may range from $10,000 to more than $50,000 for management and executive positions, while entry and mid-level position hiring bonuses are usually less than $10,000.

But again, there’s no guarantee that you’ll be offered a signing bonus, or that they’ll be pervasive in your given industry.

What Industries Offer the Highest Hiring Bonuses?

The industries that offer the highest hiring bonuses tend to be in the financial and technology sectors.

However, during competitive labor markets, signing bonuses may be offered in various industries that usually don’t offer a bonus. For instance, following the Covid-19 pandemic and subsequent labor shortage, industries like healthcare, warehousing, and food and beverage offered substantial hiring bonuses to attract potential employees.

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Pros & Cons of Signing Bonuses

Receiving a sign-on bonus could make a job offer more attractive. But before you sign on the dotted line, it’s helpful to consider the advantages and potential disadvantages of accepting a bonus.

Signing Bonus Pros

A signing bonus could help make up a salary shortfall. If you went into salary negotiations with one number in mind, but the company offered something different, a sign-on bonus could make the compensation package more attractive. While the bonus won’t carry on past your first year of employment, it could give you a nice initial bump in pay that might persuade you to accept the position.

You may be able to use a signing bonus as leverage in job negotiations. When multiple companies make job offers, you could use a signing bonus as a bargaining chip. For instance, if Company A represents your dream employer but Company B is offering a larger bonus, you might be able to use that to persuade Company A to match or beat their offer.

A sign-on bonus could make up for benefits package gaps. Things like sick pay, vacation pay, holiday pay, insurance, and a retirement plan can all enhance an employee benefits package. But if the company you’re interviewing with doesn’t offer as many benefits as you’re hoping to get, a large sign-on bonus could make those shortcomings easier to bear.

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Signing Bonus Cons

Since sign bonuses are taxable as supplemental wages, you might see a temporary bump in your tax liability for the year. You may want to talk to a tax professional about how you could balance that out with 401(k) or IRA contributions, deductions for student loan interest payments, and other tax breaks.

Additionally, changing jobs might mean having to repay the bonus, depending on your contract. Employers can include a clause in your job offer that states if you leave the company within a specific time frame after hiring, you’d have to pay back your sign-on bonus. If you have to pay back a bonus and don’t have cash on hand to do so, that could lead to debt if you have to get a loan to cover the amount owed.

This might cause you to get stuck in a job you don’t love. If your employer requires you to pay back a signing bonus and six months into the job, you realize you hate it, you could be caught in a tough spot financially. Unless you have money to repay the bonus, you might have to tough it out with your employer a little longer until you can change jobs without any repayment obligation.

Reasons to Negotiate a Signing Bonus

There are several reasons it can be beneficial to negotiate a signing bonus rather than just accept whatever the employer offers.

For one, a signing bonus can help offset the costs of relocating for a new job. Additionally, a signing bonus can help you maintain your current standard of living while you transition to a new city or state. Finally, a signing bonus can allow you to negotiate for other perks and benefits, such as a higher salary, stock options, or a more generous vacation policy.

When Is a Hiring Bonus Negotiated?

A hiring bonus is typically negotiated during the job offer stage after the employer has extended a job offer to the candidate. You don’t want to get ahead of yourself and ask for a hiring bonus immediately because that could hurt your chances of getting one. You generally want to wait for the hiring manager to start the conversation.

After receiving your official job offer with your projected salary and benefits, you will be able to gauge your potential bonus opportunity; one rule of thumb is that a hiring bonus is about 10% of your annual salary. And if the hiring manager offers you a bonus initially, you might have an advantage in negotiating for a better one.

Tips on How to Ask for a Signing Bonus

If an employer doesn’t offer a sign-on bonus, you don’t have to assume it’s off the table. It’s at least worth it to make the request since the worst that can happen is they say no.

Here are some tips on how to ask for a signing bonus:

1. Know Your Value to the Company

Before asking for more money, either with a bonus or your regular salary, get clear on what value you can bring to the company. In other words, be prepared to sell the company on why you deserve a signing bonus.

2. Choose a Specific Amount

Having a set number in mind when asking for a bonus can make negotiating easier. Do some research to learn what competitor companies are offering new hires with your skill set and experience. Then use those numbers to determine what size bonus it makes sense to ask for.

3. Make Your Case

Signing bonuses are gaining steam in industries such as technology, engineering, and nursing, where there is more competition for the best job candidates. You are also sometimes in a better position to ask for a signing bonus if the company did not meet the salary you requested when interviewing — a signing bonus is an opportunity to recoup some of that difference. Regardless, it never hurts to consider asking for more money.

Just be sure to do your research first. For instance, perhaps discreetly ask your contacts whether the company might be open to offering a signing bonus, and be sure to do some research online or within your network to see how your job offer stacks up.

4. Split the Difference With Your Salary

One way to potentially have your cake and eat it, too, when it comes to signing bonuses is to use your salary to offset it. Specifically, instead of asking for a large bonus, you could ask for a smaller one while also asking for a bump in pay.

An employer may be more open to paying you an additional $2,000 a year to keep you on the payroll, for instance, versus handing out a $20,000 bonus upfront when there’s no guarantee you might stick around after the first year.

5. Get it in Writing

If a signing bonus wasn’t part of your original job offer, and you’ve negotiated for one, ensure you receive an updated contract with the bonus included.

The agreement should spell out the amount of the bonus, how it will be paid (separate check or part of your regular paycheck), and the terms of the bonus. The contract should note how long you must stay employed at the company to retain your bonus (typically one year).

How to Maximize Your Signing Bonus

After receiving a signing bonus, the next question should be: What do I do with the extra money?

There are several ways you can put a signing bonus to work. For example, if you have credit card debt, your best move might be to pay that off. This could be especially helpful if you have credit cards with high-interest rates.

You could also use a sign-on bonus to eliminate some or all of your remaining student loan debt. But if you’d rather save your bonus, you might refinance your loans and use the bonus money to grow your emergency fund. Having three to six months’ worth of living expenses saved up could be helpful in case you lose your job or get hit with an unexpected bill.

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You might also consider longer-term savings goals, such as buying a car or putting money down on a home. Keeping your money in a savings account that earns a high-interest rate can help you grow your money until you’re ready to use it.

Using Your Bonus for Retirement

If you are caught up with your credit card payments and already have an emergency fund, you might consider investing your bonus for the long-term.

This could be a wise financial move considering that a $5,000 signing bonus isn’t as lucrative as negotiating a $2,000 increase in your annual salary. If you can’t negotiate the higher salary, you can at least use your bonus to invest. Investing can be an excellent way to build wealth over time.

For example, you might use part of the money to open a traditional or Roth IRA. This can help you get a head start on saving for retirement and supplement any money you’re already saving in your employer’s 401(k). And you can also enjoy tax advantages by saving your bonus money in these accounts.

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The Takeaway

There’s a lot to think about when you’re looking for a new job. You want to make sure you find a position you love that will compensate you fairly. So adding another step in the job search process may seem overwhelming. However, asking for and negotiating a signing bonus using the tips above is critical to help you get hired with the bonus you deserve.

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FAQ

What is a signing bonus?

A signing bonus, also known as a hiring bonus or a sign-on bonus, is a bonus given to employees when they are hired. A company will pay a signing bonus to help entice the employee to accept the job offer.

How can you negotiate your signing bonus?

To negotiate a signing bonus, you should be clear about what you are asking for, be reasonable in your request, and have a backup plan if your initial request is not met. It is also important to remember that the company you are negotiating with likely has a budget for signing bonuses, so be mindful of that when making your request.

What is the average signing bonus?

The average signing bonus depends on several factors, including the company, position, and location. In general, the average hiring bonus for managers and executives may range from $10,000 to more than $50,000. For lower-level employees, a signing bonus may be less than $10,000.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1912283-V1

If you’re wondering whether you can lower your rent, the answer may be yes in some situations.

The prospect of bargaining down your rent may sound futile or intimidating. But, thanks to a little research and a well-planned approach, it may be possible to land a better deal.

The odds of successfully lowering your rent will probably depend on a few factors, including how much comparable rentals in your area cost, the value you represent to your landlord, and the general state of the economy and the rental market. Learn effective negotiating techniques here.

The Benefits of Negotiating Rent

The obvious payoff of reducing your rent is more cash left over at the end of the month.

But you may also want to consider the longer term benefits. Say you’ve successfully negotiated your monthly rent down by $100. Over the course of a year, that monthly savings adds up to $1,200. There are many benefits to that:

•   If you applied that $1,200 yearly savings to paying down credit cards or a student loan debt (rather than paying the minimum), you might be able to save significantly on interest payments and also build your credit score. That last factor could help you save money in the future by helping you to get loans and credit cards with better terms.

•   You could funnel that monthly $100 saved into a high-yield savings account (these are often offered at online banks) and start building a down payment on a home (if you’d prefer to own vs. rent) or an emergency fund or working towards another savings goal.

•   If you were to transfer money (the extra $100) into your 401(k) retirement fund or other retirement savings each month, it could yield a significant income stream decades from now. (If you’re already contributing to these accounts, be aware of the annual limits.)

In addition, by learning how to negotiate, you’re also developing a lifelong skill of standing up for yourself and cutting better deals as an experienced negotiator, which could pay off in other areas of your life.

9 Tips for Negotiating Rent

If you’re convinced of the value of negotiating and interested in giving it a try, here are some pointers to help you do so effectively. A quick word of caution: Simply saying “I can’t afford my rent” is unlikely to get your rent lowered. You want to illuminate for the landlord good reasons to reduce what you pay and keep you as a valued tenant.

1. Time it Right

Here’s an important tip for how to negotiate rent: As eager as you may want to cut a good deal and do so as quickly as possible, it can be wise to time your approach to maximize your chances of success.

That means negotiating at the right moments, when your landlord may be more amenable to cutting a deal.

Those times might include:

•   The end of the month, when other tenants may have vacated the property and your landlord may enjoy the stability of a long-term tenant.

•   90 days or so before your current lease expires. That’s enough time to offer to sign another lease, but only at terms favorable to you. If you’ve been a good tenant, and the market is soft for new tenants, your odds of renegotiating a lower rent may be stronger.

•   At the beginning of the calendar year. Typically, winter is a slow time for property rentals, especially in the colder climates when moving is more difficult, and it may be harder for landlords to find new tenants. Stepping into the vacuum with an offer to stay another year (even at a lower monthly rental price) might give you some new-found leverage.

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2. Do Your Market Research

The next pointer on how to haggle rent: To build your case when approaching your property owner about a rental reduction, it can help to know the lay of the land.

If you can prove that you could live more inexpensively in a nearby rental based on local housing trends, your landlord may be more inclined to grant a discount, rather than lose your business to the competition.

For that reason, it’s a good idea to do a little digging, consider the cost of living, and comb through online listings to find out the rents of comparable units or properties in the area.

If, however, you are living in an area with a tight housing market, this tactic may not yield the results you hoped for.

Perhaps a similar one-bedroom apartment for rent has an amenity that’s not offered at the apartment you’re currently in or considering. You might point out how these factors make the landlord’s current rental terms somewhat higher than the going market rate.

When you speak to the landlord, it may help to have data on comparable apartments that are slightly lower in rent and, if the unit has been unoccupied, have this information on hand as well.
You may also want to check what other apartments in the same complex or rented out elsewhere by the same landlord currently cost. This can help keep you from overpaying for an apartment and may also help you negotiate a lower rent, which could mean automatic savings for you.

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3. Offer a Lump Sum

If you can afford it, adding a lump-sum payment (say, three months of rent upfront) may strengthen your bargaining power and boost your odds of reducing your overall rent payment.

That’s because many landlords prefer having rent in hand and not having to worry about late or no rental payment from tenants.

What’s more, offering an upfront, lump-sum payment is one way to show a landlord that you’re serious about being a solid tenant. A landlord may be more amenable to doing business with a tenant who is willing to go the extra mile.

4. Consider a Longer Lease

If you particularly like the house or apartment you’re renting, you might consider offering the landlord a longer lease in exchange for lower rent payments.

If, for example, a landlord is offering a 12-month lease to a new tenant, at a fixed monthly rental price, and you agree to extend that lease to 18 or 24 months, you might be in a stronger position to ask for a rental discount.

All things being equal, landlords tend to favor tenants who’ll be around for the long haul, and may be more likely to green-light a lower rent for a longer lease arrangement.

5. Cash in on a Referral

Landlords typically loathe empty apartments, so if you can help fill a rental unit with a referral or two, it might put you in a better negotiating position to ask for a rental price deduction for helping out.

Rental unit owners usually have to pay for classified ads to lease their open units. In addition, landlords often have to put some sweat equity into showing units, chasing down tenant leads, and vetting potential lease applicants.

By bringing your landlord qualified, stable tenants, you may be able to become a valuable asset for your landlord. This in turn can help build a more robust case for a rental deduction in the process.

6. Don’t Just Focus on Price

When working on how to negotiate rent, yes, the primary goal in a rental negotiation is to bring the price down.

But in case that conversation proves fruitless, you may also want to consider some other perks or benefits you could ask for in lieu or a rent reduction.

Some ideas:

A prime parking space (especially in urban areas)

•   New appliances and/or fixtures in your home or apartment

•   New or larger storage space

•   “First dibs” on better apartments or homes in your complex, once they free up

•   A waiver of fees and charges on things like gym memberships, parking privileges, community rooms, water or trash removal, or other services and amenities

•   Extra parking passes for guests

•   Allowing you sublet for the summer (if you plan to be away)

•   One or two months free

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7. Give Your Landlord a Heads-Up

Nobody likes to be ambushed on financial matters. That’s why you might have more success if you call your landlord well ahead of when you need to sign the lease. Politely let them know that you’d like to discuss the terms of the lease and are wondering if they would be open to a price reduction.

You might then suggest having a meeting (in person tends to be best, since it can be harder to say “no” to someone when you’re sitting face-to-face) some time in the next week or two.

This gives your landlord some time to consider the situation while also giving you some time to build your case.

In addition, giving your landlord some lead time shows you’ve put some thought into the matter. It also shows you respect your landlord’s time and schedule.

Keep in mind that you have a right as a renter to negotiate rent, but being diplomatic and respectful to your landlord will likely yield a better result than being aggressive.

8. Highlight Your Value as a Tenant

When you do meet with your landlord to negotiate the terms of your lease, it can be helpful to make a good case for keeping you on (or bringing you in) as a tenant.

For example, you might want to have a record of all your on-time payments or any history of providing referrals for this landlord.

You may also want to mention your willingness to extend your lease, that you’re courteous to other tenants, keep the property in good shape, and any other points in your favor.

Any and all of these factors could help persuade your landlord to give you a better deal.

Get Your New Rental Agreement in Writing

If you’ve successfully negotiated your rent downward or otherwise improved the terms of your lease and have a verbal agreement, it’s a good idea to get the deal in writing.

Having both parties sign off on the new rental agreement provides you with proof that you have a new deal in place, in the event there is any misunderstanding down the road. Congratulations: Getting a rent reduction can give you some breathing room in your budget.

The Takeaway

While rental leases may appear set in stone, they’re more flexible than many tenants think, especially if the rental market is soft in your area (meaning more rentals than renters). You may be able to negotiate a better price if you negotiate well, showing that the rent is higher than similar units in the area and that you are a model tenant who pays rent on time. If you’re successful, you could wind up with more money in your bank account.

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FAQ

Can you negotiate apartment rent?

You may be able to negotiate rent on an apartment or home; the possibility varies depending on your situation. You may be more likely to succeed in negotiating your rent if you can show that comparable rents in your area are lower and that you are a reliable tenant.

Can I pay my rent in a lump sum for a discount?

It’s possible that some landlords will accept rent in a lump sum at a discounted rate. This can have benefits: The landlord gets the cash upfront and doesn’t have to worry about potentially chasing a tenant for a past-due payment. But you would need to make this request from the landlord and hear their response.

When is the best time to negotiate rent?

There are a few times when you may have better luck negotiating rent. Those times include the end of the month, when many other tenants may be moving out; 90 days before your lease expires, which is when renewals are typically made available; and the start of a new year, when people may be moving and, since it’s winter, new tenants could be harder to find.

Is it in bad faith to negotiate rent?

It is usually not considered in bad faith to negotiate rent, provided it is done reasonably, respectfully, and honestly. It’s a practice that does take place in the rental market. That said, if a person were to invent reasons for a rent reduction, such as claiming the appliances don’t work when they do, that would be acting in bad faith.

Can a landlord kick me out if I try to negotiate my rent?

A landlord usually cannot kick you out for trying to negotiate rent. This is considered a typical aspect of the landlord-tenant relationship. In order to evict a tenant, the landlord must follow the guidelines for this process determined by the state. Causes for eviction might be non-payment of rent or violating the terms of the lease, such as damaging the property.

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