If buying a home feels further out of reach lately, you're in good company. Demand for rentals jumped 19.2% from a year earlier in September, as higher borrowing costs nudged would-be buyers toward renting. Rents are rising too, though more slowly than the cost of buying. That makes this a good time to see how your rent fits your budget and what other options might be out there.

"More renters are looking and new apartment construction is slowing, so landlords will likely have more room to raise rents in the months ahead," says Zillow Senior Economist Kara Ng. "If your lease is up soon, a little homework now can help you lock in a rent that works for your budget before rents climb further."

How much leverage you have depends partly on where you live. Rental demand rose the most in San Jose, San Francisco, Austin, Miami and Phoenix, so expect more competition for listings there. It fell in Louisville, Baltimore, Washington, D.C., and Cleveland, where renters may have more room to negotiate.

Let’s consider a few different renting scenarios and what course of action you might take.

You're signing during the slower season (Consider a search or negotiation)

Renter demand usually cools after the busy summer moving season, and rents tend to follow. The typical U.S. rent rose just 0.1% from August to September, and in each of the past three years, rents dipped from September to October.

The lull is short, though. Annual rent growth, the change in typical rent from a year earlier, has picked up every month this year since April, signaling building momentum. So signing this fall could help you secure today's rent before it climbs further.

What to do

• Consider a longer lease to keep today's rent in place as annual growth picks up. Offering to sign a longer lease can also give you leverage with a landlord if other renters are in contention.
• Save a search and turn on alerts so new listings come to you.
• If your lease ends in the fall or winter, use the lighter competition to tour more places. Who owns the rental can influence what's open for discussion:
  • Individual landlords set their own prices, so they may be willing to talk about rent or terms, especially on a home that's been sitting empty. 
  • Large apartment communities usually set rents centrally, so the leasing office may have little say over the monthly rate. These properties are more likely to offer move-in specials, so ask which ones you qualify for.

Your renewal increase is close to your market's trend (Consider a renewal)

If you're considering renewing, your landlord's offer is easier to judge once you know your local rent trend. The typical U.S. rent was up 2.7% from a year earlier in September, but big markets ranged widely — for example, San Francisco was up 11.8% and Denver was flat. 

A renewal increase close to your market's pace is likely fair. One well above it gives you reason to ask questions or start a search. If you rent a house, your increase may run higher. Demand for single-family rentals has grown more than twice as much as demand for apartments over the past year, and house rents are rising faster, too.

What to do

• Look up your city on Zillow's Rental Market Trends page to see how much average rent has changed in your area over the past year, then compare that with your proposed increase.
• Browse similar rentals nearby to see what they cost, and use those comparables to strengthen your case before you talk with your landlord.
• If the increase runs well above your local trend, ask for a lower rent or shop around.
• If new tenants are getting a move-in special your renewal offer doesn't include, ask your landlord to match new-tenant pricing before you re-sign.

Renting costs less than owning would, for as long as you'll stay (Consider a renewal)

If you might move in the next few years, renewing could be a better financial decision. In September, the typical new homeowner's monthly payment ran well above the typical rent, and it's climbing nearly twice as fast. 

Buying also comes with costs renters skip, like a down payment, closing costs and repairs. It usually takes several years of owning before buying comes out ahead. Renting keeps your monthly costs lower and your options open.

What to do

• Run your numbers in Zillow's Rent vs. Buy Calculator to see how many years it would take for buying to pay off where you live.
• If you expect to move before you'd break even, renting is likely the smarter financial move.

The listing comes with a move-in special (Consider negotiation)

A move-in special can lower what you pay, especially in your first year. About 2 in 5 rental listings on Zillow offered a concession in September, such as free rent, waived fees or a reduced deposit. That share is higher than a year ago, and concessions typically peak in December. Zillow expects them to ease gradually as the rental market tightens, so a deal you find this fall or winter may not last.

What to do

• When you search on Zillow, look for listings labeled "Special Offer" to find rentals with concessions.
• Even if no special is advertised, you may be able to  ask for concessions like waived fees or a reduced deposit.

Typical rent, and change from a year earlier, by metro