Can You Negotiate Apartment Rent?
The good news is that you have discovered your dream apartment in the perfect place. The good thing is that your heart jumped a beat when you were quoted a rent amount. In case the rent on your ideal living area –or perhaps the flat you are currently in–is making you feel the pinch, then consider bargaining for a better deal. There can be some wiggle room in your rental fee which you won’t get if you don’t request the landlord. Talk, and you might score a much better deal.
Neighborhood Comparisons
Knowledge is power in rent negotiations. If you understand where you want to live, check out some other rental properties in the area to get a feel for the average rent in the area. If you’re taking a look at an apartment complex, consider getting the dirt from some present residents about what they are paying. If the information you dig up indicates that the rent you have been quoted is within the local norms, you might have minimal flexibility. But if you find out that many individuals are paying less for comparable properties nearby, ask the landlord to warrant the difference and see if they are prepared to come down to a price more in keeping with the place.
Good Credit and Lease History Benefits
It isn’t always easy for landlords to find reliable tenants who pay their rent on time and take good care of the home. In case you have good credit and very good references from prior landlords, then use them to convince a new landlord that charging a bit less a month to put a sound, reputable tenant in his property is a worthwhile trade-off. If you’re working on decreasing your rent on your present home, point out to a landlord the way you have been late on the rent and always properly preserved the property. He might be prepared to manage to maintain you as a tenant.
Timing
Landlords that have their option to tenants have very little need to deal, so avoid busy renting seasons if you’re able to. That means not trying to get a new location in August if you live around a college, or May if you are renting an apartment close to the beach. According to Forbes, if you are negotiating lower rent on your existing home, be sure to begin the process a few months prior to the lease expires so your landlord knows you have lots of time to find a new home if she does not deal.
Start Low
When you are negotiating, Forbes recommends you ask your landlord for a rental cost lower than you think he’ll accept. Your lowball offer will likely solicit a counteroffer in response which you can live with.
Warnings
Your ability to negotiate rent depends very much on the marketplace where you are looking. Landlords holding properties in in-demand locations do not have much incentive to deal with you if another candidate is ready to pay whole price. However, in neighborhoods that sponsor lots of empty rental home, a landlord may be more than prepared to make you an offer to avoid losing money on an unused unit. Calling apartment complexes in your preferred area and asking them about their availability will give you an idea of just how soft the rental market is. If your landlord does agree with a reduced rate of rent, be sure to get it in writing. Although oral rental and lease agreements are lawful in California, the state Department of Consumer Affairs recommends you get every arrangement in writing so you may demonstrate the arrangement, should trouble arise down the line.
