Locating the ideal rental that meets your budget can be difficult, particularly in today’s economy where rental rates have risen by approximately 9% since 2009. Nevertheless, in numerous markets, landlords require tenants just as much as you require a rental.
While it’s unlikely you’ll decrease your rent in half, you might be able to strike a deal. Remember, the time for negotiating your lease isn’t when you’re sitting with the property manager or landlord ready to sign the lease.
You must discuss the terms before the signing date but not until after you’ve obtained an approved application. These strategies will help you negotiate your lease.
Get the Timing Right
Landlords don’t appreciate prospective renters who contact them requesting a lower rent without even identifying themselves or knowing whether they’ll qualify for the rental. This puts the landlord off and he or she will be unwilling to negotiate anything.
As a potential renter, you should show some good faith by presenting your application indicating your interest in the rental.
Research
Before you start the negotiation process, have as much knowledge as possible. Begin by conducting an online research to establish the neighborhoods you can afford and recognize any tradeoffs you might need to make. For instance, you might need to opt for a smaller building or unit with fewer amenities to secure a rental in a more convenient area.
Once you narrow your search, compare rental costs and availability to obtain an idea of the reasonable rates in your desired neighborhoods. The last thing you want is to offend your prospective landlord by requesting an extremely huge rent discount. If comparable rentals exist nearby that offer lower rent, use them as leverage.
Respect the Policies before You Start Negotiating
Respect is very important. A landlord might indicate in the lease that he or she has a right to enter your unit at whatever time to make repairs or inspections. You might disagree with this and expect some notice before the landlord shows up. Make sure you voice your opinion in a respectful manner. This will go a long way with the property manager or landlord if you respect the terms. In turn, they will probably reciprocate.
Be Flexible
If you’re requesting a lower monthly rent, consider signing a lease that surpasses the usual12-month term. A longer lease will benefit the landlord because it will decrease the amount of money and time spent filling vacancies.
In the event that the landlord is unwilling to lower the rental cost, you don’t have to stop the negotiations. Request other perks, for instance, free parking or unit improvements such as fresh paint. You’ll never know the available options unless you ask.
Ensure the Negotiations are in Writing
If there are any handwritten negotiations on the agreement, ensure that all parties sign and that there’s consistency on all copies of the agreement.
Sell Yourself
Landlords want trustworthy and reliable tenants. Showing up looking shabby or in a dirty vehicle could give the impression that you wouldn’t be able to keep the property clean or make timely rental payments. Dressing nicely and cleaning your vehicle are easy ways of convincing a prospective landlord that you’d be an ideal tenant.
You should also come with current paystubs that prove you have stable employment, with an income of 2-3 times the rental rate.
Final Thoughts
Effective negotiating strategies must result in a win for both sides. Think about what you want and the sacrifices you’re ready to make and why the deal is sensible for you and the landlord.
For more information on how to negotiate a lease, contact us at Apartment Agents or leave a message.