(Closed) Negotiating Rent?

posted 8 years ago in Home
Post # 3
Member
761 posts
Busy bee
  • Wedding: January 2011

I work in property management and what works best is instead of saying you want to negotiate and wait for a response is to say this is what we will pay, when we can move in, and submit information that backs your reliability. Also to keep on them if you really want it because then you will be fresh in their minds and show  you are serious not wasting time.

Post # 4
Member
751 posts
Busy bee
  • Wedding: May 2010

FI and I own a building and rents are DOWN so truly, don’t be afraid to ask. It’s almost always better to lower the rent than to continue to have a unit empty.  It will help your cause if there are a lot of vacancies in the neighborhood, more supply = lower rents, so scout out the neighborhood before you present your case. 

I don’t know that you will be able to get the unit you were shown for $275 less a month, but atleast $125 less should be doable since that is how much they will lose in rent if the unit is empty for a month (the amount you save per month x 12 months = 1 months rent).  Pointing that out to them will help, especially if the apartment has been empty awhile. 

Ask in person, and if possible, give them a letter stating why you and your man would be amazing tenants, your commitment to staying in the building for awhile, etc and include references from other landlords if you have them.  Even before we got the building, I used this tactic to get lower rent by convincing the landlord that by renting to someone reliable and employed who really loved his apartment at a lower rate was better than taking his chances on someone else.

Good luck – and if my math doesn’t make sense (not sure I explained it well) let me know and I will clarify! 

Post # 6
Member
1403 posts
Bumble bee
  • Wedding: August 2010

You should not sign a lease agreement unless you’ve had a chance to see the actual apartment you’re signing for.  It sounds like both the front and back apartments are the same, except that the front one has a better view?  If so, you’d be paying an extra $300 a month just for the view.

You typically have more bargaining power the longer the apartment has stands vacant.  That’s a risky game though if you think someone else might snatch up the apartment while you’re playing the waiting game.

One thing you might try is raising your offer a bit, knowing she’ll turn you down.  Say something like “If you’ll agree to $1250 a month, I’ll sign a lease right now.”  That lets her know that she’s just a “Yes” away from a new tenant.  She’ll probably say no, that’s not close enough to the price she’s asking.  Then you’ll say “Well if you change your mind, just give us a call and we’ll sign a lease for $1250 a month right away.”  Make sure that the landlord herself is aware of your offer, not just the leasing agent.

Hope that helps!

Post # 9
Member
2008 posts
Buzzing bee
  • Wedding: September 2009

I don’t know a thing about negotiating rent, and tend to be terrible at negotiating anways but it what bohemianbailie said sounds solid to me. 

Good luck!  I hated finding places to rent with my 90 lb dog!  I’m sorry, but you shouldn’t be able to say “dogs allowed” when you really only mean 25 lbs or less!

Edit: Hah!  I totally forgot that I had this screen open for an hour and now you have very good advice and this comment is completely useless.  🙂

Post # 11
Member
1313 posts
Bumble bee

Good luck!! Looks like you got some wonderful advice.  I also know how hard it is to find a place when you have a dog. Ugh…

But I do think jenbrander’s dialouge would work… Although it isn’t an immediate lease signing, it is still a guarantee for them. If the apartment is vacant, could you even ask to sign a month earlier if they will give you a really good deal? You can start moving in things little by little, which is so much easier from my experience 🙂

And…. if worst comes to worst, there are always other apartments to look at. And maybe the back unit isn’t that bad??

Hope it works out for you two 🙂

 

And… just maybe you guys will move to our area soon (hehe), we’re renting a duplex for $595 with two dogs, two bedrooms, a garage, an acre backyard, washer/dryer, and dishwasher! (although it’s ~10 min drive to campus)

Post # 12
Member
3041 posts
Sugar bee
  • Wedding: May 2010

Lots of places are offering incentives to renters. First month rent free or a 75% rent reduction for the first 6 months. I’m not sure if that’s the case with your city. I say look around, try looking online.

Also, look at the back unit, who knows, maybe you’ll like that one & maybe you can negotiate rent there? Say you’ll sign a 6 month lease (if you like the place, that is) & give good references. See if you can get a good dog reference from your landlord & other people, like a vet or if you bring your dog to work, or an obediance school certificate. SOMETHING that shows your dog isn’t crazy :). Usually dogs are an issue if they’re bigger than a cat.

Post # 13
Member
1075 posts
Bumble bee
  • Wedding: September 2013

Like the previous posters mentioned, DEFINATELY work them down on rent.  I also deal with mortgages (a little different from actually leasing) however, I deal a lot with rental lease agreements.  Right now, in your area, I’ve seen property value drop SIGNIFICANTLY.   Not to mention any borrower names, but one I remember was in Chicago, their LTV (loan to value) was at 290%!!!!!!!!  I’m assuming there are a lot of Foreclosures and renting property out there which causes that.  So anyway, a lot of the owners are looking for anything!  I had one lease agreement drop down to $800.00/mo and they owe $1275.00/mo.  They are for sure losing on any type of profit and are having to pay for some of the mortgage out of pocket, but since they can’t sell the property, anything is better than nothing.

Post # 14
Member
750 posts
Busy bee
  • Wedding: June 2010

If you’re not moving till mid-june, do you really need to be looking right now? When we last moved, we were in the apartment within a week of being approved. Why wouldn’t they just rent the apartment to someone that will move in sooner than 2.5 months from now?

Post # 16
Member
3041 posts
Sugar bee
  • Wedding: May 2010

Ok I used to watch Friends daily, so I see what you mean. Hmmm…. Have you tried craigslist?

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