Rent bargaining checklist
Rent bargaining checklist
These simple bargaining tactics can save you thousands when negotiating with a landlord. Whether renewing a lease or signing a new one, you'll wan to browse this list!
Get a long list of rental options Whether you're renewing a lease or signing a new one, there's to great reasons to create a long list of rental options. Its your best way to finding a place for a great price. Secondly, a landlord knowing he's competing with many different properties will have motivation to lower the price for you to sign a lease. But you'll have to let a landlord know you have plenty of options. Include home rentals, condo rentals and apartment buildings in your list!
Adequate time for searching You'll need plenty of time for researching your markets and negotiating a lease. Two months is preferred. Late starters may find themselves in a time crunch, needing to sign a lease for any amount simply to guarantee they have a place to live come moving day!
Don't reveal your preferences Landlords are seasoned negotiators. When they know they possess a property ideal for your tastes, they'll be much less likely to budge on price. Avoid this pitfall by not being forthcoming about what you prefer in a rental. If you're a raquetball pro and you love the raquetball court, keep this info to yourself! Consider stating a preference for an amenity the rental does not provide (gym, business center or other)
Preferred tenant discounts Landlords prefer tenants that have a trouble-free rental history, an ability to pay rent and are likely to stay in a unit for an extended time. If you possess any or all of these qualities, bring proof of this. Bring your credit history, bring rental references and state a preference to live in your unit for a long time. Your landlord will be drooling and much more likely to offer cheaper rent!
Consider the intangibles The rent payment isn't the only item being negotiated. Consider asking for a lower deposit, extra storage, free parking spot or an upgraded unit. Even if a landlord doesn't offer a lowered rent price, these intangibles can make up the difference!
Long term lease discounts Landlords often love longterm leases, for it saves them the hassle of filling a vacancy a year later. Ask your landlord if they'd discount rent if you'd sign a longer lease. A second advantage is not having your rent raised when time to resign the next lease. But make sure you actually want to live in your unit for that long!
Consider the landlord's position Landlords need to fill vacancies to pay the bills. Landlords with a long vacant unit are more likely to offer discounted rent. Landlords with many vacancies are also motivated to drop a price to get people nestled into their properties.
A landlord's initial offer A landlord's initial offer is rarely their best offer. Consider rejecting this whether you the price is good or not!
Your offer or counteroffer Whether you make the initial offer or you make a counter offer, make sure your offer is a low one. This gives you room to bargain. And who know, maybe your low offer gets accepted!
Consider an apartment broker Apartment brokers can often be an effective means to net a great place for little rent. Some may charge a fee while some may not. But don't substitute an apartment broker for doing your homework on renting a pad!
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