How to Negotiate Price When Renting an Apartment

Save

So you have found your dream apartment. The only problem is that it is overpriced. That is to be expected. A landlord will try to get as much as he can get from an available rental unit. The promises made are sometimes as laughable as fake campaign promises. However, some promises do come true. You have power as a potential tenant, and you can use that leverage to get what you want in an apartment at a price that fits right into your budget. Read on to learn how to negotiate a price when renting an apartment.

Assess the property. Keep in mind which amenities mean the most to you. Look at the neighborhood of the property, the building security, the size of the apartment, its perks (such as a swimming pool or in-home washing machines and driers), and whether there is parking. All this can contribute to the general cost of rent.

Look around at other apartment that are comparable in the same (or similar) area. Make sure the apartments match up as far as amenities and size is concerned.

Make the landlord an offer based upon the low end of the comparisons. You have power you don't realize as a tenant and a consumer. Unless it is prime real estate in the best part of town, there is room for talking.

Explain your current situation the landlord along with your offer of a lower rent. Although you want your landlord to see you as a responsible tenant (which you can show with references), it is important that the landlord know the truth up front if you are in a bad situation that necessitates the need for lower rent. Deep debt, college and bad luck or bad timing can all be a factor in the need for lower rent.

Use a higher down payment, good credit, good job and excellent references as bargaining chips when negotiating a lower rent. The more you have of these four things, the better you look as a potential tenant. The landlord knows this, and you should be aware of it as well. Mentioning it in a nice way when the chips are on the table is a great idea.

Look elsewhere if your needs are not met. There are spaces in every city for rent, and a landlord often calla back if he seea you leave the property over dissatisfaction with potential rent. He will likely call you after you have left. It is often the case that he was not expecting you to just walk away if the lower rent was not accepted.

Tips & Warnings

  • Be patient. Finding a great apartment takes time. It' s a good idea to get a one month sublet when you first move to town. That way, you have plenty of time to find something that's really right for you at a good price.
  • Don't offer too low a price for rent. That's not fair to the landlord or to yourself. If you offer too low of a price, no landlord will accept.

Related Searches

Promoted By Zergnet

Comments

You May Also Like

Related Searches

Check It Out

4 Credit Myths That Are Absolutely False

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!