How to Negotiate Apartment Lease Rates

Even company-run apartments may accept a lower rent offer.

If you do not own your own home, you are usually renting a home or apartment. Management companies or landlords quote a price for monthly rent, which appear firmly fixed. Thus, prospective tenants view it as a take-it-or-leave-it situation. In reality, however, you can employ a handful of tactics and perhaps negotiate a lower rate.

Instructions

1. Clean up your credit score and criminal history. Property owners and managers are less likely to approve an application upon seeing a history of financial and legal problems. If you can clean up your record, that will increase the odds of acceptance and perhaps a lower monthly rate.

2. Call rental properties and inquire about prices and amenities to get a feel for the market. Go on showings to get something in writing on costs. Don't forget that current tenants can be references for this information. Cite their rates during your negotiation if they recently renewed at a lower cost than what you were quoted.

   Look for properties that offer rent credits or discounts to tenants who help out around the property. You may be able to put in a few hours a week doing basic caretaking. If you are paid with a rent credit, this is better than earning wages because it is tax exempt.

3. Take your brochures to your primary property of interest. Show them that other properties offer similar footage and amenities for lower prices. Ask the landlord for a decrease consistent with true market value. Make an offer slightly lower than what you ideally want, leaving room for the landlord's counteroffer.

4. Inspect the property you intend to rent. If there are slight issues like worn carpeting or highway noise, tell the landlord you are willing to live with these problems if return for a rent decrease. Also, if your research reveals the property does not offer some amenities that others do, ask to be compensated via reduced rent or perhaps a perk like new carpeting or a gift card to a local store.

Tips & Warnings

• Schedule your showings closer to the end of the month. Property managers and owners like to have tenant leases start on the first day of the month, so they are more receptive to offers a week or two before this time. They don't want another month to pass with the property empty.

• Longer leases will lock in your lease rate.

References

• Forbes: How to Negotiate Your Rent
• Bankrate: The Fine Art of Negotiating a Lease