How to Negotiate Rent for an Apartment
Many renters assume that the price they're offered is the price they have to pay. This isn't always true. Sometimes, with larger complexes that are owned by another company, you might not be able to negotiate your rent. However, with many smaller and individually owned complexes, you might be able to negotiate a significant reduction in your monthly rent. Before you sign a lease for your new apartment, you should sit down with the property manager or landlord to discuss your rent and the possibility of a reduction.
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Instructions
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Do your homework. You'll be able to negotiate more effectively if you have information about what an apartment like the one you're considering normally costs. This might require contacting complexes in your area that have similar-sized apartments, talking with your neighbors or hiring a broker to find the information for you. But remember that the quality of a neighborhood often sways the cost. So, in the negotiation, use examples of similar apartments in similar neighborhoods.
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Wait until the end of the month to negotiate. Landlords may be more willing to deal if it's the end of the month and the apartment you're looking at is still empty. If the apartment has been empty for a few months, that gives you even more negotiating power.
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Offer a service that will save your landlord money, which in turn, may lead them to expect less money from you. Some examples of services you can offer are shoveling your own snow, raking your own leaves, or keeping up on regular apartment maintenance yourself. However, this will only usually work for smaller complexes.
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Ask for recommendations from previous landlords to show your new landlord that you have a history of being no trouble at all.
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Decide how much you want to pay for rent and then lower it. You should always offer the landlord a lower price than you actually expect to get. This gives him some room to negotiate, as well. Try not to accept his first offer. He'll probably go lower, and if he doesn't, you can always return to that first price.
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Provide the landlord with proof that you will be there for a long time. For example, if you have just signed a 5-year job contract, it might demonstrate that even by lowering your rent, he can save money by not having to continuously find new people to rent the place.
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Enter the negotiation with confidence. If you act like you shouldn't get a lower rent, then odds are, you won't. Show the landlord that you will walk away if you don't get a fair deal, and mean it.
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Offer to pay your rent before the first of the month or offer to pay for several months upfront. This promise of early pay or a large sum of money may persuade your landlord to drop the rate of your monthly rent. You could also try offering to sign a longer lease than is required. The security of having a tenant for three years, instead of one, may also be enough to persuade the landlord to reduce your rent.
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References
- Photo Credit apartment for rent image by dead_account from Fotolia.com
