How to Bargain with your Landlord for a Better Lease Deal
Renters:
Have you tried bargaining with your landlord
for a better lease?
So Tenants....what are you waiting for? Ask for better lease terms!
Some years are better for landlords and owners: there is a shortage of rental units and landlords have the upper hand when it comes to negotiating rental terms and rates.
Some years, and 2009 may be one of them, renters may have some leverage when it comes to getting a price cut, concession or upgrade from landlords with a glut of properties to rent.
With the downturn in the employment market, many cities are experiencing a surplus of rental properties. Some cities, including New York, Los Angeles, Miami and Las Vegas have noticed a decrease in rental rates, in some cities for the first time in years. This surplus has been aggravated by investor rental properties that are not able to be turned over as sales, and thus are on the rental market. In addition, new college graduates may decide to return home to live, rather than branch out on their own, especially if they are uncertain as to whether to they will have a secure job.
So how can tenants profit from this poor employment situation?
Here are a few tips for a successful negotiation with your current or potential landlord:
Know your market.
What are comparable rental properties renting for?
Are rates going down in your market or up?
Are there un-rented units in the neighborhood or apartment complex you are renting in or looking to rent in?
Be a good tenant and make yourself desirable to the landlord.
If you have paid your rent on time and have otherwise been 'landlord-friendly', ask for a discount on your current rent. You may be able to negotiate a lower rate, even partially through your lease.
Ask what specials or upgrades are available. Some landlords are offering
Free one or two months rent, especially if you sign up for a year's lease
Free appliances
Rental unit upgrades--better views, more square footage, gym membership, pool club etc.
Remember, as with any negotiation, if doesn't hurt to ask for a better price or accommodation.
Practice asking for a discount if you have to, but ask....it will get easier the more you do it.
Be friendly, be the kind of tenant a landlord wants, and more often than not, you will be able to get a better deal than the one initially offered.
References: Finally, Renters Have Some Pull By Dana Mattioli Wall Street Journal January 20 2009
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