5 Tips on How to Negotiate Rent with Your Landlord
According to Reis, Inc., a New York real estate research firm, apartment vacancies reached a 23-year high during the recession. Now is a better time than ever to talk to your landlord about lowering your rent when your lease comes up for renewal, or when relocating to a new apartment, whether as a permanent place or temporary housing. Here are a few pieces of advice on talking with your landlord:
- Pay for six months to one year up front. Many landlords find this lump sum to constitute a invaluable sort of peace of mind, and will make concessions in order to get it.
- Offer an exchange of services or goods. This can be as simple or as complex as you want to make it. If you’re renting the upper flat of a house, for example, you could offer to assist in mowing the lawn or removing snow. If the kitchen or bathroom needs updating, you could suggest that you personally remodel. Even offering to clean up and paint from a prior messy Renter could go a long way in reducing or eliminating things like administrative fees and security deposits.
- Promise to stay a little longer. Life is unpredictable and in the end, who doesn’t prefer a month-to-month lease? However if you are willing to sign for a longer lease term, you have more room to negotiate off your monthly rent, or at least control it for that period.
- Come prepared with a portfolio. The New York Times, in the article “For Rent: Want to Pay Less? Dare to Negotiate” recommends developing a rental portfolio that you can hand to a landlord when you view an apartment. The portfolio should include proof of earnings, credit history, and letters of reference.
- Develop a reputation for being a good tenant. This means so much more than just paying your rent on time. It means developing a good rapport with your neighbors, and picking up after pets. It means keeping your apartment clean, and maintaining small repairs when something breaks.
When vacating an apartment, make sure you patch and paint, vacuum, and take out the trash . Little niceties can go a long way in earning good references for your next apartment. When negotiating a lease, remember to be fearless . Because the market is glutted with excellent properties right now, you really have nothing to lose.
Author: Lisa Brown is a Sales and Marketing Associate for Almost Home USA, a nationwide temporary housing company whose goal is to provide such excellent experiences that clients feel almost home. If you are in need of furnished apartments or temporary housing, Almost Home USA might be your best solution.
Posted by Carlos Sagastume on August 3, 2010. Filed under HUD Homes.
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