How to Negotiate Price When Renting an Apartment
Start the process early., Consider the timing carefully., Investigate the current rental market., Inquire about specials and discounts you might be eligible to receive., Ask a real-estate broker for help.
Step-by-Step Guide
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Step 1: Start the process early.
The earlier you begin conducting research, the more time you will have to negotiate the deal you want.Waiting until your current lease is about to expire and you have to move immediately does not provide you with adequate time to research, plan, and negotiate.
Leaving things until the last minute will also make the process more stressful.
Prepare early so that you are negotiating from a position of strength. -
Step 2: Consider the timing carefully.
Avoid trying to rent an apartment during the busy rental season for your area.
Landlords and property managers are less willing to negotiate if they believe there is a great demand for apartments and plenty of potential tenants.Landlords are often more willing to make deals at the end of the month, because they don’t want a unit to stay empty for an additional month.
If you live in an area with a college or university, try not to begin this process right before the start of a new semester since these are often the busiest rental periods.
Most people move between May and September, so winter is good time to look for new apartments and negotiate more favorable deals with landlords., Educating yourself about the current rental market in your area will help you determine what might constitute a fair rental price, which is essential information to have during the negotiation process.
Your research will also give you a better indication of whether the landlord or property manager might be willing to negotiate.Find out what the average apartment rents for in the neighborhood and city where you are looking to rent.
Talk to others in the apartment building to find out what they pay per month.
Ask your friends and coworkers about their rental rates.
Review classified ads and note the rental rates for similar apartments in the area.
Find out how long the apartment you want has been on the market.
If it has not rented after 1 to 2 months of availability, the landlord will be worried about losing money and might be more willing to negotiate your rent.
If you browse apartment listings online, pay attention to how long the units are listed.
This will help you evaluate how much demand there is in the rental market for the type of property you are interested in. , Many apartment complexes offer monthly or seasonal specials.
It’s also a good idea to ask if they offer any discounts to students, educators, employees of a specific company, veterans, or other groups.
Some landlords might offer you a discount if you refer friends or colleagues.
Apartment complexes sometimes post information about special deals and reduced rates on their websites or community bulletin boards. , If you are having trouble with your negotiations or are uncomfortable doing this yourself, contact a broker.
Brokers connect buyers and sellers, and will be able to guide you through this process.In many cities, the landlord—not the tenant—pays for a broker's services.
If you want to stay in your current apartment and just negotiate a lower price, brokers probably won’t be able to offer assistance. -
Step 3: Investigate the current rental market.
-
Step 4: Inquire about specials and discounts you might be eligible to receive.
-
Step 5: Ask a real-estate broker for help.
Detailed Guide
The earlier you begin conducting research, the more time you will have to negotiate the deal you want.Waiting until your current lease is about to expire and you have to move immediately does not provide you with adequate time to research, plan, and negotiate.
Leaving things until the last minute will also make the process more stressful.
Prepare early so that you are negotiating from a position of strength.
Avoid trying to rent an apartment during the busy rental season for your area.
Landlords and property managers are less willing to negotiate if they believe there is a great demand for apartments and plenty of potential tenants.Landlords are often more willing to make deals at the end of the month, because they don’t want a unit to stay empty for an additional month.
If you live in an area with a college or university, try not to begin this process right before the start of a new semester since these are often the busiest rental periods.
Most people move between May and September, so winter is good time to look for new apartments and negotiate more favorable deals with landlords., Educating yourself about the current rental market in your area will help you determine what might constitute a fair rental price, which is essential information to have during the negotiation process.
Your research will also give you a better indication of whether the landlord or property manager might be willing to negotiate.Find out what the average apartment rents for in the neighborhood and city where you are looking to rent.
Talk to others in the apartment building to find out what they pay per month.
Ask your friends and coworkers about their rental rates.
Review classified ads and note the rental rates for similar apartments in the area.
Find out how long the apartment you want has been on the market.
If it has not rented after 1 to 2 months of availability, the landlord will be worried about losing money and might be more willing to negotiate your rent.
If you browse apartment listings online, pay attention to how long the units are listed.
This will help you evaluate how much demand there is in the rental market for the type of property you are interested in. , Many apartment complexes offer monthly or seasonal specials.
It’s also a good idea to ask if they offer any discounts to students, educators, employees of a specific company, veterans, or other groups.
Some landlords might offer you a discount if you refer friends or colleagues.
Apartment complexes sometimes post information about special deals and reduced rates on their websites or community bulletin boards. , If you are having trouble with your negotiations or are uncomfortable doing this yourself, contact a broker.
Brokers connect buyers and sellers, and will be able to guide you through this process.In many cities, the landlord—not the tenant—pays for a broker's services.
If you want to stay in your current apartment and just negotiate a lower price, brokers probably won’t be able to offer assistance.
About the Author
Timothy Rodriguez
Professional writer focused on creating easy-to-follow crafts tutorials.
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