Looking to Rent? Think About Negotiating

April 30th, 2009 • Related • Filed Under • by tisha

When you are looking for a new home or apartment to rent, you don’t necessarily have to pay the asking price per rent month. Depending on your efforts and renegotiation tactics, you may actually be able to secure a lower rent rate than what is advertised.

Here are some tips for renegotiating your potential rent:

Don’t Negotiate Without the Research
Don’t assume you can approach your landlord and just drop a figure on him/her. If you want to negotiate fairly, you have to be willing to do some research. You want to have a clear understanding of what your neighbors, the other tenants, and renters in the general area are paying before you come up with a figure. Landlords will typically use the same methods to determine rental rates themselves. If you think the rent is a bit too high and can back it up, go for a negotiation.

Don’t Lowball the Landlord
If you plan to negotiate, have a solid and reasonable number before approaching you landlord. A rental price that is much too low can be insulting to a potential landlord. Decide whether or not a rent reduction is reasonable before asking.

Use Time To Your Advantage
When you negotiate, time is of the essence. If you are looking at a rental you know has been vacant for several months, approach the landlord at the end of the month when it is likely no one else is interested in committing. Many times a landlord would rather reduce the rent than let the place go empty for another month.

Have a Plan
Consider what you will do if the landlord decline to reduce the rent. Are you able to walk away and have options for a new place to live? Don’t make empty threats you can not carry out. Be polite and ready to accept what the landlord says. Be ready to either move in another direction or accept the place for the stated rental price.

You Must Be Ready for Concessions
A landlord may be willing to cut down on the rent if you agree to pay before a certain time of the month or some other concession. If you plan to negotiate, remember it may not be just a one-sided deal. If you are not willing to be flexible, don’t bother following through with the negotiations.

Now may be a good time to rent, as many landlords are in need of filling vacancies. Eventually however, landlords will be able to raise the rental rate much hirer than they are willing to offer at the present time. Be sure if you do to choose to rent and have successfully negotiated a lower rate that the subsequent lease does reflect the change and that the price will remain in effect for the specified period of time before signing any documents.