If you're eyeing a place, but think the monthly rent is over your head, learn tips to knock it down and finally afford your dream apartment.
Sunken living room…vaulted ceilings…granite countertops…all enticements apartment managers use to rent their units. If even the sound of these upscale amenities makes you think the place couldn’t possibly be in your price range, you might be very wrong. With a glut of empty condos and homes on the market due to the housing market down-turn, you might be able to walk into the rental of your dreams for not a lot of money, but you have to be ready to do a little wheeling and dealing.
How to Negotiate a Lower Rent:
Dress your best and be ready to walk. Often landlords make a decision on a potential tenant a few seconds after he/she walks in the door. So when you make an appointment to view a unit, dress like this is the most important job interview of your life…but don’t act like it. Even if this place just blows you away, don’t ooh and aah. Rather, remain cool and collected. Express interest in renting the property but don’t be overly enthusiastic. End your appointment without even discussing the rent. Fill out the application and wait a day or two until the manager does a credit check and calls you to offer you the unit. Then explain how you would jump at the chance to move in…if only the rent were a little lower. Make it clear what you are willing to pay. But make sure it isn’t a lot less than what other similar units are renting for in the area. Even if the tactic doesn’t work, you might have better luck with another place down the street or in the next town over.
Do your homework. If you notice places in your town renting like hotcakes, there probably isn’t much room to negotiate. But if you see a lot of for-rent signs and a large number of ads in the paper, you may have a good chance. And watch for signs on apartment buildings that say, "first month’s rent free" or "rent a two bedroom for the price of a one." You know that complex is hurting. But before you sign a lease drive by the prospective rental at different times of the day and night. Make sure it is kept up well and the property is inviting and brightly lit in the evening.
Don’t sign a long lease. Unless your rent is incredibly cheap, don’t sign anything longer than a year. You can always sign another lease when the 12 months are over, or rent month-to-month. If the housing market continues to decline, next year you might be in a perfect position to buy a home.
The copyright of the article How to Negotiate a Lower Rent in Consumer Education is owned by L. Marie Dubuque. Permission to republish How to Negotiate a Lower Rent in print or online must be granted by the author in writing.
