Rent Negotiation 101
Negotiating the rent on an apartment is a fairly common practice. An apartment may initially appear ideal, but if all expectations aren’t met, the price may be negotiable. To avoid misunderstandings and ensure a positive outcome, potential tenants should know how to successfully negotiate a rental agreement.
Tenants Shouldn’t Settle for What They See
Tenants may be expected to adhere to the saying “what you get is what you see”. However, lease negotiation is sometimes an option. A series of factors should be considered when approaching rent negotiation. Depending on how long the space has been vacant, what the going rate in the area is and how long a tenant is willing to sign a lease for, landlords could be willing to reconsider their asking price. Of course, the landlord should be authorized to negotiate the rent. Large rental companies usually establish fixed rent prices, meaning there is little leeway.
Negotiating the Rent Successfully
An empty apartment is losing money. Inquire as to how long the space has been empty and try to sway the landlord on the price. Use other apartments in the area as leverage. If they offer more amenities for less, this could be a bargaining chip. Finally, agreeing to sign a longer lease or paying a few months up front could translate into a significant discount on rent. It pays to be informed, yet it is important to maintain a respectful stance if the asking price is final. To have a better understanding of the specifics of a rental agreement, tenants can always consult a lawyer for clarification.
Property value is never set. There are always variables; therefore, negotiating the rent is oftentimes a possibility given that both parties stand to gain if there is mutual benefit. In the end, even a few dollars off the price can always be put towards utilities or other expenses.