Preview

The Importance Of Negotiating Rent

Good Essays
Open Document
Open Document
651 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Importance Of Negotiating Rent
As others have noted, negotiating rent is not easy. As with many difficult tasks, success is never guaranteed but there are ways you can improve your chances. Here is guidance that from my experience have helped a renter's odds.
First, the obvious. You need to have been a good tenant. You pay your rent on time, you keep noise levels to a minimum, and you plan on staying at this rental unit.
Why do landlords want to retain good tenants? Well, the enemy of all landlords is vacancy. A vacant unit means no income to offset expense. Additionally, a new tenant means taking time to review applications, credit reports, background checks, and there are always risks with the unknown.
*This is your weapon. *
Use your pristine history to start renegotiating
…show more content…
How much do comparable units rent for? Look for similar units in the area with the same number of bedrooms and bathrooms. If you live in an apartment complex, use other apartments within the complex.
If you live in a high demand city, negotiating rent is probably going to be difficult because it is likely the landlord will have a list of people waiting for the space. If you’re in a less populated area with housing vacancies, you can negotiate more aggressively.
**TIP:** Craigslist is a good tool for this. I'd recommend you regularly check Craigslist, and keep track of the comparable apartments you find so you have historical data available for reference. To find increases/decreases in your area, check Zillow Rent Index.
**How long have you been there?**
Landlords are usually looking for long-term tenants, particularly living personifications of the perfect tenant like yourself. Renters like you make their lives easier and provide a steady income. If you want to stay, then it’s in the interest of both of you to adjust the rent, either downward or upward, to match the current market
…show more content…
Offer something that may not be as important to you in exchange for something that is significant to the landlord i.e. stability, on-time payments.
Here are some suggestions:

* Sign a multi-year lease (the landlord knows that he will not need to look for another tenant again in a year, saving him effort and time)
* Longer notification time when you need to terminate your lease (the landlord knows that he will have ample time to find a new tenant which reduces the risk of vacancy)
* Prepay rent months in advance (this gives the landlord peace of mind that he will not have to worry about collecting rent for several months)
* Promise not to smoke (this makes the rental unit harder to clean and repair)
* Agree to not keep pets (dogs and cats can damage the floors, walls, and leave stains on the carpet)
* Give up your parking space (if you don't have a car, offer to give the space back to your landlord) When your landlord proposes raising your rent, bring up your history. Mention your history of payments, lack of complaints, and the like. It's not unlike asking for a raise at work. Remember, this is still a business transaction and there is absolutely nothing wrong with standing your

You May Also Find These Documents Helpful

  • Good Essays

    “The social determinants are conditions in which people born, grow, live, work and age, which are shaped by the distribution of money, power and resources at global, national and local levels” (Who, 2017). Within my agency the social determinants factor our client deals, resources, money and housing availability, since Broward county has a few housing available. In addition, for the housing that is available, most clients do not have the income to meet the requirement to get a housing. For example, a client might available month and sustain themselves to live in those high value decent apartments. The issues come with some Apartment might agencies asking for the first month, deposit, and last month rents together, making very difficult for…

    • 385 Words
    • 2 Pages
    Good Essays
  • Good Essays

    How to handle the lease on the kitchen space, which has 18 months more to run?…

    • 1170 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Atlantis Simulation

    • 387 Words
    • 2 Pages

    When there was a surplus, I was able to tell if the company needed to lower the rent to decrease the supply or raise the rent if there was an increase in demand. When there is a change in supply, the decision to lower rent but maximize revenue was a tough one. The company still wants to profit from the rental homes but because the demand is low the company has to find a way to increase the demand from the people. When the change in demand increased due to new job opportunities for people, there is opportunity to increase the rental price because the company knows that the demand is there and there is no competition.…

    • 387 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Lease

    • 277 Words
    • 2 Pages

    UTILITIES. The Tenant agrees to pay all costs for the supply of utilities to the Premises including electricity,gas,hot water,telephone and cable television,and to pay any deposits required by the suppliers of any such utilities.…

    • 277 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Com 156 Week 3 Assignment

    • 602 Words
    • 3 Pages

    In conclusion, it has been shown that renters will pay less for their living arrangement. Renters also do not have some of the worries that a homeowner does. A renter is not responsible for upkeep and maintenance on the place in which they reside. Renters also several amenities included at no extra cost that homeowners would have to purchase separately. The savings of becoming a renter keep adding up and it almost seems a waste of money to become a homeowner. The final decision is always up to each individual, but the savings of renting is a strong persuading factor in the decision of whether to rent or…

    • 602 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Renting your first apartment can be an exciting time in your life, but also is a time that can be frightening. There are many factors to consider when you are searching for your first apartment; it is important to consider the community, and what the apartment complex has to offer, as well as your budget. Newspapers, a telephone, and internet access are particular items needed during your search. During this process you want to do a great deal of, research before making your decision; this can prevent annoyance in the months to come.…

    • 614 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Three main indicators that I have identified and can be used as a proxy for housing rent are the housing rental price index, median rent,…

    • 244 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    Enhance the value of the community by marketing and selling the apartments at the most achievable rent rates to qualified prospective residents…

    • 576 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Re Finance

    • 1024 Words
    • 5 Pages

    Fill out the following information as best you can. Indicate any caveats, inconsistencies, or things that are not clear in the lease.…

    • 1024 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    You Decide Week 5

    • 913 Words
    • 4 Pages

    How to handle the lease on the kitchen space, which has 18 months more to run?…

    • 913 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Cricket Road

    • 1121 Words
    • 3 Pages

    Remove all the dishwashers and garbage disposal units and make them optional on a rental basis.…

    • 1121 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Would they think that renting is better than buying a house? I would have to choose renting over buying a house because buying is more responsibility and hassle. When renting and buying there are many advantages and disadvantages of buying a house as well as renting an apartment or house. With the economy the way it is today it will be harder to sell a house and move than just moving out when the lease is up (Ginnie Mae, Buying versus Renting Comparison Chart, Retrieved November 9, 2010 from http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_chart.asp?section=YPTH). When selling a house the owner will have to pay the broker six percent or they can sell it themselves. Some sellers have to pay for some of the buyers closing cost as well as their, the sellers, closing cost. Renting is cheaper by the month and provides more savings yearly than buying (Ginnie Mae, Buying versus Renting, Retrieved November 9, 2010 from http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy.asp?section). With renting the renters do have the possibility of eviction then buying (Ginnie Mae, Buying versus Renting Comparison Chart, Retrieved November 9, 2010 from http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_chart.asp?section=YPTH). With buying they have the possibility of foreclosure and loss of equity (Ginnie Mae, Buying versus Renting Comparison Chart, Retrieved November 9, 2010 from http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_chart.asp?section=YPTH). When renting a house or apartment there is no equity being earned (Ginnie Mae, Buying versus Renting Comparison Chart, Retrieved November 9, 2010 from http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_chart.asp?section=YPTH). When buying a home the buyers have many more monthly…

    • 1291 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    My current household consists of my girlfriend Carolyn, two dogs (13 year old Pug Ferris and 10 year old Corgi Freddy), a kitten (6 month old Laney) and myself. The animals are for the most part a joy to experience, but the corgi has been exhibiting aggressive behavioral problems that have caused a great deal of concern, additional training, and medication. Carolyn and I enjoy spending time together and continuing to grow as partners, playing with our animals, traveling, and visiting with family both nearby and further away. We live in an open and spacious two bedroom apartment in a multi-unit complex that has a variety of recreational activities available on the grounds. There are a variety of ethnicities, age ranges and family structures represented in the complex. The apartment is within walking distance of a variety of retail and commercial offerings. We also live minutes from my workplace, the school satellite campus and major highways.…

    • 1590 Words
    • 4 Pages
    Powerful Essays
  • Satisfactory Essays

    Apartment Vs Starbuck

    • 107 Words
    • 1 Page

    We both chose to live in an apartment with one bedroo, and one bathroom. Your monthly payment is $2,090 for 694 sq ft as compared to my monthly payment of only $847. This must be because it's cheaper to live in South Carolina than in DC. I believe my apartment choice offer more "bang for the buck" because it offer more amenities such as a pool, coffee bar, clubhouse, business center, car care center, a game room, personal fitness center, and a biking/walking trail. Even though my apartment doesn't have a Starbucks or a movie theater, but is a Starbucks and a movie theater near my apartment.…

    • 107 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    How to rent an appartment

    • 614 Words
    • 3 Pages

    Renting a new apartment is one the first thing you probably have to do when you decide to move out and start an independent life. Although, this process can be a bit difficult for the first time renter in general. You could easily rent your ideal apartment by following these steps of searching suitable apartment, visiting those prospective rentals, and signing the rental agreement.…

    • 614 Words
    • 3 Pages
    Good Essays