How to Negotiate With the Landlord When Renting an Apartment?
The first thing you have to understand is that the landlord wants to secure rent payment for as long as possible, and the price of the rent can be a bargaining chip. While it is true that landlords aren’t obligated to give you the lowest price, there are ways to negotiate a lower rent price and get the apartment of your dreams. One such way is to make it clear that you will be staying in the apartment for at least two years, which will give you leverage in the negotiation process.
Negotiating rent price with landlords
If you want to save money and still live in one of the great apartments for rent, you should try negotiating the rent price with your landlord. However, there are a few things you should keep in mind. Ensure that you have researched rental prices and compared them with others. You can then decide whether to negotiate your rent price or not. You may want to consider taking advantage of the landlord’s goodwill by asking for a lower rent price.
One good way to negotiate a lower rent price with your landlord is to ask how long the lease will last. If you’re planning on staying for a few years, it’s a good idea to negotiate the rent price for the second year. This way, you won’t have to deal with the hassle of re-renting the apartment. Besides, you’ll be saving your landlord time and money.
Presenting yourself as a desirable tenant
As a potential tenant, you should present yourself as a desirable tenant, demonstrating your ability to pay rent on time. You should also dress professionally and arrive on time for the apartment’s open house. Providing extras such as renters insurance or pre-paid rent can help you stand out from other applicants. You should also be honest about your finances, as landlords tend to dislike tenants who demand special favors before they have even viewed the property.
Bring your credentials to your first meeting. While landlords may not know every prospective tenant, they are likely to be dealing with many potential applicants. Having all of your documents with you at once leaves an excellent first impression. This can also make you appear as a low-maintenance tenant, making your application a lot more appealing. Remember to bring your credit report and employment history as well as personal references.
Presenting yourself as a bargaining chip
During the rent negotiations, it is essential to remember that timing is everything. It is better to present yourself as a bargaining chip before the lease expires, as landlords are more likely to negotiate if they have some extra cash in hand. Make sure to arrange a meeting early in the month rather than waiting until the last minute. Landlords tend to get more lenient with tenants who meet them in person.
To present yourself as a bargaining chip when renting a new apartment, you should make the first offer slightly below the rent you want. This way, the landlord will counter with a slightly higher price. However, be careful not to appear to be entitled or angry. Instead, you should appear as if you are trying to help. Once you have a clear picture of the rent range, you can start to present yourself as a bargaining chip.
Asking for concessions
If you are looking for an apartment and need to make a monthly payment, you can ask your landlord for concessions. These can range from a reduction of a few hundred dollars to a free month. In addition, you can ask for concessions based on specific services you’re willing to perform. A landlord can also give you a discount if you renew your lease. Incentives can be as creative as you want. The common concessions are:
In a strong renters’ market, landlords will give you concessions to help you rent the unit sooner. This helps them avoid prolonged vacancies. The busiest months for finding an apartment for rent in New York City are June through August. This is because summer is the busiest time of the year for New York City, with influxes of college students and recent grads looking for apartments, and residents moving out of their old apartment buildings. The competition for apartments during these months is intense, and some apartments will rent out in less than a week.
Lynn Place is Vice President of Marketing for SolvChem Custom Packaging Division. She has 30 years of professional experience in the manufacturing industry and specializes in consumer packaged goods, new product development and strategic planning.
