6 Tips to Negotiate a Great Price for Your New Apartment
You’re tired of your old apartment and are looking for a new place. You know that some say that everything is negotiable, and while you may have thought that this theory just does not apply to apartment rentals, that’s incorrect.
You can successfully negotiate an apartment rental rate and the following are six great ways to get it done.
Research and Know the Market
Sure, the average one-bedroom rent in Pittsburgh, PA might be expensive, but that doesn’t mean you have to pay that amount everywhere in the city. Certain neighborhoods are cheaper, and others will be more expensive. If you are looking for apartments online only and you don’t have any knowledge of the city’s neighborhoods, you could be at a disadvantage.
Research the hot areas and the more moderate ones. If you find a place you like in a less than trendy location, but the high rent doesn’t make sense, use that information as a bargaining point.
Find Special Situations
You know that there are motivated home sellers. A motivated seller wants to make a deal in a hurry because they need cash.
There are also plenty of motivated apartment landlords. While big complexes may have the financial power to overcome cash flow issues caused by vacancies, a small one-unit landlord, or a person that owns only one duplex may suffer greatly if they lose one month’s rent.
If these landlords have had a vacancy for more than one month, that’s a deal-making situation because even a lower rent is better than no rent.
There may also be persons that have to move quickly because of job situations and therefore have to sublet their unit. Sometimes a landlord will make concessions in these cases just to make sure that cash keeps flowing.
Go Long Term
Stability is very important for landlords. One-year leases are the gold standard, but if you offer to sign a two-year lease you may be able to get a break on the rent.
A one-month vacancy can quickly chew up a sum equal to $100 per month, so offering a two-year period where the landlord wouldn’t have to worry about re-renting is a proven way to save rent dollars.
Fix It Up
If you like the location but the apartment needs updating, and if you are the DIY type, see if your landlord would apply some of your sweat equity and lower the rent. That can be a win-win for everyone as the apartment gets upgraded while your rent can be significantly lowered.
Cut the Grass
Lawn mowing takes a lot of time and effort. If you’re into lawn and yard maintenance, find out who is doing the job now and see if you could trade services for cheaper rent. This can especially apply if you are dealing with an individual rather than a corporate landlord.
Offer to Pay in Advance
If you have the cash, offer to prepay the rent in exchange for a reduced monthly rate. Again, an individual landlord might be more apt to take this deal and give you a nice break.
Remember, negotiating just isn’t for buying cars, homes or for purchasing things online. You can negotiate a cheaper apartment rent!