subject: How To Negotiate A Long-term Rental Rate [print this page] Negotiating a long-term rental rate is both an art and a science. Its important to go into negotiations completely prepared and well-informed, knowing exactly what youre asking for.
Here are some tips to help you get the best long-term lease agreement:
Dont be Afraid to Negotiate
The only way youre going to get a good price on your rental is to ask for it. Landlords and leasing companies always set a base price, and many times, renters sign an agreement without even questioning it. But that doesnt meet that the price is set in stone. Potentials tenants that do their research and ask questions can save hundreds of dollars in rent.
Do your Homework
Though hardball negotiating is not completely out of the question, a better plan of action is to prepare your research up front in order to gain negotiating power. Check out the area, the comps of what has recently rented and the number of vacancies. Sometimes, if there are a large number of empty units, the landlord may be more flexible in coming down in price or in negotiating rental terms or amenities.
Bring in ads of other comparable properties so that the landlord can see that you are serious, and that you are not one to be taken advantage of.
Ask for what you want
Ever hear the phrase, It doesnt hurt to ask? This couldnt be truer than when entering into a rental agreement. If you know youre going to be in the property for several month or even a year, ask for a discount. Even a few bucks every month adds up. Or, get it in writing that youll be locked into the current rental rate for the duration of the rental agreement. Landlords are more open to negotiating with long-term tenants, so if new carpet or fresh paint is going to be the difference between you renting vs. walking-away, ask, and see if theyll accommodate your request.
Consider an exchange of services
For some landlords, having extra help around the property is hard to come by. If youre handy with a hammer, a mower or a paintbrush, offer to perform routine maintenance in exchange for a monthly rent reduction.
Finally, never feel pressured or forced into signing a contract. If you do, walk away. Its not worth it to lock yourself into something that you arent 100% comfortable or confidant with.
