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Negotiating rent

Discussion in 'Fine Living, Home, Design & Auto' started by indesertum, May 23, 2012.

  1. indesertum

    indesertum Senior member

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    There's an apartment I want. It's 805 utilities and parking included. But summer is here, graduation is almost here, its a little on the expensive side, and it is late to be looking for apartments. People usually start renting In January.

    Do you think I should or could negotiate the rent? The realtor agent mentioned that they have several apartments available in the same building. If I do negotiate how much should I aim for and what's the best way to phrase or approach this?

    Thanks
     
    Last edited: May 23, 2012
  2. KurtS90

    KurtS90 Senior member

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    Is it a major rental management company with a number of properties? I have never had any luck with negotiating for anything with them, but told take it or leave it. Usually with a smaller place, I can either negotiate a smaller deposit (in 2-3 payments) or for example, $805 to $750 monthly.

    I do advise sticking with individuals or small management companies. The majors players just suck...
     
  3. indesertum

    indesertum Senior member

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    i think it's a small management company. they have a few properties on their site but not a lot

    how do you even start talking about negotiating? do you be upfront about it and start with "is the rent negotiable?" or do you start listing your reasons mid conversation?

    do i ask the agent upfront if she can grant reductions in rent or if i could get in contact with somebody who could?
     
    Last edited: May 23, 2012
  4. KurtS90

    KurtS90 Senior member

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    Well I only negotiated on one property, it was a small studio in downtown Orlando (in Park North). She wanted $785 including utilities and garage parking. I negotiated it down to $700 a month and no deposit, she originally wanted the typical first, last, and one month security. I was honest with her,"I told her I really loved the location and the "security" of the building. Garage parking is plus and your price is reasonable. But I can't afford this. I could, but I would be nearly strapped with my other bills." I remember she countered with $750, one month deposit and a week grace period...

    In the end I told her I was fairly handy and told her I could do work around the condo/studio... So we just agreed on me painting, replacing linoleum with hardwood, and upgrading the little things. I ended up with a much nicer studio for a price I want, she also let me pick the colors. She saved some money by not having to pay labor and probably rents the place out for more as a remodel studio.
     
    Last edited: May 23, 2012
    1 person likes this.
  5. Jr Mouse

    Jr Mouse Senior member Dubiously Honored

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    This is my experience as well. The larger companies won't budge. Even when it comes to trying to raise your rent on renewal.
     
  6. imatlas

    imatlas Senior member

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    Nothing wrong with trying to negotiate. What's the worst that can happen? If you want the apartment no matter what, be ready to agree to the asking price, otherwise be willing to walk away.

    Educate yourself about the market, so you can open with, "This is a beautiful apartment, and I'm ready to move in ASAP. However, I feel that the price is a little high, given our current local market. For example, I saw a similar unit nearby that was $XXX cheaper than this one. Do you think you can match that price?" If they say yes, you're cool. If they say no, go to "What if I sign a longer lease? Can you offer me a better deal if I sign a 24 month lease?"
     
  7. indesertum

    indesertum Senior member

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    Thanks guys I will give your suggestions a try
     
  8. imatlas

    imatlas Senior member

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    BTW I would avoid mentioning affordability. You don't want to plant the seed that you could have trouble paying the rent at some point.
     
    1 person likes this.
  9. indesertum

    indesertum Senior member

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    i talked to the realtor today and i negotiated rent for one of the larger apartments from 885 to 850 by mentioning the other apartments i've seen in the area and that their prices were lower.

    so thanks guys. i think i might take this
     
  10. imatlas

    imatlas Senior member

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    :fistbump:

    I love negotiating, even vicariously.
     
    Last edited: Jun 1, 2012
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  11. imatlas

    imatlas Senior member

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    BTW if you haven't signed yet negotiations are still open. Ask if they'll waive a month's rent, or discount the rent further, if you sign for 24 or 36 months (assuming you can, of course)
     
  12. indesertum

    indesertum Senior member

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    haven't signed yet. i'm only staying for a year tho. maybe if i can pay half a year's rent up front or something i can ask for a further discount? forgot to ask about that
     
  13. globetrotter

    globetrotter Senior member

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    my place wanted to raise rent 50 bucks, I called them and they only raised 15. first rest encrease in 6 years
     
  14. Teger

    Teger Senior member

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    i negotiated my rent down from 1200 to 1050 by agreeing to sign a 14 month lease.
     

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