SEO. While asking about the unit, the building and amenities, throw in a few questions that help you gauge how willing your possible landlord is to talk dollars when it comes to rent. If a one-month deposit is the norm, offer to pay a month and a half or two months. If you're able, try to conduct your apartment search in the off season. Another option is to offer paying a slightly higher security deposit, just to demonstrate you're committed to staying in the apartment for the full term of your lease. You can apply through your case manager or your local PHA office. If there are some scuff marks on the wall, or a curtain … “If you’re looking in an off season ― fall or winter ― extending a lease so it ends in the spring or summer is an even more attractive option, allowing landlords to find a new tenant when more are shopping,” Riefflin said. Save for a down payment on a house: If your long-term goal is to buy your own home, putting the extra money you save on rent into a mortgage … If an apartment complex has too many vacancies, it will be more willing to offer deals and incentives. If you can extend your lease into May, your landlord may see an upside and knock a few dollars off the price. Downvote. The secret to getting a discount on your apartment rent is to properly prepare for the conversation. Make sure you have good credit, a stable rental history and can demonstrate current employment that produces sufficient income for your monthly expenses. Is there any possibility we could negotiate the rent?”. One popular way to get tenants to pay on time is the “good tenant” discount. Lower turnover rates mean higher profits for landlords. Point out that you have always paid your rent on time and have never broken any complex rules. Cities Near Chicago. The veteran is then able to choose housing, including single-family homes, townhouses and apartments, where the landlord agrees to rent under the program. Offer to sign a longer lease for more than a year, showing the landlord that by lowering the rent, they'll have a longer period before having to start this whole process all over again. It takes time and money to advertise for new tenants, more time to show the apartment at all hours, and then even more time and money to vet potential tenants, verifying their employment and checking references. One big bargaining chip you have as an existing tenant is the fact you already live in the apartment. You’re a known quantity, and keeping you happy ― and living there ― often results in a bigger profit than having to find and screen a replacement. You can also offer to repair or replace … Yes, a landlord wants someone who is going to consistently pay the rent on time, but they also want to know that the tenant will take care of the unit, Woollard said. Offer to fix minor faults in a rental property. Or if you never had an ice maker and manage just fine with plastic ice trays, you likely won’t care if the one on the refrigerator door is broken anyway. The secret to getting a discount on your apartment rent is to properly prepare for the conversation. Just make sure you document what’s in need of repair when you move in so that you aren’t blamed for the breakage or damage. You'll get this money back when you leave the apartment as long you don't break your lease or heavily damage the unit, so you're still saving. Rent relief is available for those impacted by the COVID-19 crisis. But beyond looking for a rental in nasty weather, nobody wants to have to pack up and actually move around the winter holidays, so many units that were empty on Thanksgiving will still be empty on New Year’s Day. That puts those who are looking in the driver’s seat, and will make negotiating the details of the lease a little easier. Did you know you can ask for a discount on rent while on the hunt for a new apartment? Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. Not all landlords go for it though. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish. Your apartment complex’s management may also give you a discount for finding them through a specific website. Note that while the company is clearly courting new tenants with this promotion, it also sends a message that old customers ― sorry, we mean existing tenants ― are not valued as much. Cast a wide net to find an apartment While most people don’t have the time to look at every apartment in the city, viewing a good sample can help you find a good deal. I honestly only have $300 a month to spare for rent. And sometimes, even after all those hurdles are overcome, the would-be tenant walks away with a big “never mind.”. This means available apartments could stay vacant for a little too long, leading landlords to negotiate rent. Many apartment complexes will have their own specials depending on the season or the number of available apartments they have. Each month that a unit is empty hurts the owner’s bottom line. Subscribe to HuffPost’s money and living email. This means that renters eligible for DMR can expect a whopping discount of 40- 50%. search by city, state, property name, neighborhood, or address. If you sign a 12-month lease instead of a six-month lease, a landlord very well could discount your rent, according to Pittro. See how your potential (or current) rental unit compares to other things on the market and what amenities are offered, she said. Apartments.com is the online site to your perfect rental unit. Official Cheap Senior Chicago Apartments for rent from $400 . “Every day an apartment is empty means the landlord is spending money out of their own pocket to cover the mortgage,” Riefflin told HuffPost. Landlords offer to “reduce” rent for each month payment is received by the due date. Some renters offer to pay a year of rent up front to get a discount. Offer to provide a bank statement proving you are a diligent saver. OR. The first thing you have to do to get that cheaper rent is to learn about rent prices for apartments in your area and surrounding neighborhoods. When I lived in Illinois, I worked in the area around Champaign-Urbana, the home of the University of Illinois. In any case, begin negotiations a few months before your lease is up for renewal, advised Dutton. Everything you should have learned in school but didn’t. If you don't time it right, you won't get it right. The more appealing you look as a possible renter, the more likely your landlord will try to get you in the apartment. View Full Caption. If there is but one truth to live by, it’s this: If you ask for something, you may not always get it. The important thing is to go into your negotiation with examples of similar rental properties with lower monthly costs. A graduate of Boston University, Lesly holds a B.S. I have a lot of physical problems, and already work 40-hours a week, and take 2 classes at … Maybe they can upgrade your parking spot to one closer to the door or under a shelter? Find out where to look for federal, state, and local rent help here. Not sure how much but, a pretty comparable discount compared to other companies. Riefflin says that if a building has more than one vacancy, you will have more power if you negotiate for a unit that’s less desirable ― say, one that’s located on a lower floor or has a less-convenient layout. Plus, filling apartment vacancies is nobody’s favorite thing to do. Deidre Woollard, a real estate publicist and co-founder of Lion & Orb, says tenants should approach rent leases the same way they would if they were buying a house: Check for “comps,” which is short for comparable listings. You can also offer to repair or replace items that need repairs in exchange for reduced rent, Dutton said. In some cases, there may even be bidding wars over highly desirable units, and leases ultimately exceed the asking price. Living just outside a … Good references and a personal letter can help. Maintenance and expenses keep coming, even if rent payments temporarily cease. Just because you want to live in the apartment does not mean you are the most qualified candidate. Not everyone can afford to do this, obviously, but offering a lump sum up front often can result in a discount. As for the rest of the year, many landlords think that an ideal lease end date falls between April 30 and May 31. Report answer. StreetEasy spokesperson Lauren Riefflin advises tenants to think about other terms in the lease, aside from price. Put the extra money in the bank and save it for emergencies and/or a down payment on a home. Some repairs are simple and can be handled by the tenant. An empty apartment does an owner no good, so they might be willing to rent to you for less rent per month if they get you in immediately. Since most successful negotiations require both sides feeling the win, point out ― nicely ― that you can move in and start paying rent immediately (assuming you can), since every day the unit is empty is costing the landlord money. If you already live there, this could very easily infuriate you. Once moved in, they can pay the agreed-upon rent every month under the voucher program. But if there are plenty of available units in the complex you hope to live in ― and especially if they have been vacant for three months or longer ― try asking the landlord to take a percent off the asking price. There really is one simple solution to this: Ask for a similar discount ― and don’t let the conversation end with the manager saying, “The offer is only for new tenants.” Duh, you know that. “If you do it at any other point,” she told HuffPost, “you risk sounding like you’re trying to break your lease, which you won’t want to do.”. It's important to set a maximum dollar amount you're willing to contribute per repair, however, in order to protect yourself. Heck, even Starbucks gives you the occasional free drink for not taking your business to Peet’s. COVID-19 Shelter-In-Place Polaroids Wuhan Weather Report Paris Interiors With Antique Rugs The Neighborhood Bar that Grew Three … I Goth Work To Do ! Search Filters. Knowing everything there is to know about the building you want to live in will give you a leg up in negotiations. Upvote 2. Do you know what kind of percentage I would receive? 6. Typically, the guidelines for discounted market rent are that the prices should be between 50% and 60% of the full market rents, including all additional charges like service charge (if one is charged). 2). And most landlords lower their prices after three months of having a vacant property. Point out that many businesses reward customer loyalty, and good tenants are essentially good customers. If the building’s communal areas are poorly maintained, appliances are dated, the building sits on top of a loud bar or has a history of health department or noise complaints, these are all points to use as leverage during a negotiation to help knock off a few dollars from your rent. Tenants get a break, and landlords don’t have to stress about rent. It's a great bargaining chip should haggling not go so well in your favor. There's no reason not to ask for cheaper rent, but before you do, do your research. Locators, locators, locators. Seems like a win-win. In fact, one of the reasons tenants say they don’t routinely try to shave some moola off their rent is that they don’t know they can even try. Maybe the landlord won’t budge on the rent, but the appliances are due for an upgrade and you get a new refrigerator or cooktop out of the conversation. Show photos of how you’ve decorated and maintained your previous apartment. Vacant apartments are the stuff of landlords’ nightmares. Sign a Longer Lease. Issues like a leaky sink or a broken thermostat are fairly simple fixes. Housing doesn't come cheap, particularly if you're renting. Change Location. Looking in Lower-Cost Areas Look in the suburbs right outside of urban areas. There are blooming spring flowers, more hours of sunlight, and lots of families with school-age children who want to finish up the school year and be settled in their new home for the summer. Even with a discounted rate, (assuming the rent is $1020 less a $200 per month discount for a total of $820/mo) your employees just barely qualify. Offer to accept the unit “as is” and agree to handle the paint job yourself, for example. In very competitive markets where prospective tenants greatly outnumber available units, trying to negotiate the rent isn’t likely to be fruitful. (You also need to be okay with getting turned down.) Any walk-through of an apartment should be accompanied by a lot of questions. Here are some of the best times to negotiate your rent: At the end of the month when landlords are looking for new tenants or if you're considering a new apartment. After all, why should new tenants be given a financial break and not existing ones? Before you begin your apartment search, make sure you know what you can afford, even with a lower, negotiated rent. Who is eligible for DMR apartments? What you don’t know is why. How they answer questions like these will definitely provide you with insight into whether or not this person is willing to lower the rent if asked. It will save the landlord both money and time down the line if they don’t have to deal with getting a new renter anytime soon.”, Judy Dutton, deputy editor at Realtor.com, added, “Keep [the conversation] positive, saying something like “I love living here and don’t want to leave, but I’m seeing cheaper rents elsewhere. Check out other properties in the area or building and compare rent. Rental discounts starting at 20%. It can be a special of the first month of rent free or a certain amount off of your rental payment each month. “Do police officers get discounts on rent from their apartments?” Some do. “Never underestimate the value of a personal appeal,” Woollard said. Yes they give a discount … Is your unit already below the average? Or, will they waive the additional fees to use building amenities like the gym? Yes. 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