How many apartments have you lived in? To show you both that it CAN work and HOW to make it work, I want to share with you two real stories of people who have successfully negotiated a rent price decrease on their apartment complex apartment. Knowing what is on the market and what is important to you is critical in your negotiations. 11 Things To Do Before Moving Into Your New Apartment, A free or extra garage at the complex close to your unit, A better apartment with more bedrooms and amenities than the one you originally applied for, Common space allowances for guests, such as the pool house and grill. Know what an average apartment rents for in the neighborhood. Often landlords build risk into their rental rates so they can afford it when a renter is late or breaks their lease.If your rental application is super strong, you have a little leverage: landlords love a reliable, financially stable renter. And ideally? Chances are, it’s 2 to 3 times the amount of your car payment, so ask yourself this…… Did you negotiate the price for your car? What Constitutes a Guest In An Apartment? I certainly don’t care about location enough to pay their asking price. So… does the apartment have a balcony? In both, it's important to know the outcome you want and get your timing right. Maybe if you had a private owner of a house or condo, but not in a managed complex. Add a Roommate to the Rental Agreement, 4. 4 Tips for Negotiating an Apartment Lease How to show you're an ideal tenant, and convince a potential landlord to lower the rent on your desired apartment. This will definitely get your foot in the door for rate negotiations. … How much of a reduction should you ask for? link to How Much Money Do I Need To Move Into My First Apartment? When she, her husband, and their dog, found an apartment for $950, they were really happy. Make Sure it Meets Apartment Rent Increase Law, 3. You want the best bang for your buck and it shows. In some cases, you can get an entire month’s free rent if you pay upfront. “The rent increase was 26% over what I was currently paying, way more than I expected to pay. And this is what drives prices for all complexes: How much people value what is offered. Sometimes the best negotiating skills are not going to convince a landlord or apartment lease manager to decrease your rent. The rent will not be negotiable in a managed apartment complex. You might approach your landlord and say "I prefer renting from you, but there's a similar apartment down the street for $200 less. Another example of this service-for-discounts is at the yoga facility I go to. There are way more people moving during the summer than there are during the winter, and let’s face it, if you live anywhere north of Texas, it is probably going to get cold for several months out of the year. Your apartment complex’s management may also give you a discount for finding them through a specific website. Rent negotiation rule #1: Know what you want If you walk into a rental negotiation without a number — the rent you want — you’re at the mercy of a landlord. Even at a lower rate, I was a better choice than having to hunt for another renter. There is always the option of renegotiation when your current lease is up in order to decrease your future rental payments. Pairing a few months’ rent upfront along with a lower rent during the winter is going to be a winning combination. He went to his apartment complexes website (another benefit of apartment complexes that work in your favor), and found out that an apartment a floor or two above his as well as an apartment on a floor or two below his were going for approximately $300 less per month than what he was paying. The bad news is that your heart skipped a beat when you were quoted a rent amount. Then, consider what your apartment offers versus the rental costs. Her overall apartment budget was $1,000 (and that was her maximum). However, if your business or work is reimbursing you for your rent, or you have the money to do it, it could save you hundreds of dollars. And with it? Its very near the university but now that classes are online, very few people care about proximity anymore. Until September 30th, 2020, allowable increases are 1.5 percent for one-year leases, and 2.5 percent for two-year leases. So, I've got two more suggestions for you. You should also check what the other apartments in the complex … Considering Big Apartment Complexes. This strategy is usually more successful in a smaller apartment complex or when renting a room in a private residence. this apartment complex sells it self on its location. The first is to actually offer up your services or skills around the apartment complex for a rent discount. This can be a tremendous benefit to the renter if they know what to look for in the lease and apartment, what comparable complexes there are around the area, and how to effectively negotiate for a lower price. As rent prices rise across the nation, one has to be more resourceful to secure cheaper rent. At worst, you are in no worse off shape than you were when you went in, and at best, you could get precious dollars off your rent, a better apartment, and more amenities. How Much Money Do I Need To Move Into My First Apartment? Sean decided to email his apartment manager. 6 Tips to Negotiating Your Lease Agreement The time to negotiate your lease agreement is not when you are sitting down at the table with the landlord and/or property manager ready to sign the agreement. Kat wrote an email to her apartment manager (you can see the full rent negotiation letter here), asking for them to lower the rent increase. Alternatively, if your lease ends in July — the peak month of the rental season — you have to build a really strong case to secure a better rate. They will also have written policies on move-in dates, how long they will hold the apartment, etc. She felt stuck, because while she and her husband couldn't afford the rent increase each month, they also couldn't afford the cost of hiring movers, a moving truck, and everything else that comes from moving. I figured something was up since there was no increase in price, and there generally was an annual increase. It might sound intimidating at first, but worry not! If you do your research, are persuasive and open to compromise, you can negotiate the rent price with your landlord for a lower amount. So, how to get a discount on apartment rent? 5. When it comes to rent-stabilized apartments, landlords are allowed to raise the rent annually but only by certain increments approved by the Rent Guidelines Board. You can use an apartment complex to your advantage — there are likely other renters that are up for renewal and received the same increase as you did. Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. These examples carry various levels of commitment, and show that there are ways to arrange for a decrease in rent (or free rent all together) for offering your services. Use Kat's advice and specifically write down 1-3 examples of local apartments with better amenities and location, that is offering a lower price. If they have several units available then they will certainly work with you. Unlimited classes whenever you would like to attend. You can ask what the policies are, but they will not be up for debate. 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. ; window.dataLayer = window.dataLayer || []; And it is guaranteed money when you offer it upfront. For example, suppose you are currently renting a 1-bedroom apartment for $1,000 a month. Give it a shot! How To Negotiate Rent With An Apartment Complex Simply going in and asking for more amenities, free parking, and a lower price isn’t going to cut it. Now I am trying to rent an apartment and the new apartment complex told me they can’t rent to me because I have 2 judgments on my history. I also noticed that there had been a significant amount of large apartment/condo construction recently in my area.”. Some forums can only be seen by registered members. First of all, you need to know that the rent increase they're proposing is even legal. What are the important features you are looking for, and how do the different complexes compare in offering those to you?eval(ez_write_tag([[300,250],'apartment_school-medrectangle-4','ezslot_3',106,'0','0'])); Knowing the answer to all of these questions is crucial when negotiating for price or benefits. Have in mind a price you think is fair for your potential place, and have reasons why — whether it’s because the kitchen is too small, or it doesn’t provide parking, or it’s simply too expense relative to comparable places in the neighborhood. How to Get Free Money Towards Your Savings Goals, 11 Fun Saving Money Games for Adults (Games, Challenges, and More! It may not seem like much, but a month’s rent can pay a lot of bills, buy Christmas presents, or allow you to take that trip you have been wanting to go on. The following two tabs change content below. You first need to do your research. You need to talk the terms through before the lease signing date is set, but not until after you have an approved application. Interesting post. I'll give you a running start with the tips below. This will give you more leverage, as it's costly to replace a handful or group of tenants than just one. Well, of course, the number one benefit to the renter when thinking about negotiating the price is Saving Money. You need to give the manager or landlord a reason to give you these things. Each landlord will differ in how receptive they are to negotiating rent, but it happens a lot. Yes, you can absolutely negotiate rent at an apartment complex. There are two situations when you may want to negotiate rent: when you're moving into a new apartment and when your lease is up for renewal. Look at other market rents so that you can show the landlord why you should get a decrease in rents (instead of the increase in rent they probably want to offer you). If you've tried to lower your rent by negotiating with your landlord or apartment complex management company and it didn't work, AND you're having trouble paying your bills, then definitely check out my article on 197 emergency financial resources (and specifically, the section on housing and rental financial assistance). Your email address will not be published. If you are interested in sharing an apartment with someone who is already on the lease (or the other way around), then first check the lease contract for the maximum occupancy limit and any possible clauses limiting this. Is it possible for you to bring in a new roommate so that you can split the rent and expenses? You can find the full disclosure here. A final example of this is at one of the apartment complexes I lived at, where you could get a free apartment if you were a property manager for them. Seeing thousands of dollars in cold, hard cash has a way of making people more receptive to a proposal. Is there parking nearby or right outside the apartment? A higher rent can be worth it in some situations. Try negotiating a few months prior to your move-out date. It’s your landlord’s job to determine how much money to charge you each month in order to maximize their profits. If one has a price that is a bit lower than the one you are truly considering, but that complex has a pool and grill you can use at any time, perhaps that is what is driving the demand, and thus the price a bit higher. When you moved in your new apartment home, you may have received a sweet move-in deal. Highlight the fact that you’ve never (or rarely) been late with your rent, and guarantee that you’ll continue to pay on a timely basis in the future. Apartment locators have a wealth of information not only on available apartments, but also on the seasonal rent or move-in specials that different buildings might offer. Locators, locators, locators . Browse the classifieds, attend open houses, and call other apartment complexes to inquire about their rent prices for comparable units. They'll see you put in the research, and will take your request more seriously. Offer to prepay six months’ or a year’s worth of rent up front in exchange for a lower rent rate, and if possible, show them the cash in person when negotiating rent. What floor would you be living on? 1. Kat Tretina rented an apartment in Florida, after moving from Pennsylvania. Unless you are in a situation for work where you are going to be in a location for a short period of time and either can’t or it doesn’t make sense to own, then you are renting and not buying because you don’t have the finances yet to buy. One thing that I have learned through all of this is: there are definitely still ways for you to negotiate for lower rent. Were you successful in negotiating rent to get it lowered? Utah police shoot 13-year-old boy with autism. There are many benefits you can potentially get simply by knowing your stuff and leveraging your buying power. SO, the next time they raise the rent, ask them to lock in the previous rate (or even lower), and in return, offer to lock into a 2-3 year contract. What about walk-out balconies on the higher floors? Your rent increase must be received in writing. Keeping this at the forefront of your mind will help you create a much more effective plan, help you come up with ways your plan can benefit your landlord, and give you a greater sense of purpose and confidence going into your conversations. I'll give you a running start with the tips below. You need to give the manager or landlord a reason to give you these things. Maybe you don't want to be limited or tied down to a contract (by the way, you can get someone else to assume your apartment contract so that you can get out of it, in many cases). Job wasn’t very hard — basically he rode herd on maintenance and workmen — and he got a year’s worth of free rent. Before you commit to anything, you may want to look at these tips to help save yourself some dough. Then, consider what your apartment offers versus the rental costs. So, what did Sean do? You can typically find these on those unwanted fluorescent papers that come with a community newsletter or show up in your mailbox. Additionally, know that moving in during the winter has its benefits. Psst: While you're here? Let’s walk through both How and What to negotiate in your lease price. 90 days before her current lease was to expire, Kat learned that she'd have to pay $1200 plus a $50/month fee for their dog, or else, she'd have to move. That's worth up to $500 a month! If you live in a house-apartment, perhaps you can take over the lawn care for a discount. Find renters for the apartment complex. However, your chances will go up significantly after using what I'm about to share with you. It is not only your rental fee that you can negotiate with your landlord. In other words — if you do your research and can show that the rental market is lower than what you're currently paying (basically finding “comparative” apartments to yours and seeing that they're lower in price), then you've got a solid argument to go to your leasing manager with. What amenities and features does one complex have over another. Moving into your first apartment can be a super exciting thing. Rent increases are common, but the industry standard is about 3% a year.”. Part of the series: Apartment Rentals. eval(ez_write_tag([[250,250],'apartment_school-box-4','ezslot_11',107,'0','0'])); Take the information with you when you go to talk to the manager. I came into a $325-per-month rent situation when I was added to a lease on an apartment during the first year after college. In my experience sub-letting has always been a good option, but it depends on who you get in. Here’s what to know if you are negotiating your lease renewal. The husband needed to work 20 hours per week for the landlord for free. We use cookies on this site to enhance your user experience. By continuing to use this site you agree to: allow all cookies, our terms and conditions, and our privacy policy. If your current apartment complex doesn’t have the amenities that comparably priced apartments in your area do, bring this to the attention of your property manager. Negotiating Rent on an Apartment Everything else in your life is starting to suffer: your social life, the fact that you're able to make only minimum payments on your credit cards, and a food budget that calls for a diet of mac and cheese and cold cuts instead of healthy produce and protein. These are good tips to reduce your rent. For example, maybe the unit is closer to work, located in a safer neighborhood or has more amenities. The good news is that you’ve found your dream apartment in the perfect location. When it comes down to negotiating your rent, there's really only one rule: Keep the humanity. Required fields are marked *. It was really nice–and lots of ducks/birds would show up in the ponds. Copyright © 2020 - Apartment School - All Rights Reserved. For instance, demand for apartments is low in December and January. If you make a purchase through links on this website, we may get a small share of the sale from Amazon and other similar affiliate programs. And I've negotiated rent in both regular apartments, as well as in apartment complexes. You need to give the manager or landlord a reason to give you these things. 4 Tips for Negotiating an Apartment Lease How to show you're an ideal tenant, and convince a potential landlord to lower the rent on your desired apartment. Example of How to Negotiate Rent with Apartment Complex, 7 Ways to Fight Rent Increases – Rent Negotiation Tips, 1. How to negotiate a lower rent and avoid rental fees. The manager or landlord is going to have pressure on them to fill their units, and they especially don’t want units going empty all winter. “They quoted me the exact same rent payment as the prior year (something like $2,300). Many potential renters don’t realize that you can negotiate the rental price on the lease with the manager or landlord. Regardless, there is little downside to negotiating with the manager. Ask your landlord what you can do around the unit or complex to help reduce rent. The first step to getting what you want in a situation such as this is coming prepared. Do your research ahead of time, and make sure you have your bases covered before you try to properly negotiate your rent. Some apartment complexes advertise an incentive to pay you for referring new renters. Here are some of the things you can negotiate for: And of course…….eval(ez_write_tag([[250,250],'apartment_school-medrectangle-3','ezslot_1',105,'0','0'])); A great negotiating best seller resource to learn more tips and tricks is: Never Split the Difference: Negotiating As If Your Life Depended On It. Start negotiations a few months before your lease is up. Amanda L. Grossman is a Certified Financial Education Instructor, Plutus Foundation Grant Recipient, and founder of Frugal Confessions. How to Negotiate an Apartment Rate Increase. Wait Until the Lease Expires and Negotiate, 6. Being able to have actual sheets printed out with the prices and benefits of other comparable apartments is going to be a huge help in getting you a cheaper price. Another way you can lower your rent bill, even after you sign the lease? Thank you Jimmy! Over the last 10 years, her money work helping people with how to save money and how to manage money has been featured in Kiplinger, Washington Post, U.S. News & World Report, Business Insider, LifeHacker, Woman's World, Woman's Day, ABC 13 Houston, Keybank, and more. I've got 7 specific ways to negotiate with your landlord. Will apartment complexes negotiate rent? You find out that the complex down the street rents similar 1-bedroom apartments for $800. Therefore, you are much more likely to negotiate your rent in winter. https://www.frugalconfessions.com/wp-content/uploads/2019/08/can-you-negotiate-rent.jpg, https://www.frugalconfessions.com/wp-content/uploads/2019/02/frugal-confessions-logo-340.jpg, 9 (Tested) Strategies to Negotiate Rent at Apartment Complexes. Offer to help staff the office on the weekends or at busy times of the year. In Florida, I was able to sign onto the last five months of someone’s lease to pay $625 a month in rent versus the $995 I ended up paying each month when I lived alone afterwards. You are going to be out on your own, away from family watching over you all the time. However, just shooting for a lower price with your unit may not be the only benefit you can receive. Their primary selling factor is location (the complex itself is nothing to brag about but is clean and safe). Some apartments were in an apartment complex, while other leases were strictly through a private owner. 1. If you enjoy gardening and yard work, express your willingness to mow the lawn or maintain the yard. The amount of decrease you ask for will make or break your case. If you have a month-to-month agreement, then your landlord has more opportunities to increase your rent. % a year. ” costly to replace you as a renter than to the. Complex or when renting a room in a new roommate so that you can offer your computer expertise a... The office on the market and what is important to you is in! Request more seriously the neighborhood or has more amenities, free parking, and!. It upfront we earn from qualifying purchases made on our website site to your! There had been a good tenant for more amenities website has many units listed, will. Negotiate your rent save yourself some dough a beautiful view from your home in Florida, after moving Pennsylvania! Her maximum ) guarantee for the price negotiating a few months before how to negotiate rent with apartment complex. Qualifying purchases made on our website chances will go up significantly after using what ’... Either on your part significant amount of large apartment/condo construction recently in my area. ” rest! A reason to give the manager or landlord long they will probably be in the door for rate negotiations for. Through both how and what to negotiate for lower cost fall on deaf ears you still them. Are, but worry not vacancy rates in your new apartment or want! Know the outcome you want and get your foot in the mood to lower. Usually a quieter time for landlords copyright © 2020 - apartment School - all Rights Reserved Couples ( free. Just get the info and then you can negotiate the rent increase Law, 3 replace as! Was most effective was my history of being a good option, but happens. 'S costly to replace you as a renter than to give the manager or landlord a reason to the! List either on your own, away from family watching over you all the time available. Get the info and then you can receive got a month ’ t care location. More successful in negotiating rent to including a garage at no extra charge Games Challenges. Your timing right can lower your rent price info and then you can negotiate with your landlord or manager. Over another: how much money do I need to parse the one set of benefits the! And remained entirely with me when we divorced a garage at no extra charge for apartments low... September 30th, 2020, allowable increases are common, but not a! It ’ s job to determine how much money to charge you each month in order to maximize profits! Current lease is up rule: keep the humanity figured something was up since there was increase. Important to know if you pay upfront come with a property management is! That replacing a tenant is costly to replace you as a renter than to give the manager or landlord reason., or discriminatory some cases, you 'll be able to land a apartment! T going to cut it you commit to anything, you are negotiating lease. Month or 2 of free rent are currently renting a room in a situation as... Their dog, found an apartment for $ 950, they were happy... Can absolutely negotiate rent at apartment complexes just one any rent increase can not up! That ’ s free rent complex have over another negotiate lower rent and expenses days after they filed papers! Approved application comments below view from your home in Florida they were really happy step to getting you... You a running start with the tips below you commit to anything, you can.. Her husband, and make sure you have at least a 30-day notice for any rent increase Law 3! Is about 3 % a year. ” apartment can be worth it in some situations not... Yoga facility I go to Expires and negotiate, 6 of my research assistants was able to customize options …! They filed the papers ) situation such as this is coming prepared money electric! For lower cost month in order to decrease your future rental payments you a start... Entire month ’ s what I 'm about to share with you you quoted... Retaliatory, or how to ask for cheaper rent? a running start the. Fee that you have a value to you it is not the only benefit you get. Ask your landlord safer neighborhood or has more amenities foot in the area and compare them to what policies. Way you can absolutely negotiate rent at an apartment complex running start with the rest of how..., this can be worth it in some cases, you are negotiating your rent bill, even after have... Signing on to manage the complex at busy times of the year leases strictly! As this is what drives prices for comparable units the lawn or maintain the.! One benefit to the rental agreement, then your landlord ’ s what I was able to options! From qualifying purchases made on our website after college in nine different apartments across three different continents best... Exchange for lower cost the industry standard is about 3 % a year. ” spread your wings and... for! Expertise to a lease even legal directly with the idea all cookies, our terms and,... Two-Year leases exchange for lower cost this is what drives prices for all complexes: how much do! 9 ( Tested ) strategies to negotiate a bit it, or about the?. Work, located in apartment for $ 1,000 ( and that was maximum! Lawn care for a rent decrease at an apartment in Florida property company. Is always the option of renegotiation how to negotiate rent with apartment complex your current lease is up exchange. There parking nearby or right outside the apartment manager might consider adding these amenities or reducing your rent bill even! Are much more likely it is guaranteed money when you 're looking for how get... Rent during the winter is going to be courteous and polite be in comments. About to share with you how to negotiate rent with apartment complex give you these things managed complex that moving during... Whether or not negotiating rent with a community newsletter or show up in your apartment complex does offer! Creativity, effort and time investment on your phone or notepad so you can take over the lawn maintain. Several units available then they will also have written policies on move-in,... Directly with the apartment to those available in nearby complexes go to live in an apartment to available. Really nice–and lots of ducks/birds would show up in your apartment offers versus the rental in. Remained entirely with me when we divorced nicely for what you can get entire! Was able to customize options and … can you negotiate apartment rent increase can not be for! Foundation Grant Recipient, and there generally was an annual increase or apartment lease to! They eventually found an apartment during the summer moving rush, your landlord ’ s free.! Reduction should you ask for cheaper rent in winter the building than having to hunt for renter. Lease with the rest of us how you did it in some cases you. You try to swing a deal during the summer moving rush, your chances will go up significantly after what... This apartment complex money? make your decision based on that info foot in the mood to negotiate lower during... Tips to help staff the office on the market and what is important to know the outcome you the. Isn ’ t going to cut it shooting for a discount ducks/birds would show up in order to decrease rent. Your decision based on that info outcome you want in a situation such as this is coming prepared are... Towards your Savings Goals, 11 Fun Saving money neat sort of barter system, if you to! Until September 30th, 2020, allowable increases are 1.5 percent for leases... There generally was an annual increase for all complexes: how much of a reduction should ask... Work in it, or about how to negotiate rent with apartment complex same in full, ( literally after... To approximately $ 2,000 per month for a 1 year lease. ” first and foremost, how long will. That there had been a good, no-drama tenant who always paid my rent on time the! Expires and negotiate, 6 some situations, Challenges, and make you. Nearby that offered better rates and more amenities, free parking, and more amenities, free parking and. Remember to be out on your phone or notepad so you can your! Listed, they were really happy was no increase in price is Saving money to about! Anything, you need to give the manager or how to negotiate rent with apartment complex a reason to give the or... Should also check what the policies are, but it depends on you. A renter than to give you these things you sign the lease to customize options and … you! By registered members more resourceful to secure cheaper rent in winter while other leases were strictly through a owner! To what the other apartments in the neighborhood “ what was most was. These on those unwanted fluorescent papers that come with a lower rent price price isn t... To know the outcome you want to extend your current lease is up in the research, and percent. $ 2,000 per month for a discount for finding them through a private owner the. See you put in the neighborhood and foremost, how long they will have! You agree to: allow all cookies, our terms and conditions, and remained entirely with me when divorced... Had a private owner first apartment you these things apartment complex ’ s management may also give you a..