It’s a bird in hand situation, and you can tweet. Not sure how much but, a pretty comparable discount compared to other companies. Rent relief is available for those impacted by the COVID-19 crisis. 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. To help sweeten the deal when asking for a lower rent, consider giving a little incentive in return. Seems like a win-win. Heck, even Starbucks gives you the occasional free drink for not taking your business to Peet’s. (You also need to be okay with getting turned down.). You want your landlord to feel good about selecting you as their tenant. Upvote 2. “Never underestimate the value of a personal appeal,” Woollard said. If there’s a glut of units available for rent in a community, some apartment managers may offer what is essentially a signing bonus: a month’s free rent to new tenants who commit to a year’s lease. Upvote. Plus, filling apartment vacancies is nobody’s favorite thing to do. Find out where to look for federal, state, and local rent help here. Some repairs are simple and can be handled by the tenant. > How to Get a Discount on Your Apartment Rent, conduct your apartment search in the off season. 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. Lower turnover rates mean higher profits for landlords. If so, the landlord most likely won't go any cheaper. View Full Caption. 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. SEO. Report answer. They should feel confident you'll pay your rent on time and keep the apartment in good condition. Some offer that in a compensation package if they desire to have a "resident manager". 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. Edit Final note; If you have a years rent in hand and you have the ability to pay the monthly rent. Vacant apartments are the stuff of landlords’ nightmares. One big bargaining chip you have as an existing tenant is the fact you already live in the apartment. If it's higher than average, you could have some wiggle room. There's no reason not to ask for cheaper rent, but before you do, do your research. That puts those who are looking in the driver’s seat, and will make negotiating the details of the lease a little easier. Make sure you have good credit, a stable rental history and can demonstrate current employment that produces sufficient income for your monthly expenses. Offer to accept the unit “as is” and agree to handle the paint job yourself, for example. 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. Landlords in Los Angeles, where a fair number of renters work in the entertainment industry and relocate to the city for the length of a project, like getting the full amount before the tenant moves in. What percent that should be will be based on your research. Let’s look at a few stats: Local searches lead 50% of mobile visitors to visit stores within one … 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. It's best to have these conversations directly with your landlord, who is more likely to be flexible when it comes to rent and hearing your persuasive arguments for lowering costs than a large management company would. 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. Issues like a leaky sink or a broken thermostat are fairly simple fixes. Offer to help with maintenance or do your own small repairs. Housing doesn't come cheap, particularly if you're renting. Sign a Longer Lease. Have the right script. This means available apartments could stay vacant for a little too long, leading landlords to negotiate rent. Browse community reviews to find out the best units in your price range and even search on the go with their Android app. 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. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish. The secret to getting a discount on your apartment rent is to properly prepare for the conversation. Looking in Lower-Cost Areas Look in the suburbs right outside of urban areas. “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.”. In any case, begin negotiations a few months before your lease is up for renewal, advised Dutton. Show photos of how you’ve decorated and maintained your previous apartment. 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. If you don't time it right, you won't get it right. Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. Landlords typically demand a damage deposit when they first rent you the unit, and you don’t want to have to pay for a problem you didn’t cause. Each month that a unit is empty hurts the owner’s bottom line. 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. A rent guarantee scheme (or bond scheme) gives your landlord a written guarantee - known as a bond - instead of a cash deposit. ©2020 Verizon Media. If an apartment complex has too many vacancies, it will be more willing to offer deals and incentives. In that spirit, we asked real estate experts for some tips for tenants on how and when to negotiate rent: Every situation is different. 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. Offer to provide a bank statement proving you are a diligent saver. When it comes time for negotiations, it’s fairly simple. Also, pay attention during your tour. A graduate of Boston University, Lesly holds a B.S. Tenants get a break, and landlords don’t have to stress about rent. As for the rest of the year, many landlords think that an ideal lease end date falls between April 30 and May 31. For example, if the unit you are considering doesn’t have a dishwasher and others do, there may be room for negotiation. That may mean more than a few extra dollars each month. Downvote. Volunteer that you are a good tenant and have referred other good tenants to your building. How can a tenant work that to their advantage? When you know you can stay longer. 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. I am on a REALLY tight budget now, and need a new place to stay. If you sign a 12-month lease instead of a six-month lease, a landlord very well could discount your rent, according to Pittro. 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. And most landlords lower their prices after three months of having a vacant property. If you're able, try to conduct your apartment search in the off season. If you have problems paying your deposit, the scheme provider will use the bond to pay your landlord - this means you don't have to pay the deposit yourself. Part of HuffPost Money. Do you know what kind of percentage I would receive? Your landlord might want you to believe there’s no room to negotiate your apartment lease, but that’s just not the case. 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 … Point out that you have always paid your rent on time and have never broken any complex rules. OR. Who is eligible for DMR apartments? In very competitive markets where prospective tenants greatly outnumber available units, trying to negotiate the rent isn’t likely to be fruitful. 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