Homes For Rent - Apartment Lease Negotiation Tips for Lower Rent and cheaper Renewals!
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Apartment Lease Negotiation Tips for Lower Rent and cheaper Renewals!
Imagine this typical scenario:
What I said. It isn't the actual final outcome that the actual about
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You return to your apartment after a long day and find in your mailbox or under your door an lawful letter from your landlord. It says that your current lease will be ending in a few months and that you have two alternatives: (1) receive a "one time special" if you fast renew your lease for someone else year, or (2) pay a higher rate if you instead go month-to-month. To your dismay, the new rent amount for both alternatives is significantly higher than what you are currently paying to this landlord. What will you do?
Step 1 is to stay calm. Your landlord's strategy is to play on natural fears of further rent increases as it gets closer to renovation time. They know this, and you should too. They are writing this way because landlords have learned that most people will rush to judgment and thus fast agree to their first terms and rent increases. However, understand that much of what's in this first letter are just dream amounts and dream terms for your landlord. Especially, if there are currently any "for lease" signs or similar promotional materials on the grounds of your complex. So remember, stay calm. You can normally ignore this first letter and wait to answer after receiving their follow-up note a few weeks later, which will often include best terms and conditions. In the meantime...
Step 2 is to understand. If you can think like your landlord, you will be able to write a simple, but effective, letter to your landlord that has proven to get results. What to include? Keep reading and you will learn how some creativity, a tiny research, and cheap reliance can help you to sell out their request amount even further. And, from this base you will understand how to ask for the lease period that best meets your needs, and how (depending on market conditions) you can even have a new lease where you pay less rent than your current lease.
First, an example of what Not to do: Many people mistakenly think that they should tell their landlord they are ready to move, but that they would admittedly like to stay so they can save on paying fascinating expenses. In this case, you are not negotiating from a power perspective. Your landlord knows that fascinating costs (e.g., truck, supplies, labor, etc.) relate money from your pocket, so they will almost always say, "no, do what you have to do, and move." They know from experience that most people want to avoid fascinating hassles so they figure in this example that tenants will eventually take any "found money" that would have been spent on fascinating expenses and instead "give it" to their landlord via compliancy with their first rent increase letter.
Alternatively, by using the techniques that follow, we are going to turn this above situation nearby and show you how to convince your landlord to willingly take money that they would have otherwise spent on re-rental activities and instead "give it" to you in the form of a direct rent reduction or indirect rent concession to the primary terms. To best see why this works, understand that your apartment's leasing owner (the person who can approve rent discounts) most likely reports to person at a larger corporation. And, that person wants a signed lease -- no matter the term -- to limit their uncertainty and risk exposure, and to help with corporate planning. You must use this to your advantage. Thus...
Step 3 is to do your research. Check online websites for any rent specials. This includes mass-market sites such as Apartments.com and Rent.com, plus the website of your apartment complicated and management firm. What specials are they offering to new renters? Print these out. Also, check the web for similar complexes that are near your current apartment and those that are known competition to your current landlord. Especially fascinating are those places that are brand new and those that are charging comparable amounts to your older rental unit. You will use these numbers to determine a cheap counteroffer for your proposed new lease.
Step 4 is to write. You will send to your leasing owner (i.e., landlord representative) a polite, but direct, one-page letter that initially:
(A) "Thanks them for their letter of ____ (fill-in date) about their desire to have you continue as a high potential resident of ____ (fill-in name of apartment complex) after your current lease concludes on ____ (fill-in date)."
(B) Asserts that "You are unable to sign a new twelve-month lease deal with their firm and that the terms and conditions in case,granted by their firm for month-to-month leasing are unacceptable."
(C) Mentions that "However, insight your desire to assert certain cash flow and occupancy of my unit via multi-month commitments in these economic times, I respectfully offer the following modified terms:"
It is here that your investigate can pay big dividends. You must now state that "I am willing to sign, immediately, a ____ (fill-in desired rental duration) months lease for my current unit with the following modified provisions: ____ (state how much you are willing to pay and specifically what discounts and/or other benefits such as free parking, storage, and competitor or management-advertised rebates for which you are request as per your research)." If appropriate, attach a copy or short overview of any relevant pricing or specific promotional printout.
To advance your claim, state that "This arrangement is a 'win-win' and provides a solid basis by which both you, ____ (fill-in the name of your apartment's management company), and myself can mutually meet our individual, corporate, and personal needs." Next, if there are any extra circumstances that help your case (see below), you would include them here. For example, "The above is consistent with comparable properties in the area and is request for nothing more than what is currently being offered to your new ____ (fill-in name of apartment complex) tenants." Or, if you were a mid-year renter in a college town and wanted to stay shorter than an further full lease term you would write, "The proposed arrangement enables you to put my unit back on cycle so that you can receive superior trainee rents next year since this proposal makes my unit available in August / September of next year rather than after the prime trainee rush."
Conclude this letter with a paragraph that further reinforces your position by communicating the following facts to your leasing owner / landlord representative:
"Immediately, this proposal enables you to have my unit generating revenue -- not vacant -- for an further ____ (fill-in duration) months from today. Not only is this certain considering the current rental market, but you eliminate cleaning fees, searching/agency fees, and revenue loss; and are ensured by having a potential tenant who has consistently paid on time, is not a 'hell raiser' with neighbors, and who keeps the unit in as high a clean and potential health that is inherent as per general living conditions." Your last sentence should always be a call to action. For example, "Please call me upon receipt of this letter so that we can setup a time to sign all forms that will complete this proposed renewal. I look send to our mutual agreement. This is a 'win-win' for all involved!"
Step 5 is to enjoy. Congratulate yourself for a job well done. You've earned your reduction and can now celebrate the fruits of your labor for the rest of your new lease. And, remember, you can do this all over again next year! You have shown loyalty by staying, and they will still make more money by giving you the reduction rather than getting a new person because the unit will not be vacant for an unknown distance of time. Nor, will they have exceptional cleaning fees or new painting expenses between tenants.
Finally, keep in mind that your lease benefits might be written in the form of a rent concession instead of as a rent reduction. What this means is that if you break your lease and leave early, you might be responsible for paying back to your landlord the divergence between the negotiated concession and their primary offer. If it's a straight reduction, this might not be an issue. Though, approved liquidated damages clauses in your lease might still be there and wish you to pay a "break the lease" penalty. Either way, current market conditions, the potential of your tenancy, and how long you intend to stay will work on the amount that you will eventually pay for rent. Good luck, and happy living!
© Copyright 2007, James G. Kavalaris. Licensed under the Creative Commons Attribution License. Reprints must include all text and links; along with those from the resource section, below.
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