Some people are good at negotiating while others cringe at the thought of it. Sometimes however negotiating can get you a better deal. While you may have negotiated on the price of your last car or on a large ticket item you bought recently you may think that negotiating rent when it comes to apartments is a no-no. On that you would be wrong. There are instances where it is a very smart financial move.
Many people looking to rent a new place are not inclined to haggle over rent because they do not want to lose a unit that has really caught their eye. Still others may believe that such a practice is just not done. While trying to get your rent at a discounted price may not work in every situation there are circumstances where it may work very well.
If you have ever heard people talking about it being a “renters market” what that means is that those seeking new apartments have an edge over those looking to rent out units. There can be a variety of reasons that this is the case. Perhaps there are a great number of vacancies in particular areas of a town or city or interest rates are low and more people are buying homes and therefore the demand for new rental living accommodations is low. It may even be a combination of the two reasons.
When renter have the upper hand this means that building managers or landlords must be competitive and think of clever ways to bring business their way. Some landlords offer a month’s free rent or reduced parking or include one or two utilities with the rent. In a renters market you as the apartment hunter can put your powers of negotiation to work. This provides an excellent opportunity for you to get the landlord to come down in price. He knows that you (and everyone else) who comes to look at the flat can go elsewhere if you do not like the price and he will therefore be more inclined to bargain with you. A renters market helps level the playing field for both parties involved.
There is a big difference between wanting to rent a vacant unit and wanting to rent one that the current tenants have not left yet or have just recently left. Every day that a building manager or superintendent has an apartment that remains unoccupied is a day that he goes without making any money on it. The longer this scenario takes place the more desperate he is bound to become. After one month has passed with no new tenant that equals a month’s rent he has lost. This is an ideal opportunity for you to put your bargaining powers to work. If you are the first person to show an interest in the rental unit for months then the chance that you could get a break in the rent being offered is great. Apartments are something that can be negotiated upon. Try it and see for yourself!
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