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Old 07-18-2012, 01:22 PM
 
34 posts, read 20,943 times
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Default How negotiable are Scottsdale rental home prices?

Hi all,

First, thanks to everyone that contributes here. This place is a wealth of knowledge for Valley newbies like me!

I'm actually not even a newbie yet. We're moving out there from MI in the next 30 days and as we look at houses to rent, I'm wondering if anyone can comment on how negotiable most landlords are with rental prices? Of course the places that I like are a bit over our budget but I'm wondering if someone can give me a feel for the rental market? I realize vacation rentals are big in Scottsdale but how quickly are houses going for those that want longer-term rentals? Are there more houses than renters or vice versa? Will offering to pay some of the rent upfront allow me to negotiate the rent down? If so, how much below asking price is a reasonable offer?

FWIW, I'm looking for a single family home, in N Phoenix or Scottsdale, with a pool up to around $2200/mo.

Thanks in advance!
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Old 07-18-2012, 01:37 PM
 
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Realtors who specialize in the Scottsdale/N. Phoenix area mwill be able to assist you better but, generally speaking, nice single family homes in this area are hot commodities and you're not going to be able to undercut landlords. That being said, if you can make your offer stand out (insomuch as paying a year up front, having great credit, no pets, etc.), you can probably work out a better deal.
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Old 07-18-2012, 01:44 PM
 
Location: Phoenix AZ
3,001 posts, read 3,690,931 times
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Quote:
Originally Posted by Scott2.0 View Post
Hi all,

First, thanks to everyone that contributes here. This place is a wealth of knowledge for Valley newbies like me!

I'm actually not even a newbie yet. We're moving out there from MI in the next 30 days and as we look at houses to rent, I'm wondering if anyone can comment on how negotiable most landlords are with rental prices? Of course the places that I like are a bit over our budget but I'm wondering if someone can give me a feel for the rental market? I realize vacation rentals are big in Scottsdale but how quickly are houses going for those that want longer-term rentals? Are there more houses than renters or vice versa? Will offering to pay some of the rent upfront allow me to negotiate the rent down? If so, how much below asking price is a reasonable offer?

FWIW, I'm looking for a single family home, in N Phoenix or Scottsdale, with a pool up to around $2200/mo.

Thanks in advance!
Your budget is great, as for negotiating- it'll depend on how many comparables are listed in the area. If you have 10 places to pick from within a mile of each other, you'll have a better chance. Just like buying a home, if it's been listed for months with no takers, you have a better chance.

The rentals I own are in a completely different price-point ~$1k, and I didn't have to negotiate terms at all, they were rented in a week or two, with multiple applicants. That said, I did give a discount to a tenant with a "rock star" credit report when he agreed to a two-year lease. And as a tenant a few years back, I was able to negotiate a couple hundred off on a two-year lease because there were half-a-dozen active rentals in the same subdivision.

At that price point, I'd be willing to bet you'll get a nicer place than you had in Michigan anyway, so I would focus more of finding a *great* place than on finding a "deal".

Good luck, from another former Michigander!
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Old 07-18-2012, 01:48 PM
 
34 posts, read 20,943 times
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Quote:
Originally Posted by Zippyman View Post
Your budget is great, as for negotiating- it'll depend on how many comparables are listed in the area. If you have 10 places to pick from within a mile of each other, you'll have a better chance. Just like buying a home, if it's been listed for months with no takers, you have a better chance.

The rentals I own are in a completely different price-point ~$1k, and I didn't have to negotiate terms at all, they were rented in a week or two, with multiple applicants. That said, I did give a discount to a tenant with a "rock star" credit report when he agreed to a two-year lease. And as a tenant a few years back, I was able to negotiate a couple hundred off on a two-year lease because there were half-a-dozen active rentals in the same subdivision.

At that price point, I'd be willing to bet you'll get a nicer place than you had in Michigan anyway, so I would focus more of finding a *great* place than on finding a "deal".

Good luck, from another former Michigander!
Hey another expat! LOL! Thanks for the advice.

It's funny you say that, because I would have thought the same thing. I'm asking because what I see in my budget in Scottsdale is actually not as nice as what we have in Metro Detroit (house-wise, certainly not the area). Comparable homes to what we have here are around $3k/mo there, which led me to wonder how much I could knock off of that to avoid the dreaded downsizing.
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Old 07-18-2012, 02:06 PM
 
Location: Phoenix AZ
3,001 posts, read 3,690,931 times
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Quote:
Originally Posted by Scott2.0 View Post
Hey another expat! LOL! Thanks for the advice.

It's funny you say that, because I would have thought the same thing. I'm asking because what I see in my budget in Scottsdale is actually not as nice as what we have in Metro Detroit (house-wise, certainly not the area). Comparable homes to what we have here are around $3k/mo there, which led me to wonder how much I could knock off of that to avoid the dreaded downsizing.
That is surprising, but it's been a few years since I've been a tenant. We moved from a 50 year-old place to a 5 year-old place that was larger. Ditching a $5000+ annual tax bill, a $300/mo property insurance bill, and cutting our car insurance in half pretty much covered the cost of the rental - but we were in Oak Park, which had really bad property taxes & car insurance rates. If you're further from the "core" of Detroit, you might not save as much.
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Old 07-18-2012, 02:11 PM
 
34 posts, read 20,943 times
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Quote:
Originally Posted by Zippyman View Post
That is surprising, but it's been a few years since I've been a tenant. We moved from a 50 year-old place to a 5 year-old place that was larger. Ditching a $5000+ annual tax bill, a $300/mo property insurance bill, and cutting our car insurance in half pretty much covered the cost of the rental - but we were in Oak Park, which had really bad property taxes & car insurance rates. If you're further from the "core" of Detroit, you might not save as much.
Funny, I'm in Berkley, right across 11 Mile from where you were! My $240k mortgage is $1800/mo including taxes and insurance and it's a nice, new house. I realize I'm comparing a mortgage to rent and it may not make total sense but I was hoping to find a place that's equally nice. Most rentals in the $2,000 range seem very dingy and dated.
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Old 07-18-2012, 03:22 PM
 
Location: Phoenix AZ
3,001 posts, read 3,690,931 times
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Quote:
Originally Posted by Scott2.0 View Post
Funny, I'm in Berkley, right across 11 Mile from where you were! My $240k mortgage is $1800/mo including taxes and insurance and it's a nice, new house. I realize I'm comparing a mortgage to rent and it may not make total sense but I was hoping to find a place that's equally nice. Most rentals in the $2,000 range seem very dingy and dated.
Have you run the search without the pool?, I suspect that's the limiting factor - I'm seeing lots of newer rentals well under $2k, but not many pools... a community pool is pretty standard in the nicer communities though...

There's a zip code map here -

http://northphoenixazhomes.com/image...-zones-map.pdf

that might help you find nearby neighborhoods - I'm in 85024, and that's a 15-20 minute commute to North Scottsdale at peak traffic, just for reference.
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Old 07-19-2012, 06:56 AM
 
Location: Arizona
2,277 posts, read 1,477,085 times
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Have you considered nearby areas? We were looking for a rental (moved here from PA) a few months back. My office is in N Scottsdale so Scottsdale was high on our list. Our budget was the same as yours. We found that rentals in Scottsdale with pools were more than we wanted to spend. I definately think you'll pay more for the Scottsdale address. My impression also was anything in Scottsdale under 2k seemed dingy. Since I dont mind a commute we looked north to Cave Creek and Anthem. There were very few rentals in Cave Creek at the time but we did find a nice rental in Anthem with a pool 2800 sf desert view for just under 2k. I will tell you the nice rentals move fast so theres not much incentive for the owner to negotiate.
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Old 07-19-2012, 05:18 PM
 
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Ask yourself a question: Why would a landlord in a hot landlords market (more renters than renters) be willing to cut the rent to get you to rent. They only do that, when it is a renters market (more rentals than prospective renters). I fact, they will probably be raising the rent from the previous tenants rental rate, when they re-rent it. It will be rented to a new well qualified tenant in less than a week, so they are not going to cut the rent to make it more affordable to you. When you ask, you are telling them you cannot afford the rent, so they will rent it to someone else that can afford it.
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Old 07-19-2012, 07:10 PM
 
Location: Mesa, AZ
189 posts, read 98,852 times
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We were looking at the end of 2011 for a 4-bed rental with a pool, and anything even remotely decent in Scottsdale was upwards of $2800, especially if school areas are an issue for you. I didn't get the impression that negotiating was likely to be successful, as properties were flying on and off realtor.com and the other sites.

We had two houses we were seriously interested in, the one we now live in and another, and both had multiple offers from potential tenants.

We ended up in North Mesa, near Gilbert and McKellips, and are renting a great house with a huge pool on an acre plot, for $2350. The local schools are all excelling, and hubby has less than 30 mins commute to his office near Sky Harbor, so we're really pleased with the area.

Good luck for your move!
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