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You don't want it at the advertised price? Get out of the way to make room for the next applicants in line who will take it in a heartbeat.
I don't negotiate with potential tenants. If you can't afford it, go find a slum to live in.
Anyone who wants to pay cash up front for several months in advance is likely to be a crook. And I'd rather leave the place empty then get a low life, it's a LOT less expensive. That isn't rocket science.
You can get into some sticky situations negotiating with prospects. It could easily lend itself into a fair housing lawsuit.
To keep tenants we have all sorts of renewal gifts but negotiating rent isn't one of them for the same reasons as above. When we raise rents we raise it uniformly and use the market forces in doing so.
Everyone hates rent increases and some people will pay $1,000 to move for a rent increase of $15. Doesn't make much sense to me but whatever.
Finding a good landlord can be just as big of a crap-shoot as finding a good tenant.
They aren't all good by virtue of having enough resources to own property, just as renters aren't bad because they either don't have the resources to own, or--as in my case--choose not to own at the moment.
Fair market value for rents isn't a science, and isn't written in stone anywhere. Comparables are generally within a range of pricing.
If I'm looking at a potential unit, I can afford the advertised price. I wouldn't waste my time looking outside my price range. Still...if the appliances are outdated, or the carpet isn't new, or there's something else that is sub-par, you bet I'm going to use it to my advantage.
IMO, there's not a good reason in the world to pay a $600 pet deposit for a unit that has 3 year-old carpets when I have a 7-lb. yorkshire terrier--the exact same deposit required for 2 x 70-lb. golden retrievers next door (which had brand new carpet). I brought it up, and they agreed, and cut the deposit in half.
I wasn't wild about the parking situation. It was a possible deal-breaker for me, and I brought it up. They gave me a free carport for a year.
When my lease is up in 12 months, they'll know I've paid rent on time, and that I don't bother them with pettiness, and I'll have a better feel on how they are at managing the property. Then we rinse and repeat, and hopefully come to an agreement for another year.
Finding a good landlord can be just as big of a crap-shoot as finding a good tenant.
They aren't all good by virtue of having enough resources to own property, just as renters aren't bad because they either don't have the resources to own, or--as in my case--choose not to own at the moment.
Fair market value for rents isn't a science, and isn't written in stone anywhere. Comparables are generally within a range of pricing.
If I'm looking at a potential unit, I can afford the advertised price. I wouldn't waste my time looking outside my price range. Still...if the appliances are outdated, or the carpet isn't new, or there's something else that is sub-par, you bet I'm going to use it to my advantage.
IMO, there's not a good reason in the world to pay a $600 pet deposit for a unit that has 3 year-old carpets when I have a 7-lb. yorkshire terrier--the exact same deposit required for 2 x 70-lb. golden retrievers next door (which had brand new carpet). I brought it up, and they agreed, and cut the deposit in half.
I wasn't wild about the parking situation. It was a possible deal-breaker for me, and I brought it up. They gave me a free carport for a year.
When my lease is up in 12 months, they'll know I've paid rent on time, and that I don't bother them with pettiness, and I'll have a better feel on how they are at managing the property. Then we rinse and repeat, and hopefully come to an agreement for another year.
And if I find out you got that and ask them for the same deal and they don't offer that to me they got big troubles. That's why it's usually a rule to offer the same deals to everyone no matter the case.
Not saying it doesn't happen it there are FH lawsuits all the time.
I disagree. For the first time in decades, I am renting. I am also a landlord.
I offered $200 a month less on the house I rented, but wanted an option for a second year at the same price. I could have afforded the rent, but was new to the area and my job, so wanted to keep my rental payments to a certain amount. The day the house was listed for rent, they had five offers within hours- two from two groups of singles looking to go in as roommates and one from a family of five- all offered the amount asked. The landlord said they chose me BC it was just me and my two kids and, as they eventually wanted to move there when they retire, they thought there would be less wear and tear on the property and they wanted someone in the place for a few years.
I was never late once, BTW. The only reason I moved was BC the landlords lost their house to FC and had an offer on a short sale. Rather than force them to honor the option, I moved a block away so they could move into the house we were in. We had become friendly at that point and I put myself in her place.
With my own rental property, last year I rented it at a lower than asked for price BC the husband was a subcontractor and I needed to have the interior painted. I wrote it into the contract. He did a beautiful job and they love the place. I just sent that couple their lease for the second year. This year he's tiling some of the floors.
In business, everything is negotiable.
So you are renting from someone who is not a professional landlord and you are not a professional landlord. So where do you disagree
In business, everything is negotiable not true go buy a Mac and ask and see how that works.
What if you have an unusual tenant who is trying to negotiate.
High income earners offering to prepay 1 year in advance in exchange for a 5% reduction in rent?
This is what my friend who is anesthesiologist and wife is orthopedic surgeon did last year when they moved and weren't sure about buying. So they were looking for a one year lease.
They just offered to pay landlord 46k cash (rent was listed at $4k a month). So they were saving around $2k for the year.
Landlord and property management company agreed.
Straight prepaid cash usually can make people change their thinking.
They gave security deposit also. So the was another $3800.
There are more reasons than just rent to evict someone tries to kick them out when they are paid up a year in advance the judge will laugh at you.
I suppose if you want to look at it that way. If it were me and I couldn't afford that I wouldn't call. If it were someone with stellar credit and history who was negotiating lower rent, I would hope the question would come after having proved that. I might look at the request more favorably with a good chance I'd get a good tenant.
I still don't know why ANY landlord would say yes right off an initial phone call. I think its silly for a tenant to ask like that. They don't even know the extent of the upgrades, the amenities or anything about the house, its simply to expensive for them. Again, if it were me, I wouldn't ask.
After thinking more about, your probably right. I usually don't call places I think are overpriced.
So you are renting from someone who is not a professional landlord and you are not a professional landlord. So where do you disagree
In business, everything is negotiable not true go buy a Mac and ask and see how that works.
I don't think there is a definition for "professional landlord" and I don't believe the OP was asking for responses from "professional landlords".
Do professional landlords need to have a Mac? Please send the link to the professional landlord playbook.
You sound more like an investor who rents as part of your game plan. The one who buys the lowest-end refrigerator as a replacement.
Has anyone ever successfully negotiated rent with a landlord? How did you do it? Agreeing to a longer lease or paying in advance?
I'm doing research for an article on rent negotiation and I'd love to get some insight from any renters who have had success with this.
Thanks.
For about 2 years, I gave my tenants a 10% break when they paid, because they would pay 3 mths in advance. Can you do the lawn work, or snow removal?? Paint the apartments?? There will have to be some benefit to the LL, otherwise why would they, should they do it.
You can get into some sticky situations negotiating with prospects. It could easily lend itself into a fair housing lawsuit.
To keep tenants we have all sorts of renewal gifts but negotiating rent isn't one of them for the same reasons as above. When we raise rents we raise it uniformly and use the market forces in doing so.
Everyone hates rent increases and some people will pay $1,000 to move for a rent increase of $15. Doesn't make much sense to me but whatever.
I have one who "threatened" me to move for $ 30.00 rent increase per year! The tenant stated what we would loose if he would move out, we stated that just his change of address for his business and changing his address on 2drivers licenses would cost more, plus the rest of the cost and reprinting before moving out...lol
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Please send the link to the professional landlord playbook.
