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Old 12-17-2008, 01:58 PM
 
Location: Chicagoland
5,744 posts, read 9,571,101 times
Reputation: 6974

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Quote:
Originally Posted by long101 View Post
Dilemma: help from lanlords would be appreciated haha
Ok well we did the above and they came to us and said that the best they could do would be 1500 w/ free heat. I was like wtf since they said the heat coming with the unit was negotiable to begin with. We said we would do 1400 w/ heat and that last offer. I told them to give us a call if they can not get it rented and if we are still on the market we can see if it works for us then. That being said we were both very friendly and said that she would love to have us as tenants yada yada. I still want the unit (want not need) and guess I would do their offer but would like to see them drop it to our offering. Would any of the lanlords call us back in say a week or so and accept lol? They said they wanted a 16 month lease which we agreed to so they would have the summer to rent it again. We would be moving in Feb 1st, and with the holidays coming up, the economy the way it is, and just being winter I dont really see them renting it in time. Sorry for the long post
Long101, if you must get your $1400 price, I think you handled this well by walking away and telling them to call you. And they may very well do that if they can't find a renter. However, the economy has not adversely affected all rental property. For example, I have a property in a highly desireable area that I will never negotiate on as I know I can still get my price. I'm also unlikely to negotiate 45 days out as I have another month of advertising and showings have always picked up after the holidays. And in some areas, there is an increased number of renters who would have previously qualified for a mortgage but now must rent.

Landlords should base their price on current market conditions. You are most likely to get a deal if the property is overpriced (e.g. because the landlord needs a break-even cashflow or they've put in upgrades they want to cover w/rent increase, etc.). If the property is overpriced for the market, it may sit there for a few weeks and that's when you can give them a call again. By mid-Jan., they may be a little more motivated to deal for a Feb. move-in. However, they could also have rented the property by then. Or, by waiting, you could have lost other properties you are considering. So is it worth that $100/month to take that chance?

Now if you're looking at, say, 6 properties and you offer each of them $100 less than asking, maybe someone will bite. However, be careful that you're not dealing with an unscrupulous landlord who tries to make up this price reduction in other ways (e.g. performs fewer repairs/upgrades, deducts security deposit for normal wear-n-tear, etc.). You also want to have a positive landlord-tenant relationship.

Last edited by GoCUBS1; 12-17-2008 at 02:10 PM.. Reason: typo
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Old 12-17-2008, 05:00 PM
 
Location: Arizona
3,680 posts, read 6,123,643 times
Reputation: 2304
Yes you can bargain but make sure you get it in writing
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Old 12-17-2008, 07:49 PM
 
Location: Chicago
15,587 posts, read 25,215,537 times
Reputation: 1761
Quote:
Originally Posted by mattywo85 View Post
Yes you can bargain but make sure you get it in writing
When you sign a lease does it not state the rent amount?
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Old 12-21-2008, 02:00 PM
 
Location: Arizona
3,680 posts, read 6,123,643 times
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Quote:
Originally Posted by Avengerfire View Post
When you sign a lease does it not state the rent amount?
Lol, it does but make sure it states the amount you bargained for.
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Old 12-21-2008, 02:01 PM
 
Location: Chicago
15,587 posts, read 25,215,537 times
Reputation: 1761
Quote:
Originally Posted by mattywo85 View Post
Lol, it does but make sure it states the amount you bargained for.
Ok I was just checking to see what you meant by that statement.
I did not think you were that dense.
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Old 12-21-2008, 08:42 PM
 
Location: roaming gnome
12,390 posts, read 26,531,717 times
Reputation: 5793
yes no doubt, have done it twice in chicago... did it once and came down from 1200 to 1100 for mentioning they had construction in the area and limited parking...

did another one because knew would be there for awhile, so offered to pay less for signing a 2 year lease, got 50 off asking then.
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Old 12-23-2008, 08:53 PM
 
Location: Chicago
38,704 posts, read 95,888,768 times
Reputation: 29790
There may be times where you could negotiate rent, but it's a seller's market right now. The rental market is tight with fewer people qualifying for home loans.
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Old 12-23-2008, 09:00 PM
 
Location: Chicago
15,587 posts, read 25,215,537 times
Reputation: 1761
Quote:
Originally Posted by Drover View Post
There may be times where you could negotiate rent, but it's a seller's market right now. The rental market is tight with fewer people qualifying for home loans.
I dont know about that in the rental market. I see way more for rent signs on buildings now in places like Lakeview,Roscoe Village,Ukrainian Village,West Town,Bucktown and Wicker Park etc. than I have seen in many years.
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Old 12-23-2008, 09:12 PM
 
Location: Chicago
1,950 posts, read 4,669,465 times
Reputation: 919
If anyone cares I waited about a week and then folded called and agreed to their rent price lol.
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