[xfactor85]

Hi everyone, I just moved to Vegas and I am currently in temp corporate housing for the next 2 months.

I've been looking for places to rent and I think I found a couple of choices on Zillow for rent.

Has anyone had luck in negotiating the amount that people ask to rent?

I noticed that there is A LOT of rental inventory. However, I don't want to low ball anyone. Is that accepted practice to negotiate the rent asked amount?

[swagger]

You can always ask. Worst thing that can happen is they say no. We negotiated a discount because we were renting two houses owned by the same person. He gets two properties (that had both been on the market a long time) leased and we save a little. Win win. YMMV.

[SBender]

You can ask but I think it's very unlikely to happen with a land lord who has a property management company handling the house for them. In my experience the management co. knows the market and has told them what they can get for it. They'll hold out for it if it's you or somebody else.

[ddrhazy]

Depends on different things. If you can demonstrate that you would be a good tenant that pays on time and will keep the house clean, I as a landlord might consider a slight reduction in the rent. I also consider how long the house has sat empty and if it's getting close to the end of the month. If my rental has had very few showings and no applicants then I'm more likely to negotiate.

If you lowball me a drastic amount though, then I'll be pissed though and think you're an idiot who just wasted my time because you disregarded your own budget. The best thing to do is ask over the phone, that way if the management/landlord is not willing to negotiate, you don't waste your and their time.

[AA702]

Would a landlord take less if they would bypass their property management company and had them pay them a year in advance to directly to them? I know someone who was going to do this, but I think he was turned down. Sounded like a good deal to me but he wanted 20% off the rent.

[WVREDLEG]

It could not hurt to ask for a reduced rent, but the market should correct any unusual deviations in rental rates already.

Sites like Zillow that include comparison graphs and allow you to see comparable rentals in the area (I like the map feature) are not as accurate as you need to try to open a negotiation. For example, a 1400 SF bungalow sitting along a fairway with outdoor maintenance and security included in rent, on a cul-de-sac with access to a HOA clubhouse/fitness center/pool is, depending on how you set up your search, going to show up with the 1500 SF townhome built 30 years ago with street parking. Initially, you might see the latter as overpriced, and a negotiation opportunity, but be careful in assuming too much from the websites.

Just one perspective from the other side of your negotiation question:

I survive as an income property owner (very small time, reluctant, I am) from high occupancy rates with reliable tenants (meet their end of the lease), fast turn times between leases, and remaining competitively priced, meaning it is unprofitable to stick to a price point above the market for too long. If I cannot find qualified tenants and I am overpricing, I am not waiting for you to save me with a lower (yes, I know, not low ball) offer. Dude, I am lowering the rent to attract renters, not attracting renters to lower the rent. Restated differently: if I have room in the rent to budge and the market is flooded with rentals, I signal the market by lowering my advertised rental right now through MLS and my management company (who is advising me as a profit-motivated party). And yes, I will give up some profit over no profit 24/7/365--but that will never happen in a tight rental market, as you know.

If you have good credit history, good rental history, and glowing lease and job references, you might have strength to negotiate in a weak rental market, but you must research your position before sitting down.

At one of my properties, the Zillow comps are 20-30 year older SFH, one-car garages with unpaved driveway (gravel) in neighborhoods selling at $50-60K below SFH in my property neighborhood. My property is less than 10 yrs old (value), 2 car garage (value), and paved drive (value). Energy efficiency alone is worth more to you as a tenant in my example (25-30% cheaper than the comps). Zillow is the shallow end of the pool. If you countered me at the Zillow comp rental rate in this real example, I would turn you down and wish you luck. You can pay me $1500/mo and pay $120/mo utilities, or pay someone else $1350/mo and pay $150-170 /mo utilities and save $20/mo while parking on gravel, walking on brown builder grade shag, and mopping rolled vinyl flooring in your yellowing Formica countertop kitchen. My new tenant will enjoy solid maple floors, granite counters, maintenance-free exterior and an energy efficient HVAC system, with their cars parked inside with extra workspace. This example is true, and my tenants knew the minute they saw it.

Value is relative. Don't negotiate your way out of a good value. If the market there is wide open, be reasonable and polite in your counteroffer and good luck. I do not own property in Las Vegas, but I hope to spend my second retirement there. I have lurked on C-D Las Vegas for years to learn about anything and everything while I plot my next chapter. I do own multiple properties in multiple states.

[WVREDLEG]

Originally Posted by AA702

Would a landlord take less if they would bypass their property management company and had them pay them a year in advance to directly to them? I know someone who was going to do this, but I think he was turned down. Sounded like a good deal to me but he wanted 20% off the rent.

I don't see how an owner could accept this without risking litigation for breach of contract with the management company. Getting sued sounds bad to me. I would not take the short term glitter of advance rent over the value of a good management company. I would, however, counteroffer with the original lease rate secured with a deposit, all administered by the folks I hired to do it in the first place. A much better deal for the guy with the most to lose......

[ddrhazy]

A tenant offering a longer lease is meaningless to me.

[unf0rgiven6262]

No, but I've had success negotiating lease length.

[forestgump99]

I negotiate this way:

Rent is $2,000...If you pay on the first its $1,900. Any day beyond that its $2,000.

Usually works to get them excited....and I get the $2,000 for the most part.