Finding the perfect apartment can be really exciting, but it can also be a strain on your wallet. Fortunately, it doesn't have to be! With a little negotiation, you can potentially lease a unit that meets your needs (and some of your bank account's needs).
You might never have considered negotiating your rent, but there are some serious benefits to having a lower monthly payment. For starters, you can build your savings with the money you free up. And a successful negotiation can also mean more freedom to spend more on what you want.
So, here are some tips for negotiating your rent if you don't know where to start. FYI, some of these tidbits come straight from David Walker, the CEO and cofounder of Triplemint, an online real estate firm.
1.Do your research to make sure you're getting a fair price for the unit you're leasing.
2.Keep in mind that an independent landlord might negotiate differently than a property management company.
3.Think about using your lease term to your advantage! If you plan on renting for a longer period of time, you can try asking for a discount.
4.Instead of negotiating for a lower rent payment, try asking for other perks, like free parking or free storage space.
5.If you can afford it, ask if you can pay for several months in advance in exchange for a monthly discount.
6.Suggest the possibility of referral credit for spreading the word about vacant units in the building.
7.Consider getting a professional to negotiate on your behalf.
8.And while "success stories" can sound inspirational, don't let them overly influence your decision making.
9.Keep in mind that renting an apartment is part of the landlord's business. Going in with the intention of low-balling every landlord you meet won't make you successful; it'll just make you feel discouraged.
Have you ever negotiated for lower rent? Share how you did it in the comments below!