Up next in All about Apartment Rentals (18 videos)
Whether you're a renter or a landlord, you'll find money-saving tips in this Howcast video series on apartments and rentals.
You Will Need
- Attention to detail
- Willingness to walk away
Check online for tenant rights
Check online for the tenant rights in your city and state. Know exactly what a landlord can and can’t include in a lease.
Research the housing and rental markets in the immediate area. Ask around to find out what other tenants and neighbors are paying, and if they have any special deals with the landlord. If they do, you should too.
Ask for copy of lease
Ask the landlord for a copy of the lease before agreeing to move in and thoroughly review it. Make note of any stipulations that are NOT in your favor.
Let landlord know issues
Now that you’re intimate with all the details – and possible drawbacks – of the apartment, inform the landlord that you really want to move in, but there are a few 'issues' you’d like to 'iron out' first. Landlords hate 'issues.'
If and when the landlord is ready to talk, you should immediately – and without explanation – make a counteroffer on the amount of rent you’ll pay. A 5% reduction is a good starting point.
List reasons you should pay less
Weather the landlord’s tirade, then calmly list all the reasons you should be paying less: the average neighborhood rents are lower than what he’s asking, the building has a bug problem, the nearest bus stop is a mile away, etc.
Offer lower reduction
If the landlord won’t budge off the amount of rent, offer a lower reduction, say 3 percent, as a compromise. If they still won’t budge, focus on another area – like getting certain utilities or services included in the rent, or reducing the security deposit.
Get settlements in writing
Always get any negotiated settlements in writing – once you do, shake hands with your new business partner, and sign away.