Property Q&A in 75034>Question Details

Rutgerjen, Other/Just Looking in 75034

I have been living in a townhome for 3 years. It was brand new when we moved in. I want to negotiate the monthly lease price by 100 less than we pay

Asked by Rutgerjen, 75034 Wed Jun 27, 2012

now. How do I go about that, and is this reasonable for Frisco, TX?

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Answers

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You can try, but I'll tell you lease rates are going UP in most parts of the city and demand is high. I'd think twice about trying to negotiate down if you're now month to month. You may get it the other way around... now that you bring it up, the owner may want $100 or more a month increase.

That's probably not what you wanted to hear, but in most places I hear apts are going up anywhere from $200-$400 a month on renewals. That's how much demand there is here for property. You'll often see rentals go the first week on the market. We actually have seen this summer tenants bidding over list price for properties to tie them up.

You might want to check first to see what rates are in the area. If you are paying less than market, and I'll bet you are, then you might let sleeping dogs lie and undisturbed.
1 vote Thank Flag Link Wed Jun 27, 2012
I agree 100% its crazy right now, especially in West Frisco...
Flag Thu Jun 28, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Typically adjustments to rent are only made after the term of the lease has expired. Keep in mind that if you're on a month-to-month term and you ask the landlord for a decrease, they might get offended enough to give you a move-out notice and lease it out to a new set of tenants... probably for a higher rental rate given current market conditions. The question you need to ask yourself is whether you're prepared to move and find another home to lease should your request for a decrease blow up in your face (figuratively, of course).

Good luck.

Mike Gonzalez
SFR-Certified Realtor / Broker
Mosaic Realty
214-783-4240 | Mike@MosaicDFW.com
1 vote Thank Flag Link Wed Jun 27, 2012
It all depends on how much you are paying now and what your subdivision is. Rental is really hot so your landlord may not give it to you. Of course, every landlord is different, your landlord may not want you to leave either.

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
1 vote Thank Flag Link Wed Jun 27, 2012
In Frisco, The rental rates are on the rise. You do not state what your current lease price is or where your town home is located. You will first need a Market analysis to determine what current market rents for your area are going for so that you can arm yourself with documents verifying that what you are asking for is reasonable in your market area. You then can compare your market values with other similar town homes and what their values are. If they are lower, you may still be able to justify your reduction request.

However this may also identify that your landlord is receiving less then typical market value since in the last 2 years there has been a spike in rent rates. You may find that you should negotiate the length of your lease for what you are paying if you have intentions to stay instead of a decrease in payment due to the current market trend.

Finally, you may also find that due to the lowest interest rates of all time, that a monthly mortgage payment on a town home purchase would be less then what you are paying in rent. That may also be a solution to lowering your monthly costs. It wouldn't hurt to get with a local loan officer to see what you would qualify for and what your monthly mortgage payments could be.
1 vote Thank Flag Link Wed Jun 27, 2012
There are too many factors to give you an definitive answer from the information you have provided. What I would say from my experience as a Realtor & also a landlord is that I am currently increasing the monthly leases on my properties as the demand for well maintained homes in Frisco is high. My goal is to keep my current tenants however if they are paying less than the market dictates then I need to adjust the rate.

However with that said it does depend on what you are paying now and weather that is the current market price.

Nick Walton, Realtor®
Keller Williams Frisco Stars
Your Frisco Realtor
Email: http://goo.gl/5UUid
Web: WeFindHomesInFrisco.com
Cell / Text: 469-556-2393
1 vote Thank Flag Link Wed Jun 27, 2012
$100 per mont h = $1200 per year.

Do you realize the owner does not pocket 100% you pay in rent. Have you consider owner is required to pay :

1. Mortgage
2. Insurance
3. Property taxes
4. HOA - if it applies to your area
5. Repairs of the property

Leasing is an all time high with properties on the market at best 5 days. Average rental for Frisco 319 homes lease in MLS Jan- May monthly of $1906

Owner probably would make additional money per month if you moved


Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Wed Jun 27, 2012
With lease rates on the rise, I wouldn't count on them agreeing to the decrease because they could prob get a significantly higher amount with a new tenant. It never hurts to ask, but don't get upset if they say no or try to raise the rent amount on you at the end of your lease term.
0 votes Thank Flag Link Wed Jun 27, 2012
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