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KellyGirl, Renter in Woodland Hills, CA

Negotiating Rent Price

Asked by KellyGirl, Woodland Hills, CA Mon Jan 23, 2012

What's the best way to go about negotiating the rent on a condo unit listed through a real estate agent? Or should I ask most successful way!

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8
Good answer from Bill.

Landlords love long-term tenants who pay on time and who take care of the property. Keeping that in mind:

A long-term lease (2 or 3 years) is far more desirable than a 1-year lease. Committing to 2 or more years will give you additional negotiating clout. And you can try to use it in a number of ways--a lower initial rent, for instance, or no increase (or only a small pre-determined increase) in subsequent years.

Regarding paying on time, if the landlord isn't already requiring it, offer to permit automatic debits from your checking account in return for a slightly lower rent. Landlords don't like checking their mailboxes wondering if or when the rent check will appear. Allow it to appear in the landlord's account automatically . . . in return for a rent concession.

Landlords hate the 3 am phone call about the plugged-up toilet. There are a couple of ways to handle that. For instance, you can agree to handle and pay for all repairs under a certain dollar amount--say $50--in return for a rent concession. I've also heard of landlords who've set up a maintenance account, and if there's money in there at the end of the year, it's shared with (or given to) the tenant.

In general, focus on what the landlord wants: no vacancies, no hassles, and a dependable rent check.

Hope that helps.
1 vote Thank Flag Link Tue Jan 24, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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The longer you plan on being there, the better a chance you will be able to negotiate. However, if you are looking in a desirable area, they may just rent to someone who is willing to pay full price. If they are struggling to fill the apartment, you'll have more luck. Good luck!
0 votes Thank Flag Link Mon Apr 21, 2014
Everything can be negotiated. It starts with asking and seeing how much they are willing to give.
Good Luck!
Web Reference: http://www.laura4homes.com
0 votes Thank Flag Link Tue Jan 24, 2012
Advanced payment, long term lease with annual escalations and offering to make needed improvements at your expense are probably the best negotiation tools for rental consideration.

Good luck,

Bill
0 votes Thank Flag Link Tue Jan 24, 2012
Generally speaking the agent is simply offering it for what the owner indicated they wanted. I grew up learning, "You don't get if you don't ask." so simply ask the agent if the owner would accept {Fill in the blank}

The most they can do is say no. Rent rates like everything else are determined by the market. IF there's lots of availability then you are in a stronger position, however if good properties are scare, the owner is likely to hold firm to their price.

Don't get insulted and don't be insulting when you speak to the agent, come across professionally and sell yourself a little as a "great tenant."

Best of luck.
0 votes Thank Flag Link Tue Jan 24, 2012
Everything is negotiable! The longer the property has been on the market for rent, the better chance you'll have getting a lower price.
0 votes Thank Flag Link Tue Jan 24, 2012
In the State of California a Landlord can only collect 2 months deposit unfurnished and 3 months furnished, plus first month. California tends to be tenant friendly in the courts, but I would be very careful in Prepaying any rents for discounts. Issues such as foreclosure could really put you in a jam if you have prepaid rent. The Landlord will make the decision and communicate that through the landlord's agent.

The landlord has fixed costs in operating that unit including HOA fees, Property Taxes, Insurance ("walls in" for condos) and their mortgage payment. Also they are paying a commission to the real estate agent for the lease and a management fee if the landlord has asked for property management services. Additionally the landlord will seek area market rents so your negotiating points will be tied to many of these issues.
Web Reference: http://www.HomeBuysBlog.com
0 votes Thank Flag Link Tue Jan 24, 2012
Two approaches that usually works with a landlord is offering pre-payment, like 3-6 months, or a long-term lease with annual escalations.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Jan 24, 2012
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