Rental Basics in 90036>Question Details

Trulia Los A…, Other/Just Looking in Los Angeles, CA

What are some tips for renters to negotiate lease renewal terms?

Asked by Trulia Los Angeles, Los Angeles, CA Thu Nov 15, 2012

For example, price, lease length, etc.

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90036 is really a hot rental market. I really don't think you will be able to negotiate much on a fair or market priced unit. I'm a Landlord and Real Estate broker myself, and I really have to choose from multiple applicant on any vacancy I advertise
I would say if the price was really high, and the unit has been on the market for over a week, offer the Landlord a longer lease (2 years), provide him with copies of rent canceled checks showing that you pay on time. A letter of recommendation from past Landlords. You may get lucky by doing so.
Landlord prefer long term tenants, since they don't have to deal with unit turn over and loss of rent while renting their vacancies.
I hope this information is helpful.

Best,

Shawn Esrawi.
Broker/President.
Millennium Real Estate Development Inc.
1 vote Thank Flag Link Thu Nov 15, 2012
Totally agree with Shawn Eswari, 90036 is a hot area and you have lots of competition.

What Owners like to see is a minimum of a two-year lease, excellent credit, proof of funds in case of emergency, excellent references and you might be able to negotiate better terms.
1 vote Thank Flag Link Fri Nov 16, 2012
If you have options and facts about other rental properties near by it will help you to negotiate the correct Lease terms. Emotion and what you might think the rent should be will not be enough. If you find alternative places that you are willing to move to and the rent is at the price you want, then you have a much stronger negotiating position because you can say no to the Landlord and walk away.
1 vote Thank Flag Link Fri Nov 16, 2012
Ideally you want to negotiate the right to newew for consecutive terms at the onset of the original lease agreement. If you are already living in the unit and need to re-new your lease, you can demonstrate (hopefully) that you are a stellar tenant, always pay on time and take great care of the unit. If these statements are true those are your best tools to negotiate. From a financial point of view if the owner does not renew your lease and tries to lease it, his effective annual rental income is decreased for every month the property is vacant.
1 vote Thank Flag Link Thu Nov 15, 2012
Not much you can do in this market, it's pretty much a land lord's market considering how the housing situation is in LA. Usually if the housing market is a bust, rentals go up and vacancy is really low. When the housing market is on fire, then you have room to negotiate with the land lord if their vacancy is high. Check your building to see what the vacancy is and take it from there.
0 votes Thank Flag Link Tue Nov 20, 2012
A longer lease would help. Landlords would rather have tenants in place longer and not have to deal with turnover. The area you're looking at is desired by many and competition is high. Also, make sure to be in good standing with your landlord (pay on time, communicate any issues, etc...).


Good luck!

Yeprem P. Davoodian
0 votes Thank Flag Link Sun Nov 18, 2012
I would have to agree Kawain, as long as you've been a good tenant the best tool you have as a renter for negotiating a new lease would be to sign for a longer period of time.
0 votes Thank Flag Link Thu Nov 15, 2012
If owner is in no hurry to sale the home, the best thing to do is offer an extended term. Try two years rather than one year at renewal.

It will also help if you have been a good tenant to begin with.

Keep your credit in order, some landlords will re run your credit at the lease renewal.


Kawain Payne, Realtor
0 votes Thank Flag Link Thu Nov 15, 2012
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