Rentals in North Riverdale>Question Details

Brandon, Home Buyer in Brooklyn, NY

Would it be unreasonable to ask for a 6 month lease? In addition if I offered to prepay the 6 months could I negotiate a lower monthly rental.

Asked by Brandon, Brooklyn, NY Fri May 7, 2010

I've seen a few apt for 1200 but I would like to offer to pay 1000 a month if I prepaid the 6 months

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8
Good morning Brandon,

If you're working with an experienced, local, rental agent, you may find more options available to you. I’m no real estate agent, just a humble Mortgage Banker, but I can give you some guidance on your search for the right rental apartment.

In my experience in the real estate trade, I’ve discovered that the consumer is best served by adopting some simple strategies, whether you’re buying a home, selling one, or renting an apartment.

First: remember that real estate agents work on commission. The better quality agents---and those with the most experience---will be testing you from the initial contact to determine if you’re serious and will commit to using their services. Why? Because real estate is like any other business; you don’t sit at a table in a restaurant to read the menu without actually buying food at some point. It’s the same concept: the experienced real estate professional has to earn a living by renting apartments to serious and qualified prospective renters.

Therefore, the smart consumer should be well-prepared and committed to respecting the real estate professional’s time. Prepare yourself with three fundamentals: amenities, location, and price.

Know your requirements for the apartment you wish to rent in terms of amenities (one bedroom versus three bedrooms; elevator building or private house), location (proximity to public transportation or need for parking), and price. If you present yourself as well-prepared you’ll have a better chance of working with an experienced agent who will work hard to find you the right apartment.

Second, start with the internet---especially TRULIA.com---but stay “local.” Don’t think a real estate agent in Brooklyn can find you an apartment in Queens, or vice versa. Here on TRULIA.com you can easily find a local professional by clicking on “FIND an AGENT” at the top of this page. There you can hone in on a seasoned professional in exactly the area where you wish to rent your apartment. TRULIA provides exceptional tools to help you as a consumer understand the quality of the professional you’re working with. Read the agent’s profile; check out the recommendations from previous clients; get to know the level of experience of the agent and the areas that agent covers.

Third, real estate agents are prevented by Federal regulations from answering certain types of questions. They cannot discuss schools or school districts, crime statistics, and a variety of other issues prohibited by Fair Housing regulations. If your agent is vague when you ask certain types of questions, now you know why.

Finally, demonstrate your level of seriousness to your real estate agent. Show up on time for your appointments to view apartments. If you’re required to submit documents for the Landlord to review with your rental application, get them into your agent’s hands pronto. Not only does this help you potentially get one step ahead of a competing renter, but you’ll be viewed by the Landlord as a responsible renter. Landlords prefer responsible renters, don’t they?

I hope that helps you improve the results of your search for an apartment, and helps you with a better quality experience.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Sun Jul 21, 2013
Brandon I have rental properties in Ohio and if someone wants less than a one year lease I charge a 10% premium. If you are looking to prepay 6 months on a 6 month lease you may be able to work out a samr price. At this time of the year I doubt if I would do a 6 month now as the property would become vacant Dec 1 and that is a bad time for me to fill a vacancy.
0 votes Thank Flag Link Sun May 23, 2010
HI Brandon,

You Can ask for a 6 month lease, but whether the owner can take it is up in the air. First off, the rental market in Riverdale is very tight. Even in North Riverdale, so that the landlords can usually determine the length of the lease term pretty easily. Last year rentals were easier to come by and landlords were more negotiable. If the rental is in a house you have the best shot of negotiating the lease term because it is a small privately owned rental. If it is in a co-op you have the least amount of leeway negotiating the term because the co-op board will not want transients. If the rental is in a rental building, they will not want anything shorter than one year and they do not have to budge, because they are looking at the bigger picture of rent roll and when leases are commencing and when they are expiring. looking for a renter is more expensive than having a good tenant and they are usually willing to wait for a good long term tenant.

I hope that helps,

JOE GREENE
Broker/Owner
WEICHERT, REALTORS - House & Home
(718) 432-5000 ext.601 (Office)
(917) 974-2600 (Cell)
joegreene@weichert.com
0 votes Thank Flag Link Sun May 23, 2010
Brandon,
There is a saying.....everything is negotiable.........
most landlords would be happy to get the six months upfront. And in most cases the rent is negotiable, for example, if the rent for a one bedroom is going for one thousand dollars and you have a good job, good credit, the landlord would rent it to you for nine hundred and fifty. I always say if you have up front money go ahead and negotiate you have nothing to loose...good luck!!!
0 votes Thank Flag Link Sat May 8, 2010
Brandon,

Need a NY licensee to weigh in on the subject of prepayment of rent. Some state (NJ does) have laws that limit rent prepayments. I don't know about NY...just suggesting that you want to find out about that since it could affect your strategy.

Perhaps a NY agent can weigh in on this.

Best,
Deb
0 votes Thank Flag Link Fri May 7, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Brandon - everything is up for grabs - the lease term and the rent amount.
Asking the landlord to reduce the rent by over 15% is asking for a lot..........but you have nothing to lose by asking...........You might find more resistance to the 6 months if the landlord is looking for1 year or more term.......here again.......try it and see.....

Decide which is more important to you........the shorter term or lower amount - you might have to give one up in order to get the other!
Or.......you may get neither!

Let us know how it turns out.

Good luck!
0 votes Thank Flag Link Fri May 7, 2010
GREAT QUESTION BRANDON!

As it is more common to sign a minimal 1 year lease; it is not uncommon or unheard of to have a lease ranging from 6 months to 2 or 3 years. No matter the term (length) of the lease, one thing the landlord or rental management company will be looking for is a good credit rating. I would say "Go For It!"

If you have further questions please feel free to contact me by e-mail at azlynbeck@kw.com
0 votes Thank Flag Link Fri May 7, 2010
Offer it and see what happens....worst thing is they say no.

I say go for it.



Sean
0 votes Thank Flag Link Fri May 7, 2010
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