Rentals in Royal Oak>Question Details

Donna Davenp…, Renter in Dearborn, MI

How to negotiate when you want to pay $650 a month rather than the $800 price that is being initially asked for per month for a rental home?

Asked by Donna Davenport, Dearborn, MI Sun Jan 20, 2013

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Present to the prospective landlord the most AWESOME application filled out accurately (and completely) with references from past landlords that were sad to see you leave. Landlords like steady payers as much, if not more in many cases than top dollar from a tenant-prospect who doesn't have quality references.

Remember, submit your stellar application before negotiating. When it is accepted, then you name your price. Landlords don't negotiate with an unknown person whom they have no information about.
0 votes Thank Flag Link Sun Jan 20, 2013
Sorry Donna, I hate to be the bearer of bad news, but the comparable rental market in Royal Oak is not in your favor considering that according to the MLS in the past year there has been only one single residential lease logged into the system for under $700/month. That was for a 1 bed, 1 bath 600 sq ft home that was on the market for less than a week. However, there were eight condo/flat rentals under $700 during the past year--mostly 1 bedroom under 700 sq ft. If anything renters are bidding up rental prices in Royal Oak to secure a place, as the local rental market is on fire. As a rule lately, the best chance I see for negotiating a monthly rate down is to either have absolutely stellar credit (at least in comparison to other applicants), to offer to pay many months in advance up front, and/or possibly to sign a multi-year lease. Forget all of the above if you have pets--that changes everything. As the number of renters have gone up in the past year or two, rates across the board have been moving up as well--a hard real-life lesson of housing economics 101.
0 votes Thank Flag Link Sun Jan 20, 2013
Have a local agent do a rent roll survey to see if the $800 or your $650 is more in line with what similar places are going for. Once you know, make the offer that makes sense to you. No guarantees what the landlord will do, it's entirely up to them.
0 votes Thank Flag Link Sun Jan 20, 2013
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