Negotiating the Best Lease Deal

Signing a new lease with a landlord is a huge financial undertaking, and this commitment should not be taken lightly. Here at PaydayLoansCashAdvance, we want to show you the basics of lease negotiation so you can be sure you’re getting a good lease on your next apartment. Instead of sticking with what the landlord offers you, it is best if you do some local market research on your own before putting pen to paper.

Finding a Place

Take a look around to check for apartments that are similar to the one offered by your landlord. As you come across properties in the area that meet your needs, start a list of each of those apartments. As you add to this list, be sure to include the amount of the monthly rent and what exactly is included for that price. It is not uncommon for some monthly apartment rental fees to include perks such as covered parking, some paid utilities, a business center and a workout facility. If the information is available, also write down how long the property has been listed on the rental market. The longer the apartment has been sitting vacant and available; the better your chances of getting a good lease deal. Once you have a complete list of what is available in your area, and what amenities come with the price of rent, you can use this list to negotiate a better deal with your landlord.

It Is Okay To Ask For What You Want

If you know what you want in your apartment lease, then you should ask the landlord for exactly what you desire in the lease deal. If you think your rent is too high and want it lower, then ask for a lower rate. If you do not mind paying your current amount but want a gym membership included, then ask for a gym membership to be added to your amenities. You can also try asking for a shorter lease period if you do not want to get locked into a 12 month lease at this time. If you consider your request to be a reasonable one, then there is no reason for you to not ask the landlord for it. The worst thing that can happen is that your request will be denied. In the best case scenario, you will be able to get exactly what you asked for in the first place.

Lower The Rate

If a lower monthly rental fee is what you are after, then you may have the best luck with your request if you live in a smaller property that is not managed by a large corporation. Sometimes the landlord of a smaller property will be open to reducing the monthly rent in exchange for services that benefit the property. For instance, if you have landscaping skills or maintenance skills that can save the landlord money on those services, then it will be easy to get a reduction in your monthly rent.

Bargaining

The list of other properties that you have made in your research will prove to be especially helpful in your lease negotiations. Tell your landlord about the other specials and amenities being offered at other local properties as a way to state your case for the lease deal. If the landlord sees that there is a possibility you will go elsewhere, then you have a great chance of the lease negotiation going in your favor. You can end up getting a good lease deal just because the landlord is afraid that you will take your money to another property. This tactic is especially effective during a down market.
If you cannot get the landlord to budge on the current terms, you can go to one of the apartments on your list and try to negotiate a better deal with them.

Before You Sign

After you are confident that you are getting a good lease from the landlord, there are few things to do before signing it. Take a walk through the property to assess any damage that may exist before you take possession of the rental. It can be useful to carry a camera to document any potential damage. Most landlords also provide a move-in sheet for you to mark any damage on the sheet for their records. It is important that you take this step in order to not get charged for existing damage when you move out of the property. If you cannot prove that the damage was there before you took over the lease, then you are liable for the associated repair or replacement costs. This means that your security deposit is in jeopardy and you can end up not getting all of it or any of it back after moving out of the property.

Fine Print

You will also want to read over the lease in its entirety. It is a legal document that can be a bit of a laborious read, but it is incredibly important that you make sure that everything in the lease is correct. Pay special attention to any dates, dollar amounts, amenities, perks and other numbers. If you notice anything in the written lease that differs from what you verbally agreed on with the landlord, then speak up before you sign the document. It is best to get everything accurately written down in the lease before signing it.

Negotiating a good lease deal may seem daunting at first, but it is a fairly simple process. If you want additional tips on lease negotiation before you set out on getting a good lease for your new home, take a look at the resources offered by the U.S. Department of Housing and Urban Development, or HUD. They have a list of lease negotiation rental resources broken down by state.

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