"There should always be some wiggle room, and it's worth a shot now more than ever," says Joe Ewaskiw, a spokesman for the consumer Web site ApartmentRatings.com.
How to Rent: Build Your Case
No matter how convincing you may be, the ultimate arbiter of rent is market demand. Does the property owner have many vacancies? Does he or she have other prospective renters waiting to lease the unit? Knowing what your landlord needs is the first step towards leveraging a deal. Before meeting with the landlord, gather evidence of your reliability – past rent history, proof of income, a good credit report -- whatever demonstrates stability.
Have You Successfully Negotiated With A Landlord?
We're curious to hear from those of you who have successfully negotiated with your landlord. How did you do it? What tips and tricks did you learn? Whether you were able to keep your same rent or negotiate an even lower rate, let's hear what you have to say.
Vote in our poll and leave your tips in the comments.
What's A Fair Rental Rate?
One phrase common to nearly every lease negotiation is "market rate." The landlord or property manager will cite the market rate for a particular rental property as cause for an increase in rent.
This market rate may be culled together from the prices of nearby properties or it may simply be a rate that the landlord needs to charge to make a profit. It may also be related to the cost difference in renting v. buying a house in a particular area.
Make your assets work for you
Having good credit makes your position particularly strong in the current economic climate, where many potential renters have much weaker scores, says Turman.
In Turman's case, he and his wife had owned two previous homes before opting to rent. They had good credit and income. "We put ourselves in the driver's seat and let the (manager)/landlord come to us," Turman says. "We... let them know the desirable qualities we possessed and the concessions they would have to make in order for it to work (price, utilities, etc.)"
As a result, he says, "we have by far the lowest rent of comparables in the neighborhood and love our home."
Write down your terms once you and the seller have agreed on a price. The next phase after a price has been agreed on is the negotiation between you and the seller of the rent-to-own agreement details. Include how long you want the rental period to last, such as three or five years, the highest total monthly payment amount you are financially able to pay and what level of repairs you and the seller are each responsible for. Buyers usually make the repairs in a rent-to-own agreement, but some sellers will assume responsibility for major repairs during the rental period.
Meet with the seller to negotiate the final details. Bring your real estate agent if you are using an agent. Mention any specific issues you have with the rent-to-own agreement terms and consider comprises with the seller in order to complete the deal. Contact an attorney to review the proposed rent-to-own agreement before you sign.
