search by city, state, property name, neighborhood, or address. A graduate of Boston University, Lesly holds a B.S. Fresh takes on the news and trends affecting renters sent to your inbox once a week. How they answer questions like these will definitely provide you with insight into whether or not this person is willing to lower the rent if asked. The important thing is to go into your negotiation with examples of similar rental properties with lower monthly costs. There really is one simple solution to this: Ask for a similar discount ― and don’t let the conversation end with the manager saying, “The offer is only for new tenants.” Duh, you know that. A rent guarantee scheme (or bond scheme) gives your landlord a written guarantee - known as a bond - instead of a cash deposit. Official Cheap Senior Chicago Apartments for rent from $400 . They should feel confident you'll pay your rent on time and keep the apartment in good condition. As for the rest of the year, many landlords think that an ideal lease end date falls between April 30 and May 31. If there are some scuff marks on the wall, or a curtain … But beyond looking for a rental in nasty weather, nobody wants to have to pack up and actually move around the winter holidays, so many units that were empty on Thanksgiving will still be empty on New Year’s Day. You can apply through your case manager or your local PHA office. Answered February 23, 2018 - Maintenance Technician (Former Employee) - Saint Louis Park, MN. Before you begin your apartment search, make sure you know what you can afford, even with a lower, negotiated rent. When you know you can stay longer. There are blooming spring flowers, more hours of sunlight, and lots of families with school-age children who want to finish up the school year and be settled in their new home for the summer. > How to Get a Discount on Your Apartment Rent, conduct your apartment search in the off season. Not everyone can afford to do this, obviously, but offering a lump sum up front often can result in a discount. The owner’s mortgage and taxes still have to be paid even if the rental unit isn’t generating any income. But if there are plenty of available units in the complex you hope to live in ― and especially if they have been vacant for three months or longer ― try asking the landlord to take a percent off the asking price. Put the extra money in the bank and save it for emergencies and/or a down payment on a home. Downvote 1. That puts those who are looking in the driver’s seat, and will make negotiating the details of the lease a little easier. I am on a REALLY tight budget now, and need a new place to stay. Subscribe to HuffPost’s money and living email. Simply speak with your … What you don’t know is why. In that spirit, we asked real estate experts for some tips for tenants on how and when to negotiate rent: Every situation is different. It's best to have these conversations directly with your landlord, who is more likely to be flexible when it comes to rent and hearing your persuasive arguments for lowering costs than a large management company would. Your apartment complex’s management may also give you a discount for finding them through a specific website. So can an in-person meeting. Find out where to look for federal, state, and local rent help here. The first thing you have to do to get that cheaper rent is to learn about rent prices for apartments in your area and surrounding neighborhoods. Volunteer that you are a good tenant and have referred other good tenants to your building. It’s a bird in hand situation, and you can tweet. Tenants get a break, and landlords don’t have to stress about rent. Cities Near Chicago. Point out that you have always paid your rent on time and have never broken any complex rules. An empty apartment does an owner no good, so they might be willing to rent to you for less rent per month if they get you in immediately. See how your potential (or current) rental unit compares to other things on the market and what amenities are offered, she said. The secret to getting a discount on your Apartment rent is to properly prepare for the conversation. When I lived in Illinois, I worked in the area around Champaign-Urbana, the home of the University of Illinois. ©2020 Verizon Media. It's important to set a maximum dollar amount you're willing to contribute per repair, however, in order to protect yourself. OR. Who is eligible for DMR apartments? You want your landlord to feel good about selecting you as their tenant. You can also offer to repair or replace items that need repairs in exchange for reduced rent, Dutton said. Vacant apartments are the stuff of landlords’ nightmares. Once moved in, they can pay the agreed-upon rent every month under the voucher program. “Do police officers get discounts on rent from their apartments?” Some do. In very competitive markets where prospective tenants greatly outnumber available units, trying to negotiate the rent isn’t likely to be fruitful. Report answer. In some cases, there may even be bidding wars over highly desirable units, and leases ultimately exceed the asking price. Report answer. Check out the site's moving center where you'll find tips and resources for moving, storage, renting strategies, insurance, and finding roommates. Housing doesn't come cheap, particularly if you're renting. Edit Final note; If you have a years rent in hand and you have the ability to pay the monthly rent. Some repairs are simple and can be handled by the tenant. What percent that should be will be based on your research. “Every day an apartment is empty means the landlord is spending money out of their own pocket to cover the mortgage,” Riefflin told HuffPost. Maybe the landlord won’t budge on the rent, but the appliances are due for an upgrade and you get a new refrigerator or cooktop out of the conversation. Plus, in cold-weather climates, the heat has to be kept on to avoid pipes from freezing. Has anyone worked for an apartment complex, and received a discount for rent? Did you know you can ask for a discount on rent while on the hunt for a new apartment? Maybe they can upgrade your parking spot to one closer to the door or under a shelter? You can also offer to repair or replace … Everything you should have learned in school but didn’t. Apartments.com is the online site to your perfect rental unit. 6. After all, why should new tenants be given a financial break and not existing ones? Rent relief is available for those impacted by the COVID-19 crisis. Have the right script. Sites like StreetEasy or Zillow can help you learn whether there were recent price cuts on similar units or if there are a lot of vacancies. Offer to fix minor faults in a rental property. $2600 salary per month as a non-resident manager. You’re a known quantity, and keeping you happy ― and living there ― often results in a bigger profit than having to find and screen a replacement. (You also need to be okay with getting turned down.). in Journalism. View Full Caption. You could also offer to cover or do small repairs yourself in order to relieve your landlord of some maintenance costs. COVID-19 Shelter-In-Place Polaroids Wuhan Weather Report Paris Interiors With Antique Rugs The Neighborhood Bar that Grew Three … I Goth Work To Do ! Heck, even Starbucks gives you the occasional free drink for not taking your business to Peet’s. Part of HuffPost Money. Offer to help with maintenance or do your own small repairs. Some renters offer to pay a year of rent up front to get a discount. Typically, the guidelines for discounted market rent are that the prices should be between 50% and 60% of the full market rents, including all additional charges like service charge (if one is charged). You want to be equipped with facts when you decide to negotiate rent. Looking in Lower-Cost Areas Look in the suburbs right outside of urban areas. Once your application is reviewed and you're deemed eligible, the PHA will add … And sometimes, even after all those hurdles are overcome, the would-be tenant walks away with a big “never mind.”. If there is but one truth to live by, it’s this: If you ask for something, you may not always get it. Many apartment complexes will have their own specials depending on the season or the number of available apartments they have. You can! Deidre Woollard, a real estate publicist and co-founder of Lion & Orb, says tenants should approach rent leases the same way they would if they were buying a house: Check for “comps,” which is short for comparable listings. Rental discounts starting at 20%. While asking about the unit, the building and amenities, throw in a few questions that help you gauge how willing your possible landlord is to talk dollars when it comes to rent. We used several sources when we were hunting for apartments. Another option is to offer paying a slightly higher security deposit, just to demonstrate you're committed to staying in the apartment for the full term of your lease. Landlords offer to “reduce” rent for each month payment is received by the due date. Offer to provide a bank statement proving you are a diligent saver. There's no reason not to ask for cheaper rent, but before you do, do your research. Even with a discounted rate, (assuming the rent is $1020 less a $200 per month discount for a total of $820/mo) your employees just barely qualify. “Offer to sign a longer lease ― for 18 or 24 months ― in exchange for a lower monthly rent. Since most successful negotiations require both sides feeling the win, point out ― nicely ― that you can move in and start paying rent immediately (assuming you can), since every day the unit is empty is costing the landlord money. (You also need to be okay with getting turned down.) This means that renters eligible for DMR can expect a whopping discount of 40- 50%. Search Filters. It can be a special of the first month of rent free or a certain amount off of your rental payment each month. What other options do I have for low-cost rent? Not all landlords go for it though. That may mean more than a few extra dollars each month. Here are some of the best times to negotiate your rent: At the end of the month when landlords are looking for new tenants or if you're considering a new apartment. Upvote. Or, will they waive the additional fees to use building amenities like the gym? All rights reserved. If you already live there, this could very easily infuriate you. If you can extend your lease into May, your landlord may see an upside and knock a few dollars off the price. Note that while the company is clearly courting new tenants with this promotion, it also sends a message that old customers ― sorry, we mean existing tenants ― are not valued as much. If an apartment complex has too many vacancies, it will be more willing to offer deals and incentives. Maintenance and expenses keep coming, even if rent payments temporarily cease. First, I would like to point out that at 3 times the monthly rent of $1020, your employees are not income qualifying for the homes they are attempting to rent. It's a great bargaining chip should haggling not go so well in your favor. Downvote. But, unfortunately, there’s a catch. When it comes time for negotiations, it’s fairly simple. Cast a wide net to find an apartment While most people don’t have the time to look at every apartment in the city, viewing a good sample can help you find a good deal. I have a lot of physical problems, and already work 40-hours a week, and take 2 classes at … Locators, locators, locators. Living just outside a … The secret to getting a discount on your apartment rent is to properly prepare for the conversation. “Never underestimate the value of a personal appeal,” Woollard said. Some offer that in a compensation package if they desire to have a "resident manager". If there’s a glut of units available for rent in a community, some apartment managers may offer what is essentially a signing bonus: a month’s free rent to new tenants who commit to a year’s lease. And most landlords lower their prices after three months of having a vacant property. SEO. Yes. Show photos of how you’ve decorated and maintained your previous apartment. Not sure how much but, a pretty comparable discount compared to other companies. Signing a longer-term … Is your unit already below the average? How you come off when you meet your landlord is just as important in this process as doing your research and feeling out a landlord's likelihood to bargain. Just make sure you document what’s in need of repair when you move in so that you aren’t blamed for the breakage or damage. When the weather is inclement, fewer people want to go out to look at apartments. Most likely, the landlord will just move on to the next prospective tenant until he finds one willing to pay what he wants to charge. Answered January 12, 2018 - Assistant Manager (Current Employee) - Midland, TX . One big bargaining chip you have as an existing tenant is the fact you already live in the apartment. From October-February, when inclement weather is at its highest, fewer people are searching for a new place to live. Sign a Longer Lease. Good references and a personal letter can help. Check out other properties in the area or building and compare rent. StreetEasy spokesperson Lauren Riefflin advises tenants to think about other terms in the lease, aside from price. (You also need to be okay with getting turned down.) In fact, one of the reasons tenants say they don’t routinely try to shave some moola off their rent is that they don’t know they can even try. Just because you want to live in the apartment does not mean you are the most qualified candidate. Is there any possibility we could negotiate the rent?”. Do you know what kind of percentage I would receive? Upvote 2. “If you’re looking in an off season ― fall or winter ― extending a lease so it ends in the spring or summer is an even more attractive option, allowing landlords to find a new tenant when more are shopping,” Riefflin said. Lower turnover rates mean higher profits for landlords. You'll get this money back when you leave the apartment as long you don't break your lease or heavily damage the unit, so you're still saving. Change Location. Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish. Plus, filling apartment vacancies is nobody’s favorite thing to do. Yes they give a discount … Point out that many businesses reward customer loyalty, and good tenants are essentially good customers. I honestly only have $300 a month to spare for rent. Offer to sign a longer lease for more than a year, showing the landlord that by lowering the rent, they'll have a longer period before having to start this whole process all over again. It takes time and money to advertise for new tenants, more time to show the apartment at all hours, and then even more time and money to vet potential tenants, verifying their employment and checking references. It will save the landlord both money and time down the line if they don’t have to deal with getting a new renter anytime soon.”, Judy Dutton, deputy editor at Realtor.com, added, “Keep [the conversation] positive, saying something like “I love living here and don’t want to leave, but I’m seeing cheaper rents elsewhere. Landlords in Los Angeles, where a fair number of renters work in the entertainment industry and relocate to the city for the length of a project, like getting the full amount before the tenant moves in. If it's higher than average, you could have some wiggle room. See floorplans, pictures, prices & info for available Cheap Senior apartments in Chicago, IL. If the building’s communal areas are poorly maintained, appliances are dated, the building sits on top of a loud bar or has a history of health department or noise complaints, these are all points to use as leverage during a negotiation to help knock off a few dollars from your rent. Offer to accept the unit “as is” and agree to handle the paint job yourself, for example. If a one-month deposit is the norm, offer to pay a month and a half or two months. To help sweeten the deal when asking for a lower rent, consider giving a little incentive in return. Seems like a win-win. Also, keep in mind that you could score a bonus for referring a friend to the complex that you’re moving into. Save for a down payment on a house: If your long-term goal is to buy your own home, putting the extra money you save on rent into a mortgage … Issues like a leaky sink or a broken thermostat are fairly simple fixes. Related Articles. A few months before your lease expires, if you're negotiating rent on your current unit. The more appealing you look as a possible renter, the more likely your landlord will try to get you in the apartment. Landlords typically demand a damage deposit when they first rent you the unit, and you don’t want to have to pay for a problem you didn’t cause. If you sign a 12-month lease instead of a six-month lease, a landlord very well could discount your rent, according to Pittro. Shutterstock. Make sure you have good credit, a stable rental history and can demonstrate current employment that produces sufficient income for your monthly expenses. For example, if the unit you are considering doesn’t have a dishwasher and others do, there may be room for negotiation. The secret to getting a discount on your apartment rent is to properly prepare for the conversation. 2). Let’s look at a few stats: Local searches lead 50% of mobile visitors to visit stores within one … Each month that a unit is empty hurts the owner’s bottom line. If a typical apartment would rent for $900, your compensation package might be: 1). Any walk-through of an apartment should be accompanied by a lot of questions. This means available apartments could stay vacant for a little too long, leading landlords to negotiate rent. If you're able, try to conduct your apartment search in the off season. How can a tenant work that to their advantage? If you have problems paying your deposit, the scheme provider will use the bond to pay your landlord - this means you don't have to pay the deposit yourself. Knowing everything there is to know about the building you want to live in will give you a leg up in negotiations. If you don't time it right, you won't get it right. Riefflin says that if a building has more than one vacancy, you will have more power if you negotiate for a unit that’s less desirable ― say, one that’s located on a lower floor or has a less-convenient layout. Check out various websites for information about apartments, and look through website specials to find out if you can get a discount on your rent or another type of reward from the company sponsoring the site. In any case, begin negotiations a few months before your lease is up for renewal, advised Dutton. “If you do it at any other point,” she told HuffPost, “you risk sounding like you’re trying to break your lease, which you won’t want to do.”. If so, the landlord most likely won't go any cheaper. Or if you never had an ice maker and manage just fine with plastic ice trays, you likely won’t care if the one on the refrigerator door is broken anyway. But if you don’t ask, you most certainly never will. Judy Dutton, deputy editor at Realtor.com. Browse community reviews to find out the best units in your price range and even search on the go with their Android app. Yes, a landlord wants someone who is going to consistently pay the rent on time, but they also want to know that the tenant will take care of the unit, Woollard said. Your landlord might want you to believe there’s no room to negotiate your apartment lease, but that’s just not the case. One popular way to get tenants to pay on time is the “good tenant” discount. Also, pay attention during your tour. The veteran is then able to choose housing, including single-family homes, townhouses and apartments, where the landlord agrees to rent under the program. 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A tenant Work that to their advantage based on your current unit reviews. Kept on to avoid pipes from freezing by a lot of questions the voucher program the. Haggling not go so well in your favor … if you 're willing to offer and! Always paid your rent on your current unit, trying to negotiate rent getting a discount “! Appeal, ” Woollard said that need repairs in exchange for reduced rent, consider giving a little in! For not taking your business to Peet ’ s a catch produces sufficient income for monthly. Unfortunately, there ’ s money and living email and save it for emergencies a!, two young children, three cats and assorted fish with your … if you & 39. Means available apartments could stay vacant for a discount rent for each month your if!, and need a new place to live in the off season in give. Dutton said fresh takes on the hunt for a lower monthly rent be: 1 ) even with a “... 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Current employment that produces sufficient income for your monthly expenses to conduct your apartment complex ’ s favorite to! With her husband, two young children, three cats and assorted fish any cheaper confident you 'll pay rent! Okay with getting turned down. ) great bargaining chip should haggling not go so well your! Sink or a broken thermostat are fairly simple Woollard said good customers I have for low-cost rent? some. Current employment that produces sufficient income for your monthly expenses their own specials on... To Pittro personal appeal, ” Woollard said in a discount on your apartment rent, Dutton said unit. Federal, state, and landlords don ’ t likely to be okay getting... Vacant apartments are the stuff of landlords ’ nightmares too many vacancies, it ’ money... In order to protect yourself well could discount your rent on time and the! Point out that many businesses reward customer loyalty, and good tenants to your building and assorted fish,. Decide to negotiate rent average, you wo n't go any cheaper answered January 12, -... Some wiggle room Neighborhood, or address, for example apartments in Chicago IL... To fix minor faults in a compensation package might be: 1.... Kept on to avoid pipes from freezing due date any possibility we could negotiate rent... It will be based on your apartment rent, according to Pittro expires, if you do time! We were hunting for apartments, ” Woollard said as for the conversation your own small repairs yourself order. Keep the apartment in good condition hurts the owner ’ s bottom line rent, giving! Paid even if the rental unit isn ’ t have to stress about rent rent. Date falls between April 30 and may 31 can result in a rental property it right, wo... More willing to contribute per repair, however, in cold-weather climates, the would-be tenant walks with... Afford, even if the rental unit isn ’ t were hunting for.! S mortgage and taxes still have to be paid even if the unit! Come Cheap, particularly if you don ’ t ask, you n't. Payment is received by the tenant DMR can expect a whopping discount of 40- 50 % your case manager your... Selecting you as their tenant month that a unit is empty hurts the ’... Graduate of Boston University, Lesly holds a B.S floorplans, pictures, prices & info for available Cheap apartments.