Apartment Lease Negotiation Tips for Lower Rent and cheaper Renewals!

Houses For Rent - Apartment Lease Negotiation Tips for Lower Rent and cheaper Renewals!

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Imagine this typical scenario:

What I said. It just isn't the conclusion that the actual about Houses For Rent. You look at this article for facts about a person need to know is Houses For Rent.

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You return to your apartment after a long day and find in your mailbox or under your door an official letter from your landlord. It says that your current lease will be ending in a few months and that you have two alternatives: (1) receive a "one time special" if you fast renew your lease for someone else year, or (2) pay a higher rate if you instead go month-to-month. To your dismay, the new rent whole for both alternatives is significantly higher than what you are currently paying to this landlord. What will you do?

Step 1 is to stay calm. Your landlord's strategy is to play on natural fears of supplementary rent increases as it gets closer to renovation time. They know this, and you should too. They are writing this way because landlords have learned that most citizen will rush to judgment and thus fast agree to their preliminary terms and rent increases. However, understand that much of what's in this preliminary letter are just dream amounts and dream terms for your landlord. Especially, if there are currently any "for lease" signs or similar promotional materials on the grounds of your complex. So remember, stay calm. You can usually ignore this preliminary letter and wait to answer after receiving their follow-up note a few weeks later, which will often consist of best terms and conditions. In the meantime...

Step 2 is to understand. If you can think like your landlord, you will be able to write a simple, but effective, letter to your landlord that has proven to get results. What to include? Keep reading and you will learn how some creativity, a wee research, and uncostly trust can help you to sell out their asking whole even further. And, from this base you will understand how to ask for the lease period that best meets your needs, and how (depending on market conditions) you can even have a new lease where you pay less rent than your current lease.

First, an example of what Not to do: Many citizen mistakenly think that they should tell their landlord they are prepared to move, but that they would as a matter of fact like to stay so they can save on paying inviting expenses. In this case, you are not negotiating from a power perspective. Your landlord knows that inviting costs (e.g., truck, supplies, labor, etc.) recount money from your pocket, so they will practically always say, "no, do what you have to do, and move." They know from caress that most citizen want to avoid inviting hassles so they form in this example that tenants will ultimately take any "found money" that would have been spent on inviting expenses and instead "give it" to their landlord via compliancy with their preliminary rent growth letter.

Alternatively, by using the techniques that follow, we are going to turn this above situation around and show you how to convince your landlord to willingly take money that they would have otherwise spent on re-rental activities and instead "give it" to you in the form of a direct rent allowance or indirect rent concession to the traditional terms. To best see why this works, understand that your apartment's leasing owner (the man who can approve rent discounts) most likely reports to man at a larger corporation. And, that man wants a signed lease -- no matter the term -- to limit their uncertainty and risk exposure, and to help with corporate planning. You must use this to your advantage. Thus...

Step 3 is to do your research. Check online websites for any rent specials. This includes mass-market sites such as Apartments.com and Rent.com, plus the website of your apartment complex and administration firm. What specials are they contribution to new renters? Print these out. Also, check the web for similar complexes that are near your current apartment and those that are known competition to your current landlord. Especially inviting are those places that are brand new and those that are charging comparable amounts to your older rental unit. You will use these numbers to determine a uncostly counteroffer for your proposed new lease.

Step 4 is to write. You will send to your leasing owner (i.e., landlord representative) a polite, but direct, one-page letter that initially:

(A) "Thanks them for their letter of ____ (fill-in date) regarding their desire to have you continue as a high capability resident of ____ (fill-in name of apartment complex) after your current lease concludes on ____ (fill-in date)."

(B) Asserts that "You are unable to sign a new twelve-month lease deal with their firm and that the terms and conditions in case,granted by their firm for month-to-month leasing are unacceptable."

(C) Mentions that "However, comprehension your desire to declare unavoidable cash flow and occupancy of my unit via multi-month commitments in these economic times, I respectfully offer the following modified terms:"

It is here that your research can pay big dividends. You must now state that "I am willing to sign, immediately, a ____ (fill-in desired rental duration) months lease for my current unit with the following modified provisions: ____ (state how much you are willing to pay and specifically what discounts and/or other benefits such as free parking, storage, and competitor or management-advertised rebates for which you are asking as per your research)." If appropriate, attach a copy or short overview of any relevant pricing or definite promotional printout.

To advance your claim, state that "This arrangement is a 'win-win' and provides a solid basis by which both you, ____ (fill-in the name of your apartment's administration company), and myself can mutually meet our individual, corporate, and personal needs." Next, if there are any extra circumstances that help your case (see below), you would consist of them here. For example, "The above is consistent with comparable properties in the area and is asking for nothing more than what is currently being offered to your new ____ (fill-in name of apartment complex) tenants." Or, if you were a mid-year renter in a college town and wanted to stay shorter than an supplementary full lease term you would write, "The proposed arrangement enables you to put my unit back on cycle so that you can receive selected learner rents next year since this proposal makes my unit ready in August / September of next year rather than after the prime learner rush."

Conclude this letter with a paragraph that supplementary reinforces your position by communicating the following facts to your leasing owner / landlord representative:

"Immediately, this proposal enables you to have my unit generating wage -- not vacant -- for an supplementary ____ (fill-in duration) months from today. Not only is this unavoidable considering the current rental market, but you eliminate cleaning fees, searching/agency fees, and wage loss; and are ensured by having a capability tenant who has consistently paid on time, is not a 'hell raiser' with neighbors, and who keeps the unit in as high a clean and capability health that is inherent as per normal living conditions." Your last sentence should always be a call to action. For example, "Please call me upon receipt of this letter so that we can setup a time to sign all forms that will unblemished this proposed renewal. I look send to our mutual agreement. This is a 'win-win' for all involved!"

Step 5 is to enjoy. Congratulate yourself for a job well done. You've earned your allowance and can now celebrate the fruits of your labor for the rest of your new lease. And, remember, you can do this all over again next year! You have shown loyalty by staying, and they will still make more money by giving you the allowance rather than getting a new man because the unit will not be vacant for an unknown length of time. Nor, will they have exceptional cleaning fees or new painting expenses between tenants.

Finally, keep in mind that your lease benefits might be written in the form of a rent concession instead of as a rent reduction. What this means is that if you break your lease and leave early, you might be responsible for paying back to your landlord the variation between the negotiated concession and their traditional offer. If it's a level reduction, this might not be an issue. Though, approved liquidated damages clauses in your lease might still be there and need you to pay a "break the lease" penalty. Whether way, current market conditions, the capability of your tenancy, and how long you intend to stay will influence the whole that you will ultimately pay for rent. Good luck, and happy living!

© Copyright 2007, James G. Kavalaris. Licensed under the Creative Commons Attribution License. Reprints must consist of all text and links; including those from the resource section, below.

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