Everything in life is negotiable – maybe even your rent. If you can lower the rent on the home you want by just $50 a month, you’ll see $600 in savings each year! AHRN.com got the breakdown from landlord Lisa Klinkhammer on how to negotiate for lower rent.
AHRN.com home owner Lisa Klinkhammer values the consistently great military tenants she rents to at Joint Base Lewis-McChord. Although her home has consistently rented quickly, often before the previous tenant has moved out, there is still some wiggle room for the all-important right tenant. Here are her four suggestions for negotiating the rent on your next home.
“Our current tenant has excellent credit and was willing to sign a 3 year lease. In exchange for that, they wanted a $300 discount a month on the rent. (Big negotiator) We said we couldn’t do it. But we did lower it by $50 / mo.”
Before you begin, make sure you understand the market. A home that is already priced at the lower end for the local rental market is unlikely to have the room to negotiate on the rent. Your offer should still be in an appropriate rental price range for that home in the current rental market. If there are several houses on the street available for rent or the home has been listed for more than 60 days, you’re starting in a much stronger position.
Trusting your home to renters is a risk and home owners are motivated to protect their investment. An excellent credit score of 700 or higher can provide some leverage for negotiation as it indicates that you are less of risk and financially responsible.
Use Your Allotment
Especially when renting directly from a home owner, paying your rent via allotment adds an extra measure of security that the rent will be on time each month.
In For The Long Haul
Every time a home owner has to turn over a home in preparation for new tenants, it costs money. The home is empty and there are cleaning and repair costs. If you are willing to sign a longer term lease of 2 or more years, the landlord may be willing to negotiate that stability for a small reduction in the monthly rent.
For many military families, multiple PCS’s mean an extensive rental history. Don’t be shy about asking for references when you’ve been a great tenant. Then offer that positive rental history to potential landlords when you ask to negotiate the rent. Again, great references and a strong rental history make you an attractive candidate for protecting the landlord’s investment.
Don’t be afraid to ask. All they can say is no – if you don’t get it, either move on or try to meet in the middle.
We want to know:
Have you ever negotiated your rent?