For recent college graduates, finding a job can be hard. Finding an affordable place to rent in this market can be even harder. If you were one of the lucky ones to land a full-time gig right out of school, congratulations. Now comes the tough part: Finding a decent apartment that won’t bankrupt you. Although it might seem like most rental rates are set in stone, some landlords may have a little wiggle room if you can offer the right incentives.
Below we’ve shared some tips for negotiating lower rent from the money experts at FinancialBuzz.com. Good luck!
- Propose a longer lease term: Offering to extension on your lease renewal is one method for successfully negotiating your rent. Staying an extra month (or even a full year) saves the leasing manager from extra work and delays necessary maintenance and repairs.
- Pay in advance: Offering to pay the entire lease upfront is extremely attractive to landlords because it gives them the flexibility in their budget to buy what they might need immediately. This can give the tenant some serious leverage when negotiating lease terms and rental rates.
- Do your research: Do your homework and bring statistics on rent prices and details on area apartment amenities to the negotiating table. Data helps strengthen your position without insulting the landlord.
- Showcase your financial background: Knowing your credit score is important and you should be willing to provide all documentation regarding your employment status. Additionally, you should “showcase your reliability and consistency as a renter” by providing a rental history. A good tenant saves a landlord time and money.
- Offer referrals: In exchange for reduced rate on rent, offer to help fill vacancies at your apartment complex. Use a leasing manager’s desperation to fill an empty space to your advantage by negotiating a break on rent for assisting him or her find another tenant quickly.
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