Negotiating rent can be an intimidating process.
When looking for an apartment, especially when you’re doing it for the first time, it’s hard to know exactly what to expect. For example, if the ad in the paper says the apartment is $800 a month, is that number set in stone?
While there is no blanket answer for whether or not a leasing price is “firm,” there’s no better time than the present to implement the old adage, “It doesn’t hurt to ask.”
Negotiating the rent may or may not be an option when you’re renting your off-campus apartment. In college towns, where there are usually plenty of renters available for every apartment for lease, rents may not be negotiable.
Your track record will come into play when trying to negotiate your rent. If you’re a first time renter, chances are you aren’t going to have much luck negotiating a lower rent. Where that situation might change is when you can pay your rent in advance.
Some landlords, particularly individual property owners, will reduce your rent by a few dollars per month when you agree to pay your rent, or at least several months of rent, in advance. If paying in advance is an option for you and the first answer on your request for lower rent was “no,” by all means, see if you can get the monthly cost down in exchange for a large up front payment.
If you’re negotiating terms that are different than normal, be sure you get a lease that reflects those terms.
If rent is non-negotiable, you don’t have to give up completely. Ask about the deposit. Most deposits are equal to one month’s rent. It doesn’t hurt to ask if you can get by with a smaller deposit. Again, if you have a history of renting, your chances of striking such a deal are probably better than if this is your first apartment.
Do you have any rent negotiating tips? Let us know about them in the comment section below.
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5 Comments. Leave new
I never knew “Negotiating” was an option when trying to rent a new apartment, but what good advice! I’m excited about moving off campus this year and finding a new student friendly environment. Knowing I could possibly negotiate the monthly price is a good feeling! Thank you!
Normally Student housing will not negotiate the rent but will give you a move in discount that you can spread over the lease to lower your rent. Happy Hunting!
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