The warmer weather is a welcome respite from the chills we experienced in our region last week. But even better, it signals the beginning of the spring rental season in New York City. As we have noted in our prior posts, the market for luxury apartments is slowing a bit, so this year's market may be beneficial for renters.
After all, with all of the new developments ready and more people balking at buying at the top of the market, property owners may be more apt to rent instead of having properties sit empty. With that, consumers should be wary about how to negotiate for the ideal rent. This post will give a few helpful tips.
Offer to stay longer - Landlords appreciate a steady flow of income. So if you offer to stay longer (i.e. a 15 or 18 month lease, as opposed to a 12 month lease) chances are that the landlord will be amenable to a reduced rent in exchange for a longer lease.
Look at new buildings -As we alluded to earlier, new building owners are eager to fill empty properties that have not been purchased, so they may include helpful incentives such as reduced or free parking, complimentary health club passes or other perks.
Pay a portion of the lease upfront - If you have the ability to do so, paying a portion of the rent upfront could net a discount. It will show that you are serious about the property and give the landlord a nice incentive to do business with you.
The preceding is not legal advice. For additional information on negotiating rents, an experienced real estate attorney can advise you.