Because of the warm weather expected this week, many may not know that fall is coming on Thursday. Indeed, the fall may not be the ideal time to seek deals for when it comes to renting property. However, the market for luxury properties has not been ideal.
As we noted in a prior post, the combination of a glut of new high end developments and more people balking at buying in that price point has led to a favorable rental market. After all, 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.
Ask about longer lease terms – Nothing is better than predictability in an uncertain economy. Because of this, landlords may be willing to reduce the monthly rent in exchange for a longer lease term. So it doesn't hurt to ask about a 24 month lease as opposed to a 12 month lease.
Check out languishing properties –Because so many new units came on the market this spring, some building owners may still be looking to fill empty properties that have not been purchased. As such, they may be amenable to renting them so that they may generate income.
Prepay portion of the lease – For those who have the finances to do so, paying a portion of the lease upfront (beyond the deposit) can help a landlord accept your offer.
The preceding is not legal advice. For additional information on residential leasing negotiations, an experienced real estate attorney can advise you.