Can I Negotiate Cheaper Rent?

Can I Negotiate Cheaper Rent?

If anyone understands just how unaffordable rent can be in today’s market, it’s those searching for homes for rent in South Florida. In fact, recent studies suggest that renting may actually be more expensive than owning a home in most states. In light of the struggles many who hope to rent are facing, some people may be questioning if rent is something which can be negotiated. The short answer? Yes, but those who wish to be successful in doing so should enlist an experienced and knowledgeable real estate professional.

Here are some strategies your real estate professional may use to bring the number down.

Lengthening the Lease Agreement

One of the most effective tactics for securing lower rent is agreeing to a longer lease term. Replacing tenants is a time-consuming and costly process for any landlord, so the longer the commitment, the better. If a renter does not have plans to move from the location any time soon, lengthening the lease may be a good move.

Citing the Competition

When enlisting a real estate professional to assist in a rental search, it is important to select an individual who is an expert in the local market. This knowledge will undoubtedly pay off for the prospective renter, as the professional who knows the area well can leverage such knowledge in negotiations. If similar properties are listing for less, this information could be used to convince the landlord to agree to a lesser rate if the renter has intentions to go elsewhere..

Making the Offer Attractive in Other Ways

There are ways to appeal to a landlord other than increasing the rent he’s asking for. For instance, if a prospective renter offers to pay more cash up front, the landlord may be inclined to decrease the monthly amount if he is going to get several months of rent in a lump sum. Likewise, those looking to secure a lower rental rate can adjust the terms in other ways, such as by agreeing to maintain the property, thus taking the burden off of the landlord to deal with minor repairs.

If you’re on a search for homes for rent in South Florida, it’s time to seek out the help of a real estate professional. Call our office today to get started.

Real Estate Recap: November 2017

A new year is right around the corner, and in order to understand what it might bring for the South...

Continue reading
by Laura Ure

Real Estate Recap: October 2017

Though October is the month of spooks and scares, the numbers reported for our local real estate...

Continue reading
by Laura Ure

Real Estate Recap: May 2017

Florida Realtors has released its report on the May South Florida real estate market, and our team...

Continue reading
by Laura Ure