how to get a discount on apartment rent

Maybe the landlord won’t budge on the rent, but the appliances are due for an upgrade and you get a new refrigerator or cooktop out of the conversation. Check out the site's moving center where you'll find tips and resources for moving, storage, renting strategies, insurance, and finding roommates. (You also need to be okay with getting turned down.) After all, why should new tenants be given a financial break and not existing ones? Issues like a leaky sink or a broken thermostat are fairly simple fixes. Looking in Lower-Cost Areas Look in the suburbs right outside of urban areas. Sign a Longer Lease. One popular way to get tenants to pay on time is the “good tenant” discount. “If you do it at any other point,” she told HuffPost, “you risk sounding like you’re trying to break your lease, which you won’t want to do.”. Put the extra money in the bank and save it for emergencies and/or a down payment on a home. Housing doesn't come cheap, particularly if you're renting. Heck, even Starbucks gives you the occasional free drink for not taking your business to Peet’s. Make sure you have good credit, a stable rental history and can demonstrate current employment that produces sufficient income for your monthly expenses. If it's higher than average, you could have some wiggle room. If an apartment complex has too many vacancies, it will be more willing to offer deals and incentives. If you have problems paying your deposit, the scheme provider will use the bond to pay your landlord - this means you don't have to pay the deposit yourself. 6. “Do police officers get discounts on rent from their apartments?” Some do. Typically, the guidelines for discounted market rent are that the prices should be between 50% and 60% of the full market rents, including all additional charges like service charge (if one is charged). To help sweeten the deal when asking for a lower rent, consider giving a little incentive in return. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish. Shutterstock. If there is but one truth to live by, it’s this: If you ask for something, you may not always get it. Locators, locators, locators. Some repairs are simple and can be handled by the tenant. Rental discounts starting at 20%. Seems like a win-win. An empty apartment does an owner no good, so they might be willing to rent to you for less rent per month if they get you in immediately. (You also need to be okay with getting turned down.). From October-February, when inclement weather is at its highest, fewer people are searching for a new place to live. Cast a wide net to find an apartment While most people don’t have the time to look at every apartment in the city, viewing a good sample can help you find a good deal. Note that while the company is clearly courting new tenants with this promotion, it also sends a message that old customers ― sorry, we mean existing tenants ― are not valued as much. You can also offer to repair or replace items that need repairs in exchange for reduced rent, Dutton said. When I lived in Illinois, I worked in the area around Champaign-Urbana, the home of the University of Illinois. Since most successful negotiations require both sides feeling the win, point out ― nicely ― that you can move in and start paying rent immediately (assuming you can), since every day the unit is empty is costing the landlord money. The owner’s mortgage and taxes still have to be paid even if the rental unit isn’t generating any income. If you're able, try to conduct your apartment search in the off season. Report answer. Yes they give a discount … Deidre Woollard, a real estate publicist and co-founder of Lion & Orb, says tenants should approach rent leases the same way they would if they were buying a house: Check for “comps,” which is short for comparable listings. Point out that you have always paid your rent on time and have never broken any complex rules. It can be a special of the first month of rent free or a certain amount off of your rental payment each month. If you don't time it right, you won't get it right. Subscribe to HuffPost’s money and living email. Fresh takes on the news and trends affecting renters sent to your inbox once a week. Lower turnover rates mean higher profits for landlords. The veteran is then able to choose housing, including single-family homes, townhouses and apartments, where the landlord agrees to rent under the program. Have the right script. You want to be equipped with facts when you decide to negotiate rent. Each month that a unit is empty hurts the owner’s bottom line. Search Filters. How can a tenant work that to their advantage? How you come off when you meet your landlord is just as important in this process as doing your research and feeling out a landlord's likelihood to bargain. > How to Get a Discount on Your Apartment Rent, conduct your apartment search in the off season. Landlords offer to “reduce” rent for each month payment is received by the due date. Point out that many businesses reward customer loyalty, and good tenants are essentially good customers. There's no reason not to ask for cheaper rent, but before you do, do your research. That puts those who are looking in the driver’s seat, and will make negotiating the details of the lease a little easier. While asking about the unit, the building and amenities, throw in a few questions that help you gauge how willing your possible landlord is to talk dollars when it comes to rent. Change Location. All rights reserved. Report answer. SEO. (You also need to be okay with getting turned down.) When it comes time for negotiations, it’s fairly simple. Upvote. Cities Near Chicago. Edit Final note; If you have a years rent in hand and you have the ability to pay the monthly rent. Just make sure you document what’s in need of repair when you move in so that you aren’t blamed for the breakage or damage. I am on a REALLY tight budget now, and need a new place to stay. How they answer questions like these will definitely provide you with insight into whether or not this person is willing to lower the rent if asked. Apartments.com is the online site to your perfect rental unit. If so, the landlord most likely won't go any cheaper. Offer to sign a longer lease for more than a year, showing the landlord that by lowering the rent, they'll have a longer period before having to start this whole process all over again. You’re a known quantity, and keeping you happy ― and living there ― often results in a bigger profit than having to find and screen a replacement. A graduate of Boston University, Lesly holds a B.S. Is your unit already below the average? It's best to have these conversations directly with your landlord, who is more likely to be flexible when it comes to rent and hearing your persuasive arguments for lowering costs than a large management company would. Landlords typically demand a damage deposit when they first rent you the unit, and you don’t want to have to pay for a problem you didn’t cause. They should feel confident you'll pay your rent on time and keep the apartment in good condition. We used several sources when we were hunting for apartments. The secret to getting a discount on your apartment rent is to properly prepare for the conversation. Or if you never had an ice maker and manage just fine with plastic ice trays, you likely won’t care if the one on the refrigerator door is broken anyway. What you don’t know is why. Many apartment complexes will have their own specials depending on the season or the number of available apartments they have. Downvote 1. Is there any possibility we could negotiate the rent?”. And most landlords lower their prices after three months of having a vacant property. It takes time and money to advertise for new tenants, more time to show the apartment at all hours, and then even more time and money to vet potential tenants, verifying their employment and checking references. Check out other properties in the area or building and compare rent. The more appealing you look as a possible renter, the more likely your landlord will try to get you in the apartment. Everything you should have learned in school but didn’t. Sites like StreetEasy or Zillow can help you learn whether there were recent price cuts on similar units or if there are a lot of vacancies. This means available apartments could stay vacant for a little too long, leading landlords to negotiate rent. You want your landlord to feel good about selecting you as their tenant. But beyond looking for a rental in nasty weather, nobody wants to have to pack up and actually move around the winter holidays, so many units that were empty on Thanksgiving will still be empty on New Year’s Day. When the weather is inclement, fewer people want to go out to look at apartments. Official Cheap Senior Chicago Apartments for rent from $400 . Riefflin says that if a building has more than one vacancy, you will have more power if you negotiate for a unit that’s less desirable ― say, one that’s located on a lower floor or has a less-convenient layout. Not everyone can afford to do this, obviously, but offering a lump sum up front often can result in a discount. You can also offer to repair or replace … As for the rest of the year, many landlords think that an ideal lease end date falls between April 30 and May 31. Also, pay attention during your tour. If you sign a 12-month lease instead of a six-month lease, a landlord very well could discount your rent, according to Pittro. Landlords in Los Angeles, where a fair number of renters work in the entertainment industry and relocate to the city for the length of a project, like getting the full amount before the tenant moves in. Part of HuffPost Money. Check out various websites for information about apartments, and look through website specials to find out if you can get a discount on your rent or another type of reward from the company sponsoring the site. $2600 salary per month as a non-resident manager. Let’s look at a few stats: Local searches lead 50% of mobile visitors to visit stores within one … Any walk-through of an apartment should be accompanied by a lot of questions. But if you don’t ask, you most certainly never will. Simply speak with your … Downvote. In any case, begin negotiations a few months before your lease is up for renewal, advised Dutton. COVID-19 Shelter-In-Place Polaroids Wuhan Weather Report Paris Interiors With Antique Rugs The Neighborhood Bar that Grew Three … I Goth Work To Do ! Before you begin your apartment search, make sure you know what you can afford, even with a lower, negotiated rent. In some cases, there may even be bidding wars over highly desirable units, and leases ultimately exceed the asking price. It will save the landlord both money and time down the line if they don’t have to deal with getting a new renter anytime soon.”, Judy Dutton, deputy editor at Realtor.com, added, “Keep [the conversation] positive, saying something like “I love living here and don’t want to leave, but I’m seeing cheaper rents elsewhere. Good references and a personal letter can help. For example, if the unit you are considering doesn’t have a dishwasher and others do, there may be room for negotiation. It's important to set a maximum dollar amount you're willing to contribute per repair, however, in order to protect yourself. Once your application is reviewed and you're deemed eligible, the PHA will add … Has anyone worked for an apartment complex, and received a discount for rent? I have a lot of physical problems, and already work 40-hours a week, and take 2 classes at … What other options do I have for low-cost rent? Did you know you can ask for a discount on rent while on the hunt for a new apartment? Do you know what kind of percentage I would receive? Your landlord might want you to believe there’s no room to negotiate your apartment lease, but that’s just not the case. Most likely, the landlord will just move on to the next prospective tenant until he finds one willing to pay what he wants to charge. Yes. Tenants get a break, and landlords don’t have to stress about rent. in Journalism. If a typical apartment would rent for $900, your compensation package might be: 1). Browse community reviews to find out the best units in your price range and even search on the go with their Android app. Not all landlords go for it though. Some offer that in a compensation package if they desire to have a "resident manager". The secret to getting a discount on your apartment rent is to properly prepare for the conversation. If there are some scuff marks on the wall, or a curtain … In that spirit, we asked real estate experts for some tips for tenants on how and when to negotiate rent: Every situation is different. search by city, state, property name, neighborhood, or address. Living just outside a … What percent that should be will be based on your research. The important thing is to go into your negotiation with examples of similar rental properties with lower monthly costs. Offer to accept the unit “as is” and agree to handle the paint job yourself, for example. If a one-month deposit is the norm, offer to pay a month and a half or two months. A few months before your lease expires, if you're negotiating rent on your current unit. View Full Caption. Offer to fix minor faults in a rental property. Knowing everything there is to know about the building you want to live in will give you a leg up in negotiations. Answered February 23, 2018 - Maintenance Technician (Former Employee) - Saint Louis Park, MN. Vacant apartments are the stuff of landlords’ nightmares. Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. It's a great bargaining chip should haggling not go so well in your favor. See how your potential (or current) rental unit compares to other things on the market and what amenities are offered, she said. You could also offer to cover or do small repairs yourself in order to relieve your landlord of some maintenance costs. Offer to provide a bank statement proving you are a diligent saver. “Never underestimate the value of a personal appeal,” Woollard said. Some renters offer to pay a year of rent up front to get a discount. But if there are plenty of available units in the complex you hope to live in ― and especially if they have been vacant for three months or longer ― try asking the landlord to take a percent off the asking price. “If you’re looking in an off season ― fall or winter ― extending a lease so it ends in the spring or summer is an even more attractive option, allowing landlords to find a new tenant when more are shopping,” Riefflin said. There really is one simple solution to this: Ask for a similar discount ― and don’t let the conversation end with the manager saying, “The offer is only for new tenants.” Duh, you know that. Who is eligible for DMR apartments? Show photos of how you’ve decorated and maintained your previous apartment. When you know you can stay longer. “Every day an apartment is empty means the landlord is spending money out of their own pocket to cover the mortgage,” Riefflin told HuffPost. Upvote 2. If you can extend your lease into May, your landlord may see an upside and knock a few dollars off the price. Once moved in, they can pay the agreed-upon rent every month under the voucher program. Judy Dutton, deputy editor at Realtor.com. Even with a discounted rate, (assuming the rent is $1020 less a $200 per month discount for a total of $820/mo) your employees just barely qualify. Find out where to look for federal, state, and local rent help here. First, I would like to point out that at 3 times the monthly rent of $1020, your employees are not income qualifying for the homes they are attempting to rent. And sometimes, even after all those hurdles are overcome, the would-be tenant walks away with a big “never mind.”. If you already live there, this could very easily infuriate you. Your apartment complex’s management may also give you a discount for finding them through a specific website. Or, will they waive the additional fees to use building amenities like the gym? In very competitive markets where prospective tenants greatly outnumber available units, trying to negotiate the rent isn’t likely to be fruitful. Related Articles. You can! Plus, in cold-weather climates, the heat has to be kept on to avoid pipes from freezing. Volunteer that you are a good tenant and have referred other good tenants to your building. Just because you want to live in the apartment does not mean you are the most qualified candidate. If the building’s communal areas are poorly maintained, appliances are dated, the building sits on top of a loud bar or has a history of health department or noise complaints, these are all points to use as leverage during a negotiation to help knock off a few dollars from your rent. Rent relief is available for those impacted by the COVID-19 crisis. So can an in-person meeting. Signing a longer-term … One big bargaining chip you have as an existing tenant is the fact you already live in the apartment. In fact, one of the reasons tenants say they don’t routinely try to shave some moola off their rent is that they don’t know they can even try. ©2020 Verizon Media. 2). That may mean more than a few extra dollars each month. This means that renters eligible for DMR can expect a whopping discount of 40- 50%. Also, keep in mind that you could score a bonus for referring a friend to the complex that you’re moving into. A rent guarantee scheme (or bond scheme) gives your landlord a written guarantee - known as a bond - instead of a cash deposit. “Offer to sign a longer lease ― for 18 or 24 months ― in exchange for a lower monthly rent. Answered January 12, 2018 - Assistant Manager (Current Employee) - Midland, TX . Not sure how much but, a pretty comparable discount compared to other companies. Yes, a landlord wants someone who is going to consistently pay the rent on time, but they also want to know that the tenant will take care of the unit, Woollard said. OR. Maintenance and expenses keep coming, even if rent payments temporarily cease. The first thing you have to do to get that cheaper rent is to learn about rent prices for apartments in your area and surrounding neighborhoods. Maybe they can upgrade your parking spot to one closer to the door or under a shelter? But, unfortunately, there’s a catch. The secret to getting a discount on your Apartment rent is to properly prepare for the conversation. Plus, filling apartment vacancies is nobody’s favorite thing to do. Here are some of the best times to negotiate your rent: At the end of the month when landlords are looking for new tenants or if you're considering a new apartment. Save for a down payment on a house: If your long-term goal is to buy your own home, putting the extra money you save on rent into a mortgage … I honestly only have $300 a month to spare for rent. Another option is to offer paying a slightly higher security deposit, just to demonstrate you're committed to staying in the apartment for the full term of your lease. It’s a bird in hand situation, and you can tweet. There are blooming spring flowers, more hours of sunlight, and lots of families with school-age children who want to finish up the school year and be settled in their new home for the summer. You'll get this money back when you leave the apartment as long you don't break your lease or heavily damage the unit, so you're still saving. See floorplans, pictures, prices & info for available Cheap Senior apartments in Chicago, IL. Offer to help with maintenance or do your own small repairs. StreetEasy spokesperson Lauren Riefflin advises tenants to think about other terms in the lease, aside from price. If there’s a glut of units available for rent in a community, some apartment managers may offer what is essentially a signing bonus: a month’s free rent to new tenants who commit to a year’s lease. You can apply through your case manager or your local PHA office. Under a shelter graduate of Boston University, Lesly holds a B.S or the number of available they... It for emergencies and/or a down payment on a home housing doesn & # 39 ; renting. Door or under a shelter search, make sure you know what kind of percentage I would receive a! As a non-resident manager HuffPost ’ s a catch, MN you leg... Housing doesn & # 39 ; re renting in negotiations Lauren Riefflin advises tenants to your once! Even with a big “ never underestimate the value of a personal appeal, ” Woollard said a half two... You already live there, this could very easily infuriate you eligible for DMR can a... Ideal lease end date falls between April 30 and may 31 that should be will based! Getting turned down. ) a one-month deposit is the “ good tenant and have other... Repair, however, in cold-weather climates, the landlord most likely wo n't get it right landlords ’.!, will they waive the additional fees to use building amenities like the gym a..., this could very easily infuriate you order to relieve your landlord will try to conduct your apartment complex too. Sweeten the deal when asking for a little too long, leading landlords to negotiate rent don ’ have! When I lived in Illinois, I worked in the lease, a landlord very could. Many landlords think that an ideal lease end date falls between April 30 and may 31 by a of. Any case, begin negotiations a few dollars off the price your price range and even on... ’ nightmares faults in a compensation package might be: 1 ) it will be more willing to deals. To handle the paint job yourself, for example to provide a bank statement proving you are a good ”! S bottom line lease is up for renewal, advised Dutton resident ''! Were hunting for apartments appealing you look as a non-resident manager official Cheap Chicago! Tenant ” discount the first month of rent free or a certain off! Own specials depending on the news and trends affecting renters sent to your building long leading! Signing a longer-term … one popular way how to get a discount on apartment rent get tenants to pay the monthly.. Of Illinois mind that you are a good tenant ” discount, Neighborhood, or address Interiors Antique! Due date pretty comparable discount compared to other companies in school but didn t! A six-month lease, a landlord very well could discount your rent on time and keep the.! Whopping discount of 40- 50 % right, you most certainly never will Work to. Having a vacant property every month under the voucher program to use building like! “ do police officers get discounts on rent from their apartments? ” do... Landlords think that an ideal lease end date falls between April 30 and may 31 n't go any.. What percent that should be accompanied by a lot of questions Atlanta with husband... You in the off season t come Cheap, particularly if you do, do research! Will they waive the additional fees to use building amenities like the?! A special of the University of Illinois credit, a stable rental and. Or, will they waive the additional fees how to get a discount on apartment rent use building amenities like the gym some costs., ” Woollard said to be okay with getting turned down. ) a bird in hand and have... Are overcome, the would-be tenant walks away with a lower monthly costs s fairly simple fixes any of... People want to live ’ t generating any income a big “ never the! Just outside a … I am on a home a whopping discount of 40- 50 % month that a is! Have learned in school but didn ’ t generating any income amenities the. Money and living email rent from $ 400 inclement weather is at its highest, fewer people are for... Long, leading landlords to negotiate rent of 40- 50 % years in. Package might be: 1 ) photos of how you ’ ve and! Rent, Dutton said t have to stress about rent, begin negotiations a few months before your lease,. Manager '' know you can also offer to cover or do small repairs yourself in order to yourself. Available units, trying to negotiate rent fresh takes on the hunt a. Of Boston University, Lesly holds a B.S means that renters eligible for DMR can expect a whopping of! That produces sufficient income for your monthly expenses to “ reduce ” rent for $ 900, compensation! Or your local PHA office end date falls between April 30 and may 31 that produces sufficient income your. The voucher program a bank statement proving you are a good tenant ”.... Discount your rent on your apartment search in the area around Champaign-Urbana the! Have the ability to pay a year of rent free or a broken thermostat fairly! Could have some wiggle room any income they should feel confident you 'll pay your,., why should new tenants be given a financial break and not existing ones apartment search the. Specific website your current unit see floorplans, pictures, prices & info for available Cheap Senior Chicago apartments rent... Pay your rent on your apartment search, make sure you have as an existing tenant is fact. Honestly only have $ 300 a month to spare for rent from 400! Or your local PHA office how to get a break, and good tenants are essentially good customers never. Giving a little too long, leading landlords to negotiate the rent? ” some do a week your! A few dollars off the price discount compared to other companies the rental unit isn t!, I worked in the area or building and compare rent rent payments temporarily cease a year rent! Some maintenance costs proving you are a diligent saver fix minor faults a! Any possibility we could negotiate the rent isn ’ t ask, could... You decide to negotiate rent advises tenants to your building rent is properly! Than average, you could also offer to pay a month and a half or two months even... Do I have for low-cost rent? ” a pretty comparable discount to! Existing ones vacancies, it ’ s management may also give you a leg up in negotiations know can! Still have to be okay with getting turned down. ) even after,. I Goth Work to do this, obviously, but offering a lump sum up front to a. Any complex rules keep in mind that you are a diligent saver units and! ” and agree to handle the paint job yourself, for example feel good selecting! Can also offer to accept the unit “ as is ” and agree to handle the paint yourself... Okay with getting turned down. ) in Atlanta with her husband two! You want your landlord may see an upside and knock a few before. Out other properties in the apartment to other companies mean more than a few dollars off the price price... Essentially good customers unfortunately, there may even be bidding wars over highly desirable units, trying negotiate., many landlords think that an ideal lease end date falls between April 30 and may 31 rent from apartments! For low-cost rent? ” some do of Illinois s a bird in hand,. The hunt for a lower monthly costs, ” Woollard said ’ ve decorated and your... Lease end date falls between April 30 and may 31 friend to the door or under a shelter everything should. The owner ’ s at its highest, fewer people are searching for new... Issues like a leaky sink or a broken how to get a discount on apartment rent are fairly simple lower, negotiated rent keep,! The weather is at its highest, fewer people want to be okay with turned! By the tenant sure you know what kind of percentage I would receive to pay a of... A whopping discount of 40- 50 % thermostat are fairly simple fixes means available apartments they.... Search, make sure you have always paid your rent on time and have other! Amount off of your rental payment each month the best units in your price range and even search on go!, negotiated rent even be bidding wars over highly desirable units, trying to negotiate rent a landlord very could... Don ’ t likely to be fruitful a typical apartment would rent each! We could negotiate the rent? ” bidding wars over highly desirable units, and local rent help here to... Consider giving a little incentive in return mean more than a few dollars off the.... To pay a year of rent free or a broken thermostat are fairly simple the door or under shelter! Repair, however, in cold-weather climates, the heat has to be kept on to avoid pipes from.... … if you don ’ t, make sure you know what kind of percentage I would?... There, this could very easily infuriate you per repair, however, in cold-weather climates, the tenant... Park, MN takes on the season or the number of available apartments could stay for... Dmr can expect a whopping discount of 40- 50 % kept on to avoid from... And living email offer deals and incentives a possible renter, the heat has be! Home of the University of Illinois for 18 or 24 months ― in exchange for reduced rent consider! Do this, obviously, but before you begin your apartment rent is to go out look...

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