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Tenants and landlords: Negotiating rent

| Mar 23, 2017 | Landlord/Tenant Matters

Rental properties are there to help a landlord make money, and in turn, provide tenants a place to live without requiring them to buy. When the real estate market gets tighter in the local economy, one thing you may be able to do is to negotiate the price of an apartment or rental building. As a tenant, you can politely bring up the cost of the home and negotiate, and as a landlord, you have the right to price the home at any price you believe is fair in the current market.

How can a tenant reduce the cost of a rental property?

The best time to ask for a reduction in the cost of a property is if it has not filled for a long period of time or if the cost is well above the market value in the area. A landlord may be more likely to reduce the monthly rent or to throw in additional benefits, like having all utilities included in the rental cost, if he or she is having trouble finding a tenant.

How can landlords get the most out of a rental property?

Pricing a rental fairly is a good first step. Look at what other similar properties rent for in the area. To fill the home fast, be willing to negotiate a lower price or to throw in additional perks. You could even consider lowering the monthly price of the rental in exchange for an 18-month or two-year lease instead of opting for single-year leasing options.

The right lease matters. Having a professional, legally sound lease keeps tenants and landlords protected. This appeals to both parties, and your attorney can draw up a rental agreement at any time.

Source: Curbed, “How to Negotiate a Lower Rent and Avoid Rental Fees,” Hana R. Alberts, accessed March 23, 2017

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