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Is Negotiating the Rate on a Rental Home Common?
Posted on 1/22/14 at 9:09 am
Posted on 1/22/14 at 9:09 am
I've never rented before but we're selling our home in Baton Rouge and moving to Prairieville. My family will live in a rental home while we build a house.
For those who rent or own rental homes is haggling common? Given the price of rentals I'm curious if home owners who rent their houses put inflated numbers out there expecting potential renters to ask for a lower rate.
For those who rent or own rental homes is haggling common? Given the price of rentals I'm curious if home owners who rent their houses put inflated numbers out there expecting potential renters to ask for a lower rate.
7
Posted on 1/22/14 at 9:10 am to BeerMoney
quote:
Given the price of rentals I'm curious if home owners who rent their houses put inflated numbers out there expecting potential renters to ask for a lower rate.
Not normally..and if its a short term don't expect much of a break.
quote:
For those who rent or own rental homes is haggling common?
Yes it's pretty common.. depends on length of lease and such
This post was edited on 1/22/14 at 9:12 am
Posted on 1/22/14 at 9:13 am to Phil A Sheo
quote:
Not normally..and if its a short term don't expect much of a break.
Is 1 year considered short term?
I thought we might get a better rate considering we're a family, real low risk, great credit, etc.
Posted on 1/22/14 at 9:15 am to BeerMoney
i rent out several spaces on month-to-month basis. i don't usually give much on rent but i will a bit for certain circumstances (if i really feel good about the renter and for multi-month stays, again assuming i really like the renter)
Posted on 1/22/14 at 9:16 am to BeerMoney
Your rent will probably be more than your new house note.
When we built, we did a 6 month lease and month to month after so moving out would not be a problem. We explained our situation but he was willing to give a break only with a years lease.
When we built, we did a 6 month lease and month to month after so moving out would not be a problem. We explained our situation but he was willing to give a break only with a years lease.
Posted on 1/22/14 at 9:18 am to BeerMoney
I own and live in a condo, and have had several roommates rent the extra room on a month-by-month basis; my asking price has normally been roughly 25% higher than half of my total bills per month (mortgage pmt, regime fee, water, electricity, internet etc.) which in my mind is pretty fair considering the fact that I'm responsible for fixing or replacing any major appliances that require it. That said, I've come down slightly on my asking price once or twice depending on the situation and how well I liked or trusted the potential roommate.
It doesn't hurt to try, but don't expect a big dropoff.
It doesn't hurt to try, but don't expect a big dropoff.
Posted on 1/22/14 at 9:18 am to BeerMoney
quote:
Is 1 year considered short term? I thought we might get a better rate considering we're a family, real low risk, great credit, etc.
No.. I was thinking you were needing a 6 month deal... 1 year is normal.
Posted on 1/22/14 at 9:18 am to BeerMoney
we just moved and got 50 bucks knocked off, and the pet deposit waived. not much, but hey every penny right?
Posted on 1/22/14 at 9:25 am to BeerMoney
You have to go into something like that thinking, "all they can say is no". I rented a lot of places over the years, and at least 1 out of 2 had some wiggle room built in (sometimes people will not budge, period).
All depends on the landlord really and their situation.
All depends on the landlord really and their situation.
Posted on 1/22/14 at 9:36 am to BeerMoney
Yes, you can negotiate this. In fact, I did the very same thing you are about to do. I went into a year lease with the option to extend 6 months while we built our house. What we did to lower the rent was to agree to do the yard work as well as pay them 3 months in advance. I figured that large amount up front would help them with their moving expenses (as they were living in the house) so it would be more attractive. By doing this, they knocked off $400/month off of my rent.
So yes, you can negotiate rent.
So yes, you can negotiate rent.
Posted on 1/22/14 at 9:37 am to BeerMoney
If you are signing a lease, you can maybe get $50/month off at best or negotiate some kind of change or appliance addition you want maybe.
Posted on 1/22/14 at 9:38 am to Crusty
quote:
Yes, you can negotiate this. In fact, I did the very same thing you are about to do. I went into a year lease with the option to extend 6 months while we built our house. What we did to lower the rent was to agree to do the yard work as well as pay them 3 months in advance. I figured that large amount up front would help them with their moving expenses (as they were living in the house) so it would be more attractive. By doing this, they knocked off $400/month off of my rent.
this, bring something of value to the negotiating table
Posted on 1/22/14 at 9:41 am to BeerMoney
quote:
Is Negotiating the Rate on a Rental Home Common?
Absolutely. Unless it's a place you just can't live without (and if you think this you are almost certainly wrong) and you have good reason to believe it's going to be rented to someone else quickly, I think you would be dumb not to come in with a lower offer than asking price. I think home owners expect it. They will try to tell you that they have a bunch of people looking at it so you need to move quickly, but that's often just a sales tactic.
Stress that you are married with a family, not some college age kid with a bunch of wild roommates. Landlords want to think that you are mature and going to try and take care of the place. They would rather rent to you for a few percentage points less than someone who might burn the place down.
Posted on 1/22/14 at 9:46 am to Crusty
quote:
Yes, you can negotiate this. In fact, I did the very same thing you are about to do. I went into a year lease with the option to extend 6 months while we built our house. What we did to lower the rent was to agree to do the yard work as well as pay them 3 months in advance. I figured that large amount up front would help them with their moving expenses (as they were living in the house) so it would be more attractive. By doing this, they knocked off $400/month off of my rent.
So yes, you can negotiate rent.
I like the idea of playing the card to pay up front for a lower rate and will consider it as a tactic. Thanks for the suggestion. For me it's about lowering the bottom line on the stay not so much the month to month rate so this sort of idea works.
Posted on 1/22/14 at 10:10 am to BeerMoney
quote:
BeerMoney
At least we know what you want the extra money for
Posted on 1/22/14 at 10:11 am to CockHolliday
quote:
At least we know what you want the extra money for
No doubt! Save my cash where I can so I can spend it on the important things.
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