How to Negotiate a Property Lease Agreement
Typically, when prospective tenants walk into a unit they could rent, they take the rental price quoted by the landlord or property manager at face value -- that is, they assume the landlord or property manager's price is final and nonnegotiable. In many instances, this is not the case. You often can get a better deal on a property lease if you know how to research and ask some questions.
Instructions
- 1
Contact representatives from properties similar to the one you want to rent. Get quotes about their rental availability, deposit, monthly rent amount and other fees in writing via email, fax or landlord or property manager brochure.
2Ask previous landlords and others respected in the community, such as a professor, to write you letters of recommendation that demonstrate you've always paid rent on time, have been a good tenant or are otherwise responsible.
3Gather documentation regarding your income and debts; a pay stub helps document income. Get a copy of your current credit report and score.
4Call the landlord or property manager where you want to rent. Request a quote on his rates and fees in writing and schedule a visit to the property. Ask how many units are available.
5Go on time to your showing. Dress professionally so the landlord or property manager takes you seriously. Take notes during the showing on any problems you see with the unit or the property as a whole.
6Ask if the landlord or property manager will reduce your rent based on the shortcomings identified in your notes.
7Show the landlord or property manager your written data from similar properties. Ask her to come down to what your figures prove is market value if the landlord or property manager's rate is higher than other comparable properties. Point out her higher vacancy rate compared to other properties.
8Present the landlord or property manager with your letters of recommendation and other documents that demonstrate you are not a financial or legal risk. Ask if your credit score and the character recommendations warrant a discount in the same way that a good credit score earns a borrower better interest rates.
9Ask for a lower monthly rate in exchange for a larger security deposit or two or three months' rent paid up front.
10Ask if you can get a reduced rate in exchange for services like maintenance or office work.
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