"Everything is negotiable" is a well-known statement frequently applied to both life and business. If you're looking for a new luxury apartment, you may wonder if the concept applies to rent as well.
The simple answer is yes. But by definition, negotiation is a process that involves discussion. Our Springs leasing team offers some valuable tips on negotiating your rent that will help both sides come up a winner.
1. Understand the Rules
Leasing professionals want nothing more than to get you in a beautiful apartment home in their community, and they are obliged to follow Fair Housing laws. Negotiating a lease may seem like a no-brainer to you, but may be problematic if the same terms are not offered to every potential renter.
2. Ask Upfront
Leasing associates aren't mind readers. They're not going to magically pull out the terms you're looking for. Be proactive and ask for what you want upfront. If the answer is no, you haven't lost anything and you have a starting point for discussion.
In addition, don't make assumptions about what is and isn't negotiable in the lease. The leasing agent will answer your questions if you're interested in a modified length of lease or other compromises.
3. Do Your Research
While you can ask for whatever you want, you'll have a greater likelihood of success if your request is grounded in reality. Do some research and find out what rents are for other apartment communities in the area.
Of course, price and value are not always the same thing. As you make the comparisons, consider rent in relation to the features of the apartment.
- Is the location convenient to your workplace?
- Does the apartment include amenities, such as a fitness center, swimming pool and clubhouse?
- Is the interior up-to-date with fresh colors and modern appliances?
- Are the grounds well-maintained?
- Is the community pet-friendly?
4. Meet in Person
Email, phone and text are impersonal means of communication. Scheduling a face-to-face tour gives you an opportunity to size up the community better and may change your mind on what you are willing to spend.
5. Offer a Trade-Off
The best deals happen when each side gets something. Sometimes being willing to sign a longer lease could mean a break on the monthly rent.
6. Move During the Off-Season
Most people plan to move during the summer, so apartment communities traditionally have more vacancies during the winter months. If you're willing to move in during the off-season, it could work to your advantage.
Negotiating requires a certain amount of skill, and going in cold won't do much for your confidence. Practice negotiating with smaller issues. Thrift stores, flea markets and garage sales are great places to start.
8. Know Your Maximum
Before stepping foot into any apartment community you should know what your spending limit is. One of the first questions you will be asked is how much you are looking to pay in rent. Nobody ever wants to give their maximum, but you should certainly know what it is.
At our Springs luxury apartment communities, your satisfaction is our number one goal, whether you're a current or prospective resident. Come by our office with any questions you may have, or stop in just to say hi!