An apartment lease is a contract just like any other: there is no one set contract that you have to always adhere to if you want to rent an apartment. As long as the landlord is willing, you can negotiate the terms and make sure that you get the best deal possible.
It’s significantly easier to negotiate if you know at least a little about what is happening with local rentals: if you’re living in an area where there just aren’t a lot of apartments available right now, you can negotiate yourself right out of an apartment if you’re not careful. But if you know a landlord is having difficulty keeping all of his apartments full, you’ll be aware of opportunities to get the most out of the deal.
Leases Are About More than Money
We all want the lowest possible rent for an apartment, but that can be one of the hardest points to negotiate in a lease: most landlords think in terms of rent when calculating expenses for their properties and when they think about the money they need to take home. There are some opportunities to get a lower rate — if you’re willing to lock yourself into a longer lease, for instance, you can often get the landlord to drop the monthly rent at least a little. But, depending on your needs, there are several other opportunities for negotiating.
Every clause in a lease can be negotiated, from the date when your lease expires to whether or not you can have a pet. There are certain considerations that a landlord may ask for a higher rent for (like a shorter lease), but that’s why it’s a negotiation. You can discuss whether you’ll be allowed to make any major changes to the apartment, request improvements to be made before you move in, ask for more amenities like parking and even discuss who will cover the cost of the utilities. It’s rare that you can convince a landlord to give you every consideration that you’d like, but you can get negotiate for those that are particularly important to you. Be sure to make a note of what terms in the lease are important to you and where you’re able to give ground when you start negotiating, preferably before you even start looking for apartments.
The rules governing supply and demand dictate when you can negotiate the best deals. There is always a little room for negotiating — even in the best rental markets, landlords want to get tenants moved in and paying rent as quickly as possible — but there’s always a lot more room when there’s a large supply of available apartments.
Considering Big Apartment Complexes
Many large apartment complexes are run by big companies — the person showing you around and going over the lease with you is likely an employee who doesn’t have a lot of room to negotiate. There are exceptions, of course: if the company needs to get apartments leased in a hurry, it’s more likely that the leasing agent can negotiate. It’s always worth a try, especially if you like the apartment, but be aware that you may face some hurdles.
You may also have a harder time renegotiating your lease at renewal time if you want to stay in a big complex — many have written their contracts so they can automatically raise rents if you renew, making a simple renewal harder. And if you’re in a popular complex with a waiting list for apartments, not agreeing to higher rates can mean checking the cost of a moving truck.
There is, sometimes, more room to negotiate on amenities at larger apartment complexes: while a leasing agent may not be able to budge on rent, he may be able to offer you a different parking arrangement or similar benefit. You won’t know what’s really available until you ask.
Walking Away From a Lease Negotiation
If you’ve got the room to walk away, you’re always in a stronger negotiating position. But that does mean that, sometimes, your best option is to walk away. Even if you are asking for changes in the lease that are reasonable considering what’s happening with the rental market in your area, you may find that a landlord is unwilling to negotiate. That should be a sign to give up on the negotiations and get back to looking for an apartment.
The final decision to walk away always has to come down to the specific situation you’re facing. Sometimes there are outside constraints that mean that you have to move quickly, eliminating the ability to negotiate effectively. If that’s the case, you may have to stick with a deal that, at other times, you would walk away from.
Lease negotiations should also be considered an opportunity to get to know your landlord — after all, this is the person who will be responsible for fixing your home for the length of the lease. If the landlord is most concerned with how much money he’s getting out of the lease, rather than any other part of the negotiation, that may be a warning sign that getting him to pay for repairs could be tough. Use the negotiation process as a chance to learn about your prospective landlord — and if anything feels wrong, pass on the apartment.
Landlords can be inflexible for two reasons: they can either have reached the lowest point they can afford to offer an apartment for and still meet their own expenses or they can simply be inflexible. It can take some careful digging to determine which is actually the case. In the first situation, you may actually have a deal on your hands. But if a landlord isn’t interested in negotiating simply because he’s not interested in looking at alternatives to his current requests, you’re left with only two options. Pay what the landlord is asking or walk away from the negotiation.