Can You Negotiate Rent With A Property Management Company?
Rent prices are a big topic of discussion for many people. If you’re hoping to stay in a rental home for many years, what that monthly expense is really matters. One thought that might enter your mind: can you negotiate rent with a property management company? Yes, you can. Whether you attempt it and how you do it becomes a larger avenue for conversation, but negotiating rent is something that is possible.
Rental rates do fluctuate and those rates vary by neighborhood. Providing property management in Boston MA means understanding that getting the price right for each and every unit is important. Sometimes a negotiation is needed to meet the expectations of tenants, but it’s a complicated situation. If there are a multitude of tenants available, price can be dictated by demand.
Let’s dive into this topic. In this article we will discuss the following:
- Pros and Cons of Negotiating Rent – Before you decide to negotiate, it would be helpful to make sure you want to go down that route.
- Effective Strategies for Negotiating – If you are going to open yourself up to negotiating, let’s go over some general tips and strategies.
- For Landlords: Consider Property Management Services – If you are a landlord who has done a few negotiations, perhaps you want to consider property management to take some of those responsibilities off your plate.
Pros and Cons of Negotiating Rent
Are you sure you want to do this? That is the first question you need to ask yourself. Some people are natural negotiators, while others might struggle to do it at all. You want to make sure you have the right mindset. Also, there are some pros and cons to consider. Can you negotiate rent with a property management company? Yes. But should you? Maybe. Here are some things to consider.
- Pro – If negotiated well, you’ll save money. And you’ll continue to save on rent every month.
- Pro – It’s possible that you may get other concessions. Even if you don’t succeed in negotiating a lower rent payment, you could receive other concessions from your landlord. This could mean new carpeting in your unit or a fresh coat of paint on your walls.
- Con – You could hurt your relationship with your landlord. While no one should hold it against you for trying to save money, coming off as aggressive or too demanding could become a problem with future interactions.
- Con – Getting your rent lowered could backfire. If you sign a longer lease, you may find yourself in a bind if you need to move earlier. If in your negotiation you pay a year’s worth of rent in advance in exchange for a discount, you could struggle to pay other bills for the next 12 months. There are various concessions you might make that come back to haunt you.
Effective Strategies for Negotiating
If you have weighed the question can you negotiate rent with a property management company and decided (1) yes you can and (2) yes you are going to, then maybe you should pause. Take a moment and think about what you are going to do and how you are going to do it. If you want the negotiation to end well (perhaps even for both parties), then going over some general strategies will help you plan for how the conversation will go.
Make Your Move Under the Right Circumstances
To successfully negotiate, your landlord must see you as a desirable tenant. That’s more likely to happen if they need to rent out the space urgently, so your best bet is to look for apartments that are move-in ready. The longer a unit sits on the market vacant, the more concessions the landlord or property manager is likely willing to make in order to find a tenant. For renters asking can you negotiate rent with a property management company or landlord, entering into it in the best scenario will more often have the best results.
Also, the season matters. Winter is generally the slowest season for new leases. You are more likely to find a landlord who is willing to make a deal in winter and other circumstances that make it difficult for them to find tenants.
Research
You want to come to negotiations ready with information… info about the rental market in your area and info that generally can be used to make your offer a good one from their perspective.
Find the average rental price in your area by looking online, focusing on units similar to the one you are negotiating. Be prepared to cite instances in which you might find a better deal elsewhere. Understand the amenities offered at your apartment and try to get a sense of whether these justify the current price.
In general, look for something to leverage. Negotiations go better when the other party has a reason to compromise.
Make Concessions
Negotiating is a give-and-take process. You should be willing to offer something in exchange for a better rate.
Concessions you might suggest might include:
- Pay rent ahead of time, perhaps the first 6 or 12 months upfront.
- Sign a longer lease.
- If your apartment is undergoing renovations, you can ask about a unit that has not been upgraded, and if you can sign a lease for it in exchange for a lower rate.
For Landlords: Consider Property Management Services
For tenants asking can you negotiate rent with a property management company, perhaps they found some good answers and tips here. For landlords, knowing how to approach tenant negotiations is an important thing as well. All parties should remain fair and consistent while considering legal aspects and their own interests. If you’re a newer landlord or need help drafting a comprehensive lease agreement, you may need help from an experienced property management company. Consider the experienced staff at Bay Property Management Group.
Bay Property Management Group offers full-service property management in Boston MA, Baltimore, Philadelphia, Northern Virginia, and other regions. So, whether you need help marketing properties, finding qualified tenants, collecting payments, or maintenance services, we’ve got it all covered. Contact us today to learn more about how we can enhance your rental property business!
