Lowered Rents? Where’s Mine?

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Times are rough and we’re all trying to cut back in some capacity. You buy a few less drinks at your favorite Happy Hour, and skip dessert at dinner. But sometimes you can’t control the costs of your more basic necessities — like your rent.  Or can you?

Landlords don’t live in a giant bubble, oblivious to the crashing economy around them. They know now that it’s even harder than ever to make ends meet, and many of them are willing to work with good tenants in order to keep them.

William Turbert, 21, knows the hardship of writing out that monthly check. Like every other college student, he struggles to save every dollar he can.  However, with a little persistence, fact checking, and a respectful attitude, he was able to have his rent lowered by $100 a month.  So if your budget is getting tighter and you find yourself in a more serious financial pinch, here are some ways to convince your landlord to work out a better deal for the both of you.

Figure Out What You’re Looking For

You need to have an idea of what you want to pay and evidence to support your reasoning. First, decide what you can afford to pay each month. Then, figure out if it’s asking too much from your landlord. Remember, you’re not going to lower your rent by half.  Be realistic about your expectations. “Many landlords depend on this [income] for their livelihood”, Turbert stated, so it’s important that you are aware of the costs that they incur and make an offer that isn’t lowballing them.

Do Your Research

You should know what others are paying for a similar apartment in the same location. Check out sites like Craigslist, Rent.com and ApartmentFinder to see what comparable apartments in your neighborhood are leasing for. If a similar studio apartment is going for $200 less per month just a few blocks away, keep that in mind when speaking to your landlord. Are utilities included in another apartment, whereas yours are not? That’s another working point.

If you can’t get your rent lowered, you can always aim for getting better amenities or paid utilities. “I went into the situation with an idea of what I wanted to pay and what I truly thought was fair considering the market value of the property,” Turbert said. “Understanding [that] allowed me to bring a stronger argument to the table.”

Have a Game Plan

Have your arguing points laid out in advance. List the reasons why you need your rent lowered. Maybe you just lost your job, you aren’t working as much overtime, or your student loan payments have reached their maximum deferred status. Many landlords are reasonable and will at least try to come to some agreement, considering you’ve been a tenant in good standing.

And on that note, don’t forget to mention that you’ve been a good tenant for “x” number of years, have always paid your rent on time, and have never given them a problem. Finding a responsible tenant — especially in the midst of a stagnant job market is a costly and time consuming process.  Turbert had been a tenant for two years when he approached his landlord to lower his rent. “He understood that he would lose me,” he said, if they couldn’t come to an agreement.

Keep Your Cool

You can hint that you may need to look for a more affordable place to live if your rent isn’t lowered. This is a more effective move if you find a similar apartment nearby for a lower price. But, just hint. Never threaten to move out, otherwise the argument could escalate and possibly leave you out of a place to live. “Although it doesn’t hurt to have a strong personality in situations like this,” Turbert suggested, “I wouldn’t go about it in hard-headed manner.”

If your landlord is willing to compromise, then you’re in luck.  Even $50 less each month can add up to big annual savings. But if  your landlord doesn’t budget, it’s important to have a backup plan — whether that means staying put and dealing with the situation at hand or finding a new pad.  Either way, “stay positive,” Turbert suggests. If you’re a good tenant, your landlord won’t be so quick to lose you.

Photo credit:  Mattox

Apartment Hunting Tips for Newbies

A friend of mine, who is excited about her big move to Manhattan, asked me for some expert advice when it came to apartment hunting. Since many people jump straight from their dorm room to a new pad in the big city, there’s always an influx of New Yorkers searching for a new place to call home in the spring and summer months.

From my own personal experience, finding an apartment isn’t as challenging as you may think. Between Craigslist, realtors, social networking sites and print ads, you can easily line up a few appointments. The tricky part is what to do when you get there.

Afraid that I would be taken advantage of when I first moved to the city, I did a quick Google search of questions to ask any potential landlords when I went apartment hunting. Most of the inquiries seemed pretty common sense, but after living on my own here for a year now, there are definitely questions I would have stressed more.

Take for instance, basic apartment conditions.  You always want to make sure the apartment is in good shape in regards to working appliances, leaks, broken windows, etc.  If someone is currently living there, check to make sure they’ve kept the place up.  Another notable tip:  make sure that the apartment you’re looking at is the actual unit for rent. My landlord showed us a newer, and therefore cleaner, unit instead of the place we would actually be living in.  A lot can change one floor down — make sure what you’re seeing is what you’re getting.

Get a feel for your landlord and how the relationship would be if you decided to rent with them. Would they stick to the contract, remain professional, and stay out of your hair? Or will it be impossible to reach them and get things repaired quickly and easily? Then, of course, there’s the landlord that just might never leave you alone. You may not get a feel for them at first, but if you have any doubts during the signing process, don’t be afraid to back out of the contract.

Be sure to ask about maintenance and ask if there are any exceptions to the rules. The ideal situation is to have all maintenance may be paid for with no questions asked. Give hypotheticals to your landlord to get a better idea of where they stand. If a toilet breaks, do you have their permission to hire the first handyman you get in touch with and then be reimbursed later? If you notice the apartment isn’t in very good shape (uncovered outlets, missing light bulbs, no smoke detectors, etc), don’t feel like you’re being rude by using speculative circumstances to get a better feel for the situation.

You can ask the landlord about the surrounding neighborhood and then walk around the area yourself to see if everything you need is in close proximity to where you’ll be living. Be sure that there’s a laundromat, grocery store and public transportation nearby. Be aware of your neighbors to get a better feel of the area whether they’re mostly families or hipsters.

When it comes to the money situation, always ask for a rough estimate of how much utilities would cost in your unit. Factor that amount into the rest to gain a more comprehensive idea of what you’ll be paying. A rent of $1200 doesn’t sound too overwhelming, but if you’re living alone it could easily require dishing out up to $1600 a month when including utilities.

The security deposit is for the landlord to use at the end of your lease to fix anything that has been damaged during your stay. If you keep the unit in good shape, your landlord will give you back your security deposit in full. Keep in mind that it is completely up to the landlord whether or not you’ll receive this security deposit back. Before their final inspection, make sure you’ve covered all your bases.  Change out all the light bulbs, clean the floors and windows, and grab an Arm & Hammer Magic Eraser to get rid of any marks on the walls. Make the apartment look even better than it did on move-in day, and you’ll be fine when it comes to negotiating back your security deposit.

A final tip would be to ask as many questions as you want, and don’t feel intimated or give in to eager landlords or realtors. Bringing along a family member or just another set of eyes will help ease fears and doubts as you search for the perfect place.  Once you sign the contract and put down your savings to snag your ideal city pad, you’ll be thankful for asking all the right questions.