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? For landlords/renters
Hi! I'm usually a lurker on this board, but we need some advice and decided to ask the experts! My husband and have have finally sold out condo after 2 years of trying. We are happy but took a huge hit on the property. We have 2 young children and originally planned to purchase a home, but since we lost so much during the condo sale, we no longer have the down payment we once did- and we don't want to rush into buying our "forever" home.
So, we have decided to rent a single family home for a couple years. We found one we like but I was wondering if it's appropriate to try and negotiate the rent? We'd like to pay about 100 less a month. The owner like us in our initial meeting. We are both very stable with secure, high paying jobs. We do live just outside Boston in a VHCOL area- if this makes a difference. So, we don't want to insult the owner by trying to negotiate as we do want the property.
Thanks for your input!
Re: ? For landlords/renters
I'm not sure - I feel like homeowners tend to take things personally when it deals with their home so if I was in your position, I would be hesitant to negotiate unless there was a good reason (comparable properties that are renting for less or something like that). I might phrase it as "we really like the property but we've seen a few and the price is a bit higher on this one, would you consider lowering it $100?"
Most landlords are business minded when it comes to renting their property. It is not personal--but business. I am not going to be insulted if you ask me to accept less (unless you are asking me to take significantly less and even then, I am not going to be insulted--I'll just tell you no and go to the next applicant since there is no shortage of people willing to pay asking price). Depending on the circumstances, I might accept. Like pp mentioned, if you are willing to sign a longer term lease that is a bonus. If your last references are absolutely stellar, I might consider it as well.
It's business and should be treated that way.
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Is this not the norm for a rental? We have always shoveled walkways, maintained the lawn, and done basic maintenance if we are capable of doing so. I even repaired a broken refrigerator water line because it just seemed easier to take care of it myself than bother calling the landlord.
In our area, every tenant we've had has negotiated with us. Perhaps it's a local culture that the price on the listing isn't the real price. We list expecting to lose $100, $150 off that. I'd definitely ask.
What I want to know is that you're going to respect my home and that I'm not going to have to spend more in repairs after you leave than I got from you in rent. We've had AWFUL tenants in our high-end homes, so you telling me that you earn good incomes makes me go "whooptido." I want to know that you aren't going to allow your 15 yo special needs child to color on every wall, ceiling, and window in my 3000 sq ft home; to paint the white carpet turquoise; to tackle the toilet and break it off its base, causing water damage downstairs; to EAT the window moldings. If you prove to me that you're a good homeowner (personal references who actually return my calls, a letter introducing yourself and telling me about your housekeeping habits, photos of your old home if it was especially pretty), I'll gladly give you my home.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
I agree with this. We took $100 less per month than we were asking, but our tenant was willing to immediately move in, sign a year's lease, and had a spotless credit record so we knew we were making the right decision. It doesn't hurt to ask.
I totally agree. It saves me time and money if I don't have to find a new tenant in a year. If you're willing to stay 2-3 years and sign a long-term lease, that's worth $100/month to me as a landlord.
And many prospective tenants have tried to negotiate rent/lease terms with me.
Mr. Sammy Dog