Trading Spaces? Home Hunting Negotiating Tips for Renters

September is right around the corner and for many people that means it’s moving season. If you are on the hunt for a new space or looking to relocate, negotiating a lease can be a tricky proposition.  There are hidden clauses to look out for, local leasing laws to consider and special requests that can be factored in to ensure you get the best deal. So before you sign your name on the dotted line, here are some factors to consider:

1.       Map it Out: It may seem like an obvious first step but many people fail to look at a city as a whole, and by doing so they lose some of their bargaining power. Taking the time to look at the big picture will help you put property values in perspective. If the area desired is in a remote part of town, underdeveloped or dangerous you may be compromising commuting time, quality of living and personal safety  - all critical variables to raise when pleading your case for a lower rent figure.

2.       One Broker is Not Enough: Most real estate agents are assigned to a territory and it is in their best interest, not yours, to sell you on the area in which they specialize.  This means they may feed you misleading information about other neighborhoods.  Find two or more reputable reps who can show you different parts of the town before getting suckered into  someone else’s sweet spot. Be clear about your priorities while on the phone so you waste no time hunting for homes that are not up to standard, out of price range or in a community that is unamenable to your needs and character.

3.       Understand the Laws: There are nuances to rental law which vary from city to city, particularly when it comes to sublets, pets, security deposits and early lease termination. In some places like Montreal “no pet clauses” are invalid, meaning that your pooch is welcome in any apartment even if a landlord tries to tell you otherwise. By the same token in New York City, residential landlords cannot unreasonably refuse a request to sublet so long as you have a lease and reside in a building with four or more units (permitted reasons may include poor credit history or lack of employment of a sublessor). Brush up on some of the local real estate rules before you start your search to make sure your needs are met and matched in your renter’s agreement.

4.       Leverage Low Occupancy Rates:  If you find an apartment you love, find out if there are more units available in the building or if the realtor or owner has similar space free in other buildings. Vacancies motivate a landlord and are a home hunter’s best weapon, so use them to your advantage before you agree to the fixed monthly rental fee.  Oftentimes, even if a proprietor will not budge on price, they may agree to a longer-term lease or throw in an extra month free as well as other benefits such as parking, internet access or furnishings.

5.       Define and Document Your Needs: Verbal agreements will not stand up in court so make sure all of your requirements are documented in your contract. The realtor may promise everything from repairs and upgrades to a lease termination out clause but does not need to deliver unless it is stipulated in the contract.   Before signing anything, look over the agreement with a fine toothed comb to make sure nothing extraneous has been added (like a demolition clause which can leave you out on the street if the building gets taken over).

Current tenants are the most reliable source to get the straight scoop. So don’t be too shy to reach out to or ask for a reference from existing occupants. If you can, also inquire with other area locals who may tip you off to better deals in the same neighborhood.