Strategies to Bargaining Your Way to a Cheaper Apartment
Imagine this scenario: The NYC apartment you had your eyes set on has just been put up for rent and you’d do anything to get it. In fact, you have your bags ready to move in now.
However, just as you’re ready to apply you realize the rent rate has gone up hundreds of dollars. You want this apartment badly, but simply can’t afford to break your budget to this extent.
Though it seems unlucky that rent has risen, it’s a common practice to negotiate the price with the broker or landlord. Paying asking price is a rare occurrence, so you should come to the negotiation table prepared to reduce the cost of renting.
Finding cheap apartments for rent isn’t always an easy task, but getting prices down to a reasonable rate is in fact possible. Below are a few tips to help get you there.
You don’t have to sell your soul to win this battle:
Before you place an offer, take a thorough look at your budget. It’s essential that you realize and acknowledge what you have in your bank account and make a price suggestion for an apartment accordingly. Otherwise you might regret it later when you realize you’re broke.
Another important thing to keep in mind is the final cost of the apartment. If you do manage to bring down the rent price, you’ll have to have enough money to pay the final closing cost and other associated fees, too.
Overpaying shouldn’t be an option:
Many desperate bidders on renting an apartment sometimes place offers that are much higher than the actual worth of the place. You don’t want to be that person.
Prices do naturally rise in a competitive real estate market. However, if they become insanely high, you should realize when to back out of the race. Make sure to do a little research of sale prices for other similar apartments in the area through real estate apps or websites so you know an estimated price of the original apartment and then place an appropriate bid.
The highest bidder isn’t always the victor:
Even if you happen to be the highest bidder for an apartment, there is still a chance you lose to someone who presented a lower offer. This is because there are other factors that influence the seller’s choice. Earnings, overall assets, down payment, and your employment history can all have a part in deciding the ultimate victor of the bid.
Make sure you have all your materials in order before applying to an apartment. The better your financial situation and credit history, the more leverage you’ll have in bargaining down the price of an apartment.
With some preparation and organization, a little guidance from your real estate agent, and an optimistic attitude, you’ll be able to enter into apartment negotiations with ease. You can also turn to apartment rental sites like Short Term Rentals NYC to help you find a cheap apartment right in your budget range. Renting a cheaper spot means reducing the pressure put on you to bring costs down in a major way during price talks.